New-York tribune., 1906-04-18
Enlisted
Closing prices of active bonds dealt in, with
net changes follow:
STOCK MARKET OPERATIONS.

Trading in stocks in yesterdays market did
not include heavy operations for the account of
the so-called public, commission house custom
showing a marked willingness to identify
themselves with the speculation. In the early
dealings "A certain amount of strength was
shown, but subsequently the majority Of shares
declined under the influence of realizing sales
and bear pressure. with the chief weakness in
the copper stocks. Consolidated Gas Great
Northern Reading and Union Pacific Discus
sion Of the probability of reduction in the Con-
solidated Gas dividend accompanied the selling
Of the stock and the fact that a considerable
amount OF the issue was sold by a prominent
house encouraged the belief that the next
dividend period the directors Of the company
would decide to mark down the rate. owing to
the S0-cent gas measure. In some shares an ac-
tive distribution appeared to be under way,
though liquidation was not general and losses as
rule confined to small figures Pennsyl-
vania and Canadian Pacific exceptionally
strong features. and while the movement in
Pennsylvania did last throughout the day
Canadian Pacific well bought until the close
the operations including purchases for the ac-
count of interests who several months ago were
active in the stock. Buying Of Canadian Pa
cific was based on the enormous earnings of the
property, the multiplying signs of great in
dustrial expansion in the Dominion and on the
steady accumulation of the issue for actual in
vestment account In the last hour the general
market dull and heavy. London sold stocks
in this market, chiefly Union Pacific and United
States Steel common. Call money ruled at
per cent. while time funds were easier at from
Az to per cent.
The local banks have gained since last Friday
on their operations with the Sub-Treasury up
ward of S110G00o0 of which the greater part
rcD
stitutions which have arranged to import the
precious metal from Europe In addition to the
gain from the Sub-Treasury on gold deposit ac-
count the banks are receiving from the
government more money than they are paying
10 the government, owing to the large federal
pension payments and other disbursements
which at this particular period are unusually
heavy. The money market has been relieved
from the excessive strain which prevailed in the
first two weeks of the month but the urgent
demand for accommodation throughout the coun-
try as reflected in the strength of loan quota
ions at interior cities does not encourage the
belief that rates for funds will decline to
really easy level in the immediate future
peclally as there is practically profit in gold
imports AZ the present rate of sterling exchange,
which has advanced in the last days in
response TO the decline in the price of money
AT this centre. 1t is generally understood that a
large proportion OF the gold which has been
engaged abroad for shipment to the United
States merely represents the lending of foreign
funds in this country. and the fact that there
already is large supply of finance bills out
standing suggests the probability of gold ex-
ports from New York later on i'm the year. un-
less maturing finance bills be covered by
exchange created by the investment of foreign
funds in American securities Both the money
and foreign exchange markets i'm an ex-
remely interesting position, and their course i'm
the next few months will be carefully watched
by people who are interested in financial move
ments.
Secretary Shaw's action in depositing gold to
be used by the banks while an Equivalent
amount OF the metal is in transit raises the
gold import point to 4S4GJ. and as a conse-
quence with bar gold in London selling al rs
lolad. ounce. gold be brought into this
country with demand sterling the rate men
toned. which is cent below the par of ex-
change. The loss Of interest on gold In transit
always has been a serious obstacle To a eoid
importing movement, but this has been removed.
while In addition the banks are earning interest
on the gold through the use Of the equivalent
government deposits. The change which has
been brought about in the sterling market
through the unprecedented action of the Secre-
taiy or the Treasury has exerted "A most favor
aole influence Wall Street sentiment and
has encouraged the hope that from now on the
money marker Will be IN a position which will
not permit OF a repetition of recent wide nuctua-
| uohs IN rates For loans. Commission houses as
I q RUE. are sending out bush advices 10 their
customers, advising the purchase nf securities
! on all declines and predicting abroad an active
/ marker Tor the next two months at least While
/ quotations for the majority Of securities arc
under the best prices of the year, there has been
a substantial recovery from the low figures re
/ corded ~ March. and in the greater number OF
investment ISSUES values are a level which Is
Ilot especially attractive 10 people who are