New-York tribune., 1906-04-12
STOCK MARKET OPERATIONS.

After moderate weakness in the early dealings
stocks advanced throughout the list under the
influence of buying which induced by large
engagements Of gold for export and by an easier
tendency in loan quotations. Gold TO the
amount Of Sc 100000 was secured in Europe yes
terday for shipment to this country. and this
together with the expectation that the Secretary
of the Treasury would throw government funds
into the money market in the event of urgent
requirements in trade circles. naturally encour-
aged speculative sentiment in favor of the the
ory that the period of acute strngency in money
had passed and that prices for securities would
enjoy improvement. The greater part of the
buying movement represented the covering of
short contracts. rather than public demand for
stocks. It is quite probable. however that the
relief which is about TO be given to the money
market will attract an outside inquiry for Sc
curities especially as most factors affecting in
vestments warrant confidence in the future of
the market Advancing values We're accom-
panied by increased activity, with the heaviest
dealings in the Copper shares, American Smelt-
ing. Reading, Union Pacific Brooklyn Rapid
Transit and the United States Steel issues
In the bond department the United States
Steel sinking fund 5s were active feat
ures their price making a high record at
100. In the last hour transactions continued
reaction of Importance in prices the greater
number of issues closing at or near the best
figures Of the day. Opinion in well informed cir
cles indicated growing bullishness on the part
of the more substantial market interests. The
decline in money TO 2 per cent took place after
the greater part of the days requirements had
been satisfied
Since last Friday the New York banks have
lost upward of $1,000 600 in their operations with
the Sub Treasury, while despite the high rates
for money at this centre there have been large
shipments of currency TO the interior The ad-
vance in time money is of greater significance
than the f1rmness in call funds and the strength
in this department of the market, together with
the decline in foreign exchange ought to result
in further large shipments of gold from London
despite the fact that the price Of bar gold in the
British capital is advancing. Exchange is now
at the point at which British sovereigns may be
imported and il is understood that negotiations
are under way for the shipment of big amount
Of gold coin in the shape of English sovereigns
TO the United States. So far the strngency i'm
money has not exsrted an adverse influence on
the countrys trade. and there is little chance of
any industrial reaction as a result of the hgh
price for loan accommodation in New York and
Other cities. inasmuch as the high rates for
funds bound to attract money from centres
where rates are lower than they are here.
Doubtless the relative strength of stocks in
the current period OF monetary stringency is due
TO the confident belief the part of holders
that the present high rates for funds will not
last for many days. and that outside of money
market conditions there is nothing in the gen
eral situation which warrants the sale Of Amer
lean investment issues. Conditions affecting the
actual worth of securities sound and there
is no suggestion in the course of events in the
industrial world that there will soon develop
reactionary tendency in business even if the
anthracite coal strike should be prolonged.
Though there has been some weakness in stocks
in the last few days, there has been no i'm
portant liquidation. while on ali declines secur-
tiles have been absorbed by prominent Wall
Street interests who are great believers in the
future of The market. Notwithstanding the fact
that prices in many stocks are high. il is be
Heved by current holders that after the money
market returns to q normal basis further i'm
proYement viii be recorded in quotations for all
the leading active stocks and bonds including
some Of the low priced ISSUES in which equities
nre gradually increasing in yaIue.