New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-05-22
Closing prices of active bonds dealt in. with
net changes. follow:
STOCK MARKET OPERATIONS.

On small volume of business stock market
values moved in an irregular manner through
out the five hours of business. with final prices
showing net gains and losses about evenly dis
tributed In the early dealings the room element
endeavored to bring about lower quotations and
were successful TO the extent of fractional de-
clines, and while later in the day some of
these losses were recovered there was no active
demand for securities, either for the account Of
the so-caIled public for the ordinary Wall
Street contingent In the absence Of substan-
tial buying operations traders are inclined to
take the bear side Of the market, especially as
the season is now approaching when uncertainty
over the future of the crops will develop. al
though it is to be observed that these operators
are unwilling to make extensive commitments
for the decline Notwithstanding the dulness
which now prevails, many brokers are predict
ing better quotations in the near future but per-
haps these forecasts are based more the de-
sire of commission houses to secure business
than on a we'll defined belief that condi-
tions warrant upward movement Strength
in the high priced coalers helped the general
market in the last hour, but advances as a rule
were confined to unmportant fractions except
ing the anthracite shares, which were apparently
marked up for the particular purpose Of infiu-
encing other securities. Lackawanna advanced
to new high record at $40, while Delaware &
Hudson and Jersey Central were equally strong
on small transactions. Pacific Coast was
strong feature. Brokers reported no accumula-
ton of orders over Sunday and as a matter Of
fact, the days business from the commission
brokers' point of view was the poorest for any
Monday IN many months. The heaviest dealings
were supplied by the Copper issues American
Locomotive, Pennsylvania, Reading Union Pa
cfc and United States Steel
The great part of the gold engaged abroad for
shipment to this country has been received. out
Of the aggregate of $5O,O0O.OOO taken for import
less than SoOOOOOO remaining to be accounted
for Conditions in the foreign exchange market
do not encourage the expectation of additional
imports of the precious metal at present. and it
is not believed that the necessity will arise for
further assistance from abroad until the fall at
least, when, in the event of large crops there
doubtless will be a period of stringency in the
money market. Further transfers Of money to
San Francisco were made yesterday, and II is
believed that the movement will continue until
the active resumption of banking business in
the stricken city, while the needs of the 6nan-
cia institutions at that centre following their
reopening may develop further demands for
money for Frisco account in the East though
the best informed bankers do not indorsa the
theory that the requirements of the San Fran
cisco banks will be particularly urgent in the
immediate future. The rebuilding of the civ
will involve the expenditure of an immense
amount of money, but this does not mean that
there will be disturbance in the money market
although it does suggest the probability of a
period of firm rates for accommodation Fort
unately money abroad is working toward an
easier level. while the situation in New York
is much improved, despite the loss in reserves
which recorded in Saturdays CLEARING
House statement
Commission houses in Wall Street are not of
one mind regarding the probable course Of the
stock market in the immediate future There
are some houses which profess TO see nothing
bearish in the situation, while there are other
houses which do not hesitate to warn their Gus
toners against active buying of securities at
present quotations, the latter idea apparently
being based on the possibility that this years
crops may not turn out a large yield and on
the idea that the recent recovery in stock mar
ket values from the low prices recorded in the
so-caIled Frisco slump has placed the greater
number of issues on a level which is more ant
To encourage professional demonstrations
against prices than enthusiastic bun activity
There are reasons for believing that the short
interest has been materially increased in the last
few days, and it is not unlikely that an agrees
sive movement the part of the larger specula
tive interests against the short element yyouId
result in sharp upturn in quotations. The
leading operators. however, at the moment do
not appear to favor extensive transactions for
the rise, although they predict better prices later
on in the season. barring of course. unfavorabla
crop developments 1t is admitted in grain cir
cles that recent weather conditions in the aori-
cultural sections of the country have not bean
quite favorable as hoped for, but ACCORDING
TO officers of railroads which run through the
crop territory the reports regarding conditions
IN the grain belt have been much exaggerated
by spectators in stocks and wheat. who are
anxious TO influence quotations