New-York tribune., 1906-05-12
enlisted. TEX dividend.
closing prtces Of active bonds dealt in. viii
net Changes, follow
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
heavy fin volume on a movement of values which
ended the day at net gains. the Improvement in
many issues amounting to than l per
cent. The rise followed period of rregularity
and weakness. but on the early decline the SELL
ing apparently represented nothing more than
traders operations. With the development of
active buying for the account Of substantial in
terests, covering of shorts became general
throughout the list, while commission houses
reported a better demand for public account,
also an inquiry for first class bonds and low
priced stocks. in which intrinsic value is rapidly
increasing The foreign markets also
strong. the advance in prices abroad being due
to easier conditions in the money market, which
were induced by the cessation OF the American
demand for gold. Arbitrage houses. however.
sold on the local exchange. these operations be-
ing entirely speculative transactions for the
account of interests who were able to make
profits on the advarce in priceg at this centre.
The more important gains were made by the
Copper shares. Canadian Pacific. St. Paul. the
so-called Hill issues, Missouri. Kansas & Texas.
Reading and Union Pacifc. The strength which
developed early in the afternoon was well main
tanned in the final dealings. last quotations
rule being at or near the best figures of the day.
Money conditions continue to show improve
ment. and while bankers are not looking forward
they believe that relative ease soon will develop
and that until the fall, at least. borrowers will
have no great difficulty in securing accommo-
datior al reasonable figures. According to the
known movement Of money in the week the
local banks have gained $5.62S. 700 in cash hold
ings and unless there has been a larga increase
In loans in the week, to-day's Clearing House
statement ought to show a material gain in re-
serve above legal requirements. Money rates
certainly suggest a better bank position, and it
is not unlikely that the gain which the banks
actually enjoyed last week in cash and which
was not shown in the bank return, will be re-
hected in tO-days exhibit. Foreign exchange
rates now az level well above the gold
importing point. and the necessity for i'm
ports of the metal no longer exists II is i'm
probable that further engagements will be made
for New York account. And It appears unlikely
that there will be additional important demands
from San Francisco at present. Later in the
season it may be necessary to transfer more
money to the stricken city. but indications point
toward the probability of q readjustment OF
financial affairs in California tha; will i'm
pose any great burden Eastern financial
tres. Wall Street no longer worries ove- the
position Of money a reflection OF which is pre-
sented in the increased actIvi:y thu ball side
Of the stock market in the optimistl" predc-
tions which are being sent by commission
houses to their customers and in the better de
mand that is developing for first class invest
ment issues. Foreign investors appear to be
we'll disposed toward high grade American
shares bus strictly speculative account heavy
sales are being made by operators. who find it
profitable TO take advantage Of the advance
which has taken place in local quotations in the
last week
The fact that prices have advanced practl-
caIIy without interruption since the final slump
OF week ago encourages the expectation in
some quarters of sharp reaction in the near
future. but advocates Of higher figures appar-
emily believe that the market has entered a
period Of sustained Improvement. The recovery
from the low point has averaged more than Is
per cent i'm the leading active railroad issues
with gain Of IS points I'm Reading, 30 points
In Great Northern. 20 points in Northern Pa
/ cihc. II points in Union Pacific and II points in
I st. Paul, and as Il consequence most of the
i standard shares have gone to level that again
! makes them look high attractive investment
4