New-York tribune., 1906-03-28
'Unlisted. tEr dividend.
Closing prices of chief active bonds dealt in
STOCK MARKET OPERATIONS.

Trading in yesterdays stock market was
moderately heavy in volume on a movement Of
values which generally tended in the direction
Of lower quotations. In the early dealings
certain amount Of strength was shown. but on
the announcement that the soft coal miners and
operators had failed TO reach a settlement the
general list declined and though there was 4
feeble rally IN the last hour, the greater number
Of issues showed net losses. with the heaviest
decline in the active list in Reading American
Ice. St Paul, Hooking Valley and Anaconda
We're among the few strong features Of the
afternoons dealings, strength in the last named
issue being due to an increase in the dividend
On the stock. Commission houses were sellers
70 some extent, but liquidation a rule was
not important, the majority Of the sales repre-
senting the operations Of the board room ele-
ment. Speculstors in Mondays market were
quite confident that there would be no strike
either IN the anthracite or bftuminous coal fields.
but crinion changed Immediately Yesterday
when the reports Of disagreement reached the
Street, ard traders operated on the theory that
. big coal strike might after all become an i'm
portant adverse influence on stocks in general.
Notwithstanding the fact that the coal COM
panies have large amounts Of fuel stored for an
emergency. a prolonged cessation Of mining
would undoubtedly have a harmful effect on the
industries Of the country particularly on the
iron and steel trade. 1t is to be hoped how
ever that il strike develops It will be Of short
duration Outside of the strike situation there
were no important news developments affecting
prices
Twenty leading active railroad stocks are now
selling at an average price of about 132 and the
average dividends paid by these issues Is a lit
tie over IL per cent. on AZ per cent basis.
a. an average quotation Of 132. these securities
bau
yet Wall Street bulls assert that stocks are
cheap at ruling market values The investment
return Of a security, however, has little bearing
on a market made UP almost wholly of specula-
tive operations. and as a consequence prices
may advance or decline irrespective of consid-
erations regarding dividend yield It is believed
in many speculative quarters that the big men
Of the Street have been making preparat tions
for several weeks for another aggressive bull
campaign. If they have the stocks, as they
probably have. and = the banks are willing to
extend unlimited accommodation for a time to
stock market borrowers, efforts to bring about
higher quotations doubtless will be successful
especially if the country is BILE TO bring in round
amounts Of gold from Europe. With the elimi-
nation OF the Moroccan situation foreign ban mixers
probably viii be more willing to extend their
credits here. and notwithstanding the arrange
menls that must be made for financing the pro
posed Russian loan il is likely that New York
will receive relief I'm the shane of gold from,
the European capitals in the course OF the ,oe,t
IeW weeks. Discount rates at London and
Falls were lower yesterday, and are now ruling
Wei under the level this centre. This faCt
VIII encourage foreign loans in this couDtr,
Money in New York may rule higher al the end
% iiS Week OWNS TO preparations for the
April interest and dividend Disbursements and
u IS not thought likely that there VIII he really
4 10" rates Tor a long time TO come Japan's with
dfa"als or funds from foreign financial centres
may he factor Of Importance in keeping money
at sttf level, particularly as that country has
! II is estimated upward Of $20OGDO ON on de-
pOSt abroad