New-York tribune., 1906-04-22
.Unllsted
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS.
changes. follow

In the two hours of trading in yesterdays
stock market transactions were light in volume
on a movement of values which showed great
irreGularity with small net losses in the greater
number OF active issues at the close. In the
early dealings moderate strength developed
throughout the list, but the absence Of outside
buying and the lack of important operations
by the substantial speculative interests induced
selling pressure from the trading element. which
resulted in declines from the opening figures
Following the publication of the bank statement
a fractional rally developed, but as the showing
OF the Clearing House return was about as ex-
pected il failed 10 have a really stimulating in
fiuence on quotations. The chief exception to
the heaViness in the last hour was supplied by
the Pacific Coast issues notably the common,
which advanced TO 134, a gain of IA points from
the low price recorded Thursday. 1t is generally
understood that competitive buying is response
bic for The movement in this issue and in yes
terday's market traders took the stock on the
theory that the San Francisco disaster would
make the comDany's terminal facilities at Seat
tie much more valuable. Foreign houses were
not active in this market, transactions on arbi-
TRACE account amounting to less than 10000
shares the small dealings evidently being due
TO the fact that the London quotations for
American stocks as rule were within small
fraction Of parity Bank statement figures
showed an increase in cash of S17 934 900 an
increase in loans OF more than SS0OOOOO and a
gain in deposits of So, ,602 700 As a result of
all changes the reserve above legal reouire-
ments increased S11594. .225 tn s16 zee -25
which compares with S1l.44sOJO in the corra-
spending week last year and S34 203. 700 IN 1904
Stock values have been moving in a roanrar
which is calculated 70 inspire great confidence
among the owners Of securities in the ultimate
~ H..
TO tremendous strain and the fact thar the sau-
Ing pressure has failed to carry the sraa+.r
number or issues 10 a materially lower level
naturally encourages the, idea that IN the mo
Jority or cases securities are in UNUSUALLY, s+ron
hanos and that every effort VIII be made on the
part or the substantial banking interests IN nra
vent acute trouble in the Wall Street markets
though II is thought likely that certain snacr-
lative interests will try TO move ouotatione 70
a lower level until the pressure on the money
market has been relieved According to the
reports received by the commercial agencies in
! the week general conditions in the business
world are unusually satisfactory in all depart-
ments of trade except in the case of the anthra-
cite coal business, with every indication of
further expansion, especially in iron and steel.
in which new orders are being received at a
remarkably heavy rate. OF course. it is believed
that the rebuilding OF San Francisco will involve
the use Of a tremendous amount of structural
steel, and II is owing TO this expectation that
the shares Of the various iron and steel concerns
show such strength.
tremendous amount of money will be re-
leased in the work Of creating a new San Fran
cisco. This money viii move into the channels
| Of trade, not only in California, but in the
East as well, and eventually the influence of
such a movement viii be felt in the market for
| securities. The Baltimore fire gave a tre-
| mendous impetus 10 the iron and steel trade. but
the demand for structural material in connection
with the rebuilding OF San Francisco will be
| far heavier than in the case OF Baltimore More
| over, the demand throughout the world for steel
| constructed buildings will be heavily increased
| as q direct result of the Western earthquake