New-York tribune., 1906-04-14
STOCK MARKET OPERATIONS.

Trading in yesterdays stock market was light
in volume. total transactions amounting to 416.-
694 shares of which the greater part was sup
piled by Amalgamated Copper Reading, Union
Pacific. Baltimore & Ohio, Consolidated Gas and
the United States Steel issues. In the majority
Of securities prices firm throughout the
day. the chief exception being furnished by Bal
timore & Ohio, which weak under the in
huence of selling which was attracted by the
announcement that the company purposed TO in
crease its common stock by more than S27,0O0.-
600, bringing the total common capitalization TO
upward of 152,O00.G0O. The new stock will he
put out for the purpose of improving the physi-
cal condition of the property. and. according TO
the judgment of the directors. the increase in
the stock will be more than offset by an expan-
sion in earnings due to proposed betterments
and extensions. Dulness in speculation was due
to the absence of many operators from the Street
and to the fact that the London market was
closed rather than TO money conditions which
We're somewhat more favorable than expected
Call funds ruled at . per cent. while there was
an easier tendency in the time department of the
market. Most call loans were renewed per
cent IN the early part Of the day. and this fact
served to encourage cheerful speculative sentf-
ment regarding next weeks money market
Prices confined strong in the last hour final
quotations being at about the best of the dav
with the chief Improvement in Amalganlated
Copper. Anaconda, Great Northern Northern
Pacific. Union Pacific and Pacific Coast. The
last named stock enjoyed a net gain of more
than per cent closing at 1884, compared with
ia earlier in the week The stock is closely
held and it is understood that competitors. b,,,,
ing is going on
The decline in money rates from the bipb level
winch prevailed in the early part of the week
suggests the possibility of improvement in tn
oaE S oank statement, as compared with a week
ago "heh IL may be recalled the surplus above
legal requirements wiped out Nevnrtba-
less' II is not considered probable that condi
NohS nave changed to an extent which will war
rant easy money in the near future The GOLD
which has been engaged abroad will not arrive
IN this country for week or more and I'm the
mean time the Clearing House institutions hardly
VIII be in position 10 extend liberal accounoo-
dation to Wall Street unless they first are abla
10 prlng about drastic contraction in outstand
ing loans 1t is understood that the Secretary
VI uie treasury has placed some small amounts
Vi money win interior banks but il is not prob
able that he will deposit large sums AT ont of
town points or in New York, as it is not the
policy Of the Government to place federal funds
with depository banks unless there is an urgent
need in business circles for such action. High
''N-Aio attracted
money from Canada and from nearby points
and the course of loan quotations this week has
justified the prediction which frequently has
been made that there is plenty of money i'm the
country. If borrowers are willing to pay stiff
rates for its use. According to the known move
ment or currency i'm the present week the local
banks have gained s.. .sS5 600 i'm cash holdings
Money is easy by comparison with the level
which ruled I'm the first part of the week but
apparently it is not yet low enough 10 attract
active speculation in securities The idea pre-
walls. however, that the stock market is merely
marking time, and that in the course Of a few
weeks. in which period IL is believed monetary
conditions Will become normal. increased activ-
ity will develop on the Stock Exchange. accom-
panied by rising movement in values. Ac-
cording TO the opinions expressed by leading
bankers. who recently have been I'm Europe a
much more optimistic feeling over American
securities is noticed in foreign banking circles
owing chiefly to the remarkably strong condi-
tons in the country's industries TO the stability
which investment prices have shown. despite
many unfavorable developments. and TO the
growing credit of the United States financially
and politically in ali parts OF the world A bet
ter foreign demand for American investments is
reported. and it is not unlikely that increased
Interest for the account Of foreign capital will
De feature OF the local market in the present
year Foreign capital also is moving into Cana
dian investments, which becoming more
valuable every day. owing the industrial de-
Velopment which is going I'm the Dominion
SO great are the opportunities for the profitable
placement of funds in Canada that a nevv Cana
dian tanscontinental railway is proposed and
evidently the plans will be carried out without
extended delay Canadian Pacific Railway in
terests will welcome another big railroad in
Canada, inasmuch as its construction and opera-
ton will serve further develop the country
and 10 bring increased traffic TO the Canadian