New-York tribune., 1906-05-11
STOCK MARKET OPERATIONS.

In the five hours of business in yesterdays
market transactions were heavy in volume on
a movement OF values which ended the day at
net gains in the greater number Of active issues.
The high grade shares were I'm demand, and
the scarce supply OF Great Northern and North
ern Pacific was responsible for marked improve
ment in these stocks. while the influence on the
rest Of the list of the rise in the high grade
securities was marked. In American Smelling.
Colorado Fuel Distillers' Securities and Read
ing in which recently there has been specula-
tive buying for both accounts. heaviness due
to realizing was reported. but the declines were
not important, while offerings were well taken.
There was a good distribution Of business
throughout the list, with the heaviest opera
tions in the metal shares, Atchison. the Hill
stocks, Pennsylvania, Reading. Southern Paci-
1c. Union Pacific and the local traction issues,
improvement in the last named being helped by
the reports Of earnings for the last quarter.
A cut in its dividend rate by the Brooklyn
Union Gas Company was without effect on
speculation, inasmuch as this action had been
expected, following the recent cut by the Con-
solidated Company. Sentiment was favorably
affected by the governments report on winter
wheat, showing percentage on May ! OF 81
compared with % a year ago. indicating a
yield above the normal
The easier tendency in the money market has
been effective in bringing about stronger rates
for foreign exchange. and. a consequence,
quotations for the latter are now we'll above the
point at which gold may be imported at profit.
II is generally believed that in view Of the de-
velopments in monetary conditions in the last
few days no further efforts will be made to
bring in gold from Europe, and, Of course this
may be taken as a sign that the position of
affairs at this centre has undergone change
which no longer makes shipments of the pre-
cious metal to the United States necessary.
Time money has moved to a slightly lower
level. while call funds may be obtained at
hgures which impose great burden on bor-
roWers. It is impossible at the moment how
ever to predict an extremely easy money mar
ket in the near future owing to the uncertainty
over the extent of the demands for capital which
VIII develop with the active opening of busi-
ness and rebuilding in San Francisco So far
IN the current week the local banks have gained
IN their operations with the sub-Treasury more
than SlOOO,O00. and it is not unlikely that the
Clearing House statement tomorrow will show
an increase both in cash and reserve holdings
especially as in the statement of a week go the
known increase was not reflected in the bank
return this being due to the inconsistencies OF
the average system which the Clearing House
employs in compiling weekly statements The
Bank OF England, at it's regular weekly meeting
yesterday, made no change in its minimum ra A
money in London and on the Continent exhibited
a frmer tone.
AS the majority Of the best informed Wall
street interests express great confidence in the
future of the stock market ordinary commission
houses are sending out buish advices to their
customers the result of which is more active
demand for securities for public account Stock
market values have enjoyed marked improve-
ment from the low figures recorded last week
and apparently vigorous efforts are being made
to establish all issues at a higher RANGE asDa-
cially in the case of securities which are now
selling at level which encourages investment
Duylns IN some quarters of the Street it is
thought that the recovery from the recent low
ngnres has been too rapid, and that a reaction
VIII develop before a sustained upward move
inent begins. Substantial interests have been
buying ST. Paul, Union Pacific, Canadian Paci-
nc. New York Central. Chesapeake & Ohio
pennsylvania and Pacific Coast stocks and the
character Of buying in these shares suggests the
presence in the market Of people who were i'm
portant factors In the upward movement which
practically eliminated last January. The fact
tnat these operators again in the market
ought 10 inspire great caution on the part OF
people who favor the short side OF speculation.