New-York tribune., 1906-05-04
STOCK MARKET OPERATIONS.

While stock market trading was heavy in
volume throughout the day. total dealings
amounting to more than one million shares,
there was a material reduction in transactions.
as compared with Wednesdays operations
while there also was a substantial contraction
in the extent Of the movement of values. AS a
rule. opening prices were above the figures of
the preceding day, but in the subsequent trad
ing great irreguiarity developed. with the final
tendency in the direction of lower quotations.
Heavy selling pressure in the Copper stocks
Reading. Union Pacific and a number Of other
active issues was responsible for general weak
ness in the last hour though the declines were
not heavy. except in the case Of Amalgamated
and Anaconda. in which selling apparently was
influenced by the reports from Washington re-
garding the character of the message which
President Roosevelt will. it is said, send to Con-
gress to-day accompanying the Garfield report
on the Standard Oil Company. The general
course Of the market indicated to many observ-
ers that urgent liquidation had been completed,
and that the selling movement in various issues
represented bear attacks and the cleaning UP
of accounts which not thrown on the mar
ket in Wednesdays break. Outside of the local
and foreign money markets there were no news
developments affecting the movement of values.
and while the course of money abroad showed
a. deciding hardening in rates the movement in
loan quotations at this centre was more favor
able TO the advocates of higher prices on the
Stock Exchange. Sterling exchange was heavy
and call money was quoted well under the level
of the preceding day, the greater number Of
loans being made in the neighborhood Of per
cent. Total new engagements Of gold for i'm
port amounted to So. $4,000.
Sub Treasury T. e7sfers and direct shipments
of funds TO San F-4ncisco since the earthquake
in that city have amounted to more than $34,-
0OO,00O while in the same time there has been
imported or engaged for import gold to an
amount aggregating s4O,O0O000. The loss. there
fore. in cash holdings OF the local banks as a
result OF the San Francisco disaster has been
Offset by the gold movement to this centre Dut
in the last few days a substantial amount OF
money has been locked up by trust companies
which are preparing to comply with the new law
recurring such concerns TO maintain 10 per
cent cash reserve Doubtless the latter has been
the chief factor in inducing strength in the
money market this week. Owing TO the actVe
demand in London for gold for American ac-
count the Bank of England at its weekly meet
ing Yesterday advanced its minimum rate OF dis
count from 31h to per cent this action at this
period being without parallel in recent years,
and indicating. perhaps, more uneasiness abroad
over the liquidation I'm the New York stock
market than over the san Francisco situation.
Doubtless London bankers are not anxious to
supplv funds to protect weak speculative
counts on the New York Stock Exchange II is
believed however that the gold movement to
this country from Europe will amount to at
least $500O0,O0O, but even the receipt Of such
large amount will not offset the tremendous re-
quirements OF the San Francisco banks Incl
dent TO the re-establishment of that city on
sound financial basis and the demands in con-
nection with the tremendous building opera
tions which from Will he important
factors in the money market of the country. In
view Of the various recent developments affect
ing money. together with TIE necessities Of the
agricultural section cf thn country next fail
there appears little probability of easy loan quo
I tatIons this year. though in the summer there
may be brief period Of weakness. a firm
money market will not indicate adverse condi-
iions IN the banking community. The banks Of
New FORK and IN other cities including san
+ Francisco. are strong, and It Is not likely that
the financial institutions in the Pacific Coast
city VIII be subjected 70 any run on their de-
7osits which cannot be met. especially as every
day their position IS being strengthened by re-
ceipts Of currency from the East
Stock market values are approaching Jewel
which ought sooH to attract m active Investment
demand. Thforgn tha Del relation ir Sock
Exchange quotations the Yield On drEt Class