New-York tribune., 1906-04-01
STOCK MARKET OPERATIONS.

In the two hours of trading in yesterdays
stock market transactions were active through
out the list on a movement of values which
showed net gains in the greater number Of is
sues at the close. Sentiment was favorably inn
pressed with the more favorable developments
In the bituminous coal strike situation, while
the presence in the market OF brokers VINO rep
resent substantial speculative interests encour-
aged covering of shorts and moderate buying
for commission house account. Marked improve
ment recorded in the copper and steel
shares. St Paul and Great Northern preferred,
buying Of the last named being accompanied
by reports that the Hill ore land deal with the
United States Steel Corporation had been closed
and that official announcement to this effect
would be made in the of a few days Fol-
lowing the publication of the bank statement
prices continued strong, notwithstanding the
fact that the figures showed a further falling
off IN reserve above legal requirements. The
fact, however. that the reduction was much
smaller than expected created a favorable i'm
preston in speculative circles the decline
amounting 10 1892, 900. Loans decreased
nearly 100000 and against an estimated de-
crease IN cash of over S6,OO0OO0 there was de-
cline OF only S3.427.OO0 Reserve now stands at
s.. 1929. compared with IS 664 SO at this time
year ago. and S2T.755.05O in the year before
Money market conditions and the uncertainty
over the outcome of the rather mixed coal situ-
alton naturally served TO restrain speculative
activity last week. but the tone Of the market
was remarkably firm and losses when made
quickly recovered. A number of aggres-
sive operators are now in the Street, and it is
quite evident that they working to bring
about higher range Of values in the current
ton TO buy securities. though commission houses
advising the purchase OF stocks on all de-
clines. 1t is not unlikely that If the market is
pushed a few points higher outsiders will be
willing TO take part in the movements, but It
should be borne in mind that the invitation OF
the Wall Street community to the public to come
into the market is not made with phianthropic
intentions. The more important interests have
stocks for sale. and they anxious to distrib-
ute them at better quotations. The idea that
there VIII be upward movement in April is
based on the theory that as stocks are now sell
ing well under their best figures of the year and
as conditions In the business world salts
factory. except in the coal fields, the time is
ripe for an upturn I'm stocks and bonds. More
over. it is held that as April generally has been
a bull month in other years there is no reason
why it should not favor the advocates Of higher
prices this year.
The belief appears 20 be growing I'm specu-
lative circles that money rates will seek lower
level. but the majority Of bankers do not IN
dOrse this idea except in the case Of rates this
week as compared with the high level estab-
lished last Thursday and Friday The advance
on those days was due entirely to the prepara-
tions for the April disbursements. and. with the
distribution OF dividends which will release a
con-iderable volume of money quotations for
loa.-s doubtless will return 10 the and per
cent level, and probably remain there for a
number OF weeks 10 come. Bank reserves are
low. and the demand for funds throughout the
country is active, and despite the probability of
gold imports II is not likely that the reserves
Of the local institutions will be materially in
creased at present. II gold is brought in II
VIII merely serve TO offset the Withdrawals from
this centre for interior account The banks lost
heavily last week on their operations with the
Sub-Treasury and the interior, and there is no
reason to suppose that there win be any change
in this particular in the course Of the next
month.