New-York tribune., 1906-05-15
Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.

After exhibiting considerable strength in the
early dealings. stock market values developed
heavier tendency gains in the greater number
of issues being lost before the close The down.
ward movement represented as rule. traders
operations, commission houses being unimpor-
tant factors. while the more important specula-
tive interests were not actively identified with
the course of business. Apparently the larger
men who are connected with market movements
are not unwilling to a moderate reaction.
especially as quotations have enjoyed such
marked Improvement from the low figures re-
corded in the Frisco slump In the first hours
dealings exceptional strength was shown by the
copper stocks. which were favorably Influenced
by the strength in the price Of the metal in the
London market and by the advances in the cop
per stocks abroad. Subsequently there was
moderate selling OF Amalgamated on the an
nouncement that one of the subsidiary properties
of the AmaIgamated company had reduced its
dividend. though this reduction was not con-
sdered significant of anything beyond the in
tention of the directors of the concern to place
more money in the property and less in the
pocketbooks of the stockholders. The general
market movements were not accompanied by
news developments affecting prices, and with
the exception of a few issues the course Of quo
tations was governed entirely by speculative
considerations In the last hour the entire list
was decidedly weak due in great part to an
increased selling pressure from the room ele-
ment, which took advantage of the absence of
support to hammer prices on every opportunity.
The heaviest losses were suffered by Colorado
Fuel, Consolidated Gas. Louisville & Nashville.
ST Paul New York Central Pennsylvania and
Union Pacific The greater part of the early
advance in Amalgamated and Anaconda was
lost before the close.
Local bank conditions showed marked i'm
prove.nent last week, as reflected in Saturday 8
bank statement, while current prospects favor
the belief that further gains will be made ip
cash and reserve holdings this week. Appar-
entity the San Francisco bankers no longer fear
trouble upon the reopening of their financial in
stitutions as they beginning to increase their
| balances in the East which were heavily drawn
on Immediately after the earthquake 1t is too
early, however to estimate on the extent Of the
probable movement of money to this centre. but
leaving San Francisco out OF consideration it
should be borne in mind that from now we
may expect active shipments of currency from
Western points. representing the funds recently
sent from New York incident 20 the necessities
of the planting season in the agricultural sec
tions of the country. Known factors in the
money market encourage the belief that there
will not be return OF stringency before the fall
at least but they do not suggest the idea that
loan quotations will rule at really easy level.
Activity in our industries means active
money market, and there is no indication that
there will be any falling off in the volume of
| general business. Discounts abroad easier.
| Foreign bankers are not looking forward TO fur
ther engagements of gold for American account,
and as consequence of the cessation of the New
York demand the position Of the European
money market may encourage an increased for
eign inquiry for the stocks and bonds of rail-
roads in the United States. In connection with
the foreign exchange market 1t is interesting to
note that exports of domestic products from this
| country continue heavy, the April report just
| received showing an increase as compared with
the same time a year ago TO the value of S12-
! 267 405. making from July / a gain of Sl45-
| 50G520 The full statement Of the country 8
| foreign commerce. which will be issued TO-DAY.
doubtless will be record breaker in the matter
| of exports. and though imports have been heavy
IT is likely that the excess OF exports will be
!