New-York tribune., 1906-05-09
7F.E:Yz sssS
STOCK MARKET OPERATIONS.

Stock market trading active throughout
the day on movement of values that tended in
the direction of higher quotations in the greater
part Of the five hours of business. The advances
were due to the covering of shorts and to an in
Acreased demand for the account of commission
houses, while there also was an active inquiry
from investors both in the share and bond de-
partment of the market. Bulsh adv1ces by
bankers regarding the present market situation
doubtless were effective influences in attracting
an outside demand for securities, and the fact
that the recent causes for selling no longer
existed, together with easier market for
money, also served to create more active in
quiry for stock and more cheerful sentiment in
speculative circles. In addition to the leading
issues. such as Reading, Union Pacific, the Cop
per shares, st. Paul and the United States Steel
stocks many of the so-called specialtes were
features. the movement in this class of stocks
evidently representing buying by people who are
well Informed regarding the merits of the prop
critics. Net gains OF more than . per cent were
common, while in some cases advances were
more pronounced. especially in Anaconda, Amer
ican Smelling, Northwest Distillers' Securities
Great Northern. Northern Pacific Republic Steel
preferred and Delaware & Hudson. Last prices
as rule We're at or near the best figures of the
day. The advance of points in Pacific Coast
was due to buying by the same interests that
have been active in the stock for many weeks.
There are several large railroad companies which
are anxious to secure a preponderating lnfu-
ence in the affairs of the Pacific Coast Company
and apparently they are willing to pay good
price for the stock which has great intrinsic
merit. The company does a large coastwise
business on the Pacific, it owns valuable rail-
roads, with important terminal facilities in Sc
attic, and mining properties II is the successor
of the old Oregon Improvement Company. Fur
ther investment buying was reported in the
500" issues
New York bankers are actively discussing the
proposition of forming syndicate for the pur-
pose Of financing the rebuilding OF San Fran
CISCO and the amount of money which will be
used in such a venture viii be large enough to
become an important influence in considerations
affecting the future of the Eastern money mar
ket It should be borne in mind, however. that
the funds which will be the instruments of San
Francisco's restoration will move in the chan
nels of trade and that the heavy purchases Of
building materials in the East will serve to keep
much of the money used in the re-establ blishment
OF the city IN the banks of New York and other
Eastern cities The tremendous demand for ac-
commodation in connection with future San
Francisco operations doubtless will serve to
maintain a firm level of quotations in the loan
market but IL will not bring about disturbance
financial
necessities of the Pacific Coast city have been
satisfied and as a consequence of this and of
firmer discount rates in Europe together with
easier loan quotations in New York there prob
ably will he further heavy engagements Of
gold for import to this country. In their oper-
atons with the Sub Treasury since last Friday
the local banks have gained more than $1,000
OO0 and the general position of the money mar
ket has been materially improved in the last few
days. reflection of which is presented in lower
rates for time accommodation.
A number of recent factors which served TO
/ depress Wall Street sentiment have been wholly
| eliminated from the situation. and at the mo-
ment there is nothing in the position of affairs
affecting money and business which warrants
| uneasiness over the future Of the stock market.
/ OF course. crop failures this year would do con-
siderable damage TO securities values, but ii Is
| too early 10 speculate the outcome OF the
harvests. though II may be we'll for stock mar
ket operators to proceed with caution with the
! approach of the season when something definite
VIII he known regarding tine agricultural situa-
/ ton Of 1896. The fact that stock market values
| recover easily from all declines and the absence
Of failures in the recent stock market dcnoraIi-
cation reflect sound conditions In the banking
] community and encourage the belief shat Wall