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

After showing further active Improvement
in the early dealing a reacuonary tenueno'
developed, which carried many or the leaoIl's
shares under the opening figures, Win siilaA net
losses predominating at the close. hea4lzlis
sales were heavy throughout the list. nut oIer-
tnss appeared to be well taken, ana furlher
inou,rv in commission house buying was re-
ported especially IN the standard railway
shares and a number of the industrisls. The
failure of the market to maintain its early ad-
,.ance was due to speculative conditions rather
than To news developments affecting securities,
though an advance in call money rates doubtless
contributed 10 the heaviness which was recoroeo
in the afternoon transactions. Notwithstanding
tbe high rates for money, sentiment remained
intensely buliish, and brokers who handle large
accounts announced that there was no disposl-
ton on the part OF the substantial interests 10
work for lower quotations. Little attention was
Maid to the anthracite coal conference, while the
soft coal situation apparently was considered
sa+tle5 IN a manner satisfactory TO the miners
and orerators. The Copper shares. the Chicago
I-,,ion Traction issues. Columbus. Hooking Coal
ar5 Iron International Steam Pump. Missouri
Pacific National Lead and Tennessee Coal ana
Tro, we're among the few stocks which MAIN
tanned a good part of their early improvements
o,osire not far from their best prices OF the
day The Street again was filled win au-
vice To buy almost every stock on the Ils'' anu
tbe effect of early morning tips was reheCteu
IN the active demand for securities at the open
,r, Consolidated Gas again made new low
record for the year. Call money toucheu l. Pei
cent. ,,.,z.
Straneth I'm the call money market oouoleSS
,u continue to be the leading feature IN the
monetary situation throughout the current
month though the high rates reached in the ffst
80 doys og the week are not expected to be
5u,I,cated The operations in connection with
Tho large APRIL disbursements naturally nave
tarded 10 tie up funds. but in few days there
doubtless will be a return TO the to per cent
level which has prevailed for so many weeks
If however stock market operations are con-
ducted for any length of time at the furious pace
Gotta blished IN Mondays trading. money VIII De
ouoted higher than the figures just mentioned.
In the European capitals discounts apparently
are tending toward lower level, and 1t is there
fore probable that foreign bankers will be WILL
ing TO place their available balances In this
co,,ntr,, owing TO the more attractive quotations
for loans here The demand for remittance is
not active While Paris is accommodating gold
in preparation for the financing OF the Russian
Ioan II is considered probable that further i'm
norts Of the metal for American account will be
made and Wall Street operators who are count
ing on no disturbance in the money market base
their belief 10 this effect the condition of the
international exchange market The active de-
mand for funds in the South and West, and the
excess Of government receipts over government
navments. undoubtedly will make gold imports
necessary Exchange at interior points on New
York is moving against this centre. owing to the
active requirements of trade, and. as conse-
ouence. the local banks are being called upon TO
send large amounts of currency to interior
points The Sub Treasury transferred for local
hanks Yesterday 100000 N San Francisco and
$3.50 600 to New Orleans.
Wall Street believes that the advertised April
bull boom In stocks is well underway. and that
prices in the current month for the greater num-
ber of securities will sell materially higher
level In the ina jority OF issues the low figures
following the elimination of the January hull
movement We're recorded early in March, when
twenty of the leading railway issues showed an
average price of about lbs. and since that time
/ there has been gradual appreciation in prices
IN above 1874 which compares with the high rec
ord Of the year OF 13S. It, therefore will be seen
/ that a substantial advance already has taken
pIace and that I'm the of this advance
there must have been considerable selling for
the account of important interests who bought
securities az the low level recorded in March
The general idea appears 10 be that the upward
movement viii carry values above the high fs.
uTes reported IN January. especially If the differ