New-York tribune., 1906-05-10
Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.

Following an exhibition of weakness in the
early dealings stock market values developed
decided strength. especially in the last hour.
when quotations a rule showed subs tantial
gains compared with the closing figures of
the preceding day. The only important excep-
tions to the upward movement were supplied by
Brooklyn Rapid Transit and Reading though
in these issues last figures were above the low
records established in the forenoon dealings.
Advancing values were accompanied by in
creased activity for the account of commission
houses. particularly in the case of the copper
shares, American Smelling. Colorado Fuel,
Union Pacific. St Paul. United States Steel and
National Lead, in which operations were large
IN volume, the heaviest business being supplied
by the metal shares and Union Pacific Read
ing was heavily dealt in, and in the morning
declined three points under it's best figure of
the preceding day, but offerings appeared to be
we'll taken, and resumption of activity Oh the
part Of some of the more important traders
IN this issue was an effective influence in at
tracting a better inquiry for securities in all
parts OF the list. The general strength which
was shown at the close naturally created buIlish
enthusiasm in speculative circles and induced
brokers TO put forth cheerful market advices
TO their customers. According to the informa-
ton received from prominent banking houses,
the demand for bonds shows material improve
ment while the general attitude of the invest
ment public toward the securities market re-
fleets greater confidence on the part of capital
in the future of prices
A sharp advance in foreign exchange quota
tions. together with a firmer discount market
abroad. eliminated the possibility of additional
engagements Of gold for shipment to this coun-
Try. The urgent requirements of San Francisco
in great part have been satisfied. but later on
1,,Irl,f Iac,
funds, and as a consequence further pressure
Will be exerted on the money market, which
may serve to maintain rates sor loans at Il
firm level at time when, a rule quotations
for call funds do not go above a = per cent
level Since Friday the banks have gained on
their operations with the Sub-Treas asury more
than Sl,000000. and it is not unlikely that tho
current weeks movement of money will result
in an increase in cash and reserve holdings of
the Clearing House banks. There is nothing in
the general position of money which should
cause uneasiness in business circles. while at
the moment there are reasons to believe that
there soon will be a large supply of funds avail
able for speculative purposes in Wall Street.
The best informed bankers. nevertheless. do not
favor the idea that the market is entering
period of easy money. their belief being based
on the unusual demands for accommodation
which have been created by the San Francisco
calamity. by tac active requirements incident
to indus trial prosperity and the needs which
viii develop next fall in connection with the
financing of the crops.
Wall Street Is not worrying over the money
market situation Sentiment is much more
optimistic than II was week ago Speculative
conditions have been vastly improved. stocks
have passed from weak TO strong hands the
market has gone through a strenuous period
without the Development of distress among
financial houses ANA despite all adverse cor
ditions affecting Stock Exchange, prices there
has been accompanying trouble in me
general world of business in TINS country re
ports Of railroad earnings prove that tho volume
of business IN all departments of trade is heavy
while further evidence OF prosperity is pre-
sented In the daily and weekly ngures OF The
Clearing Houses OF the different cities There
are some stocks that stlll selling too nIgn
while there a number of issues that are
noN AT a level which warrants their purchase
for investment account Csrea Northern pre-
feTTed and Northern Pacific may be quoted as
instances OF Issues which are not attractive in
Festment purchases. while, perhaps. Reading
may De added. the last named being Il 1 per cehL
issue yielding only trne over 3 per cent. This
stock may be advanced manipulation, and IL
may prove a profitable speculation, but il hardly
can be considered bonanza as an invest ment
Some Of the largest interests in the Street are
now actively identified with the bull side of the
etocE market ard their operations ought 10 exert
an important influence on prices especially as
so many weak pools aad individual operators
have been forced TO tarn over their holdings
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