New-York tribune., 1906-04-25
STOCK MARKET OPERATIONS.

Transactions in Yesterdays stock market were
heavy in volume a movement OF values which
showed great irregularity, early weakness being
followed by a recovery, which in turn was sue
oeeded by further heaviness at the close Last
prices, however. were above the lowest Of the
day. though in a number OF the active issues
final quotations were fractionally under the close
in Mondays market. Heavy selling of the
standard stocks and bonds was feature of the
forenoon transac ctions. and in the course of this
liquidation prices for many issues made new
low records for the year the downward move
ment being checked, however by the appearance
Of active buying orders for substantial interests
and by general purchases for the short account.
Apparently # is the intention of the substantial
banking community to prevent serious disturb
ance I'm the market by affording in periods of
weakness an amount Of support large enough to
prevent Generalization. In the copper shares
Brooklyn Rapid Transit, Canadian Pacific and
Reading material net gains We're recorded. while
IN Colorado Fuel, the so-called Hill stocks New
York Central, Tennessee Coal and Wabash pre-
ferred substantial net losses were reported.
Strength in the United States Steel issues doubt
less was encouraged by the expectation of a IA
vorable report Of earnings for the quarter ended
March 81 which was published after the close
OF business. Net earnings amounted to the
large total of S36634, 400 an increase of S13-
60s594, as compared with the corresponding
period a year ago, while untitled orders on hand
We're 701S712 tons. against 5.597. $50 tons in the
same month in 1906.
Owing 10 the fact that local banks were able
to increase their reserves last week to a consid-
erable extent through the emergency measure
adopted by the Secretary of the Treasury. the
money market far has not been materially
affected by the large Withdrawals for San Fran
cisco There bas hear
through the Sub-Treasury for New York banks
more than S10O00OOO TO the Pacific Coast since
April is, while large amount of currency has
been shipped direct by the Clearing House in
stitutions. and If this movement continues
II doubtless will for a number of weeks TO come.
the holdings of the New York banks. despite
gold imports again viii be reduced to level
which will prevent the development OF easy
rates for money. It is still too early to est-
mate the probable demands OF San Francisco
in connection with the rebuilding OF the city.
but the people OF that town have decided 10
create a larger and finer place IL may be
sumed that the movement OF money toward the
Pacific Coast will be exceedingly heavy. and
that many months will pass before funds put
out for California account will return 10 the
East OF course the large deposits by the gov
ernment with the San Francisco banks will
serve in a measure TO decrease the pressure on
the Eastern markets. but nevertheless New
York and other cities viii be most important
factors in supplying the cash for the re-estab-
nshment OF the Pacific Coast metropolis
In view of the financial needs OF the stricken
city II is safe TO make the prediction that rates
for time funds Will not in the immediate future
go below the present range Of quotations. An
interesting situation is presented in the money
market by the developments OF the last week
both In this country and abroad. Europe has on
It's hands the financing of a huge Russian loan
and the question now arises regarding the pos
sibility Of foreign capital taking advantage of
the attractive opportunity for employment of
funds in this country at a time when home
needs are urgent. There is an enormous amount
or money abroad, and II is a we'll known fact
that foreign bankers are most conservative and
careful IN their operations and that in recent
years they have shown an increasing disposition
10 place their funds in American investment en-
terprises. Doubtless II they are convinced that
! the San Francisco disaster viii result in in
| creased mercantile activity in this country they
viii be willing 10 make large loans TO the United
| States. Notwithstanding the fact that they have
on tkeir hands the financial rehabilitation az
| RUGgi2- Another consideration regarding the
| local moEey market that should not be los: