New-York tribune., 1906-05-01
STOCK MARKET OPERATIONS.

On a large volume of business stock market
values moved toward higher level throughout
the greater part Of the day. last quotations as
rule being at the best and showing net gains IN
the active list Of from'1 10 points, with an ex-
ceptional gain in Great Northern Of more than
10 points The fact that there was an absence
Of heavy liquidation in the early dealings, to-
gether with the appearance in the market Of
buying orders from banking interests encour-
aged active covering the part OF the short
element, which in turn induced some commission
house activity. In we'll informed quarters the
opinion was expressed that the improvement in
quotations was merely a speculative result OF
last weeks slump, rather than the beginning Of
a sustained upward movement. Nevertheless.
it is quite evident that in the course OF the sell
ing movement last week stocks were accumu-
lated by a strong class Of operators, and that for
the present at least, active efforts will be made
to bring about a higher range of quotations.
From the record points Of the year there has
been an enormous shrinkage in stock market
values and while prices in many issues still
selling above a cheap level it is reasonable to
believe that speculative conditions will be eff
fective in encouraging temporary activity the
bull side of the market. The advance yester-
day represented the covering of a big short in
terest in many of the active issues, and IL this
there doubtless will be a heavy Outpouring of
stocks which bought ON the violent de-
clines in the closing days last week
London prices were higher for all American
stocks, while the general London market was
firm, despite the inquiry in the British capital
for gold for New York Moreover London was
an active buyer on arbitrage account in the local
market, while investment purchases were re-
ported for Berlin The strength In the foreign
markets helped the local movement Of values
While arrangements for further imports Of gold
also was factor in shaping the course Of val
ues. 1t may be we'll to note that the engage
ments of the precious metal amounted practi-
cally to the same of money as was trans
ferred for New York banks to San Francisco
While it is extremely fortunate that this coun-
try is able through the emergency measure of
the Secretary Of the Treasury to import gold in
large volume there is no reason to suppose thar
this movement will bring about a permanently
easy money market, inasmuch as the gold i'm
ported Is Onset by the demand from the Pacific
Coast. which doubtless will continue for many
weeks to come, especially as ii ...i be some time
before the San Francisco banks will be able to
use the funds which are in their vaults The
mere Tact that San Francisco is anxious 10 Sc
cure through an act Of Congress an enormous
loan Tor purposes incident to the rebuilding Of
the city ought to discourage the idea that money
market conditions will soon cease to be affected
the demand for additional funds in this country
is urgent is reflected in the action OF Secretu ~,
Snaw IN removing the limit upon special United
states deposits against the engagement OF gold
Tor import. This, OF course will serve 10 0ffer.
extra facilities for engagements OF the yellow
metal for this country. but in view Of the rea-
son FOR such action 1t hardly can be Considered
bull argument on stocks as far as q long
period of advancing values is concerned In
the last hour prices showed greater strength
than at any time in the day, Consolidated Gas
oelng the cnler feature, its price advancing
more than points IN the final transacti0ns
This stock, with the Copper shares Amer,can
Smelling. the Hill issues. Brooklyn RaniI Trrar-
sit. Canadian Pacific, international P1,n1r E1
ciic Coast, Reading, Union Pacific and +be
United States Steel Issues made the most CON
spicuous gains. Pacific Coast was horovb. -,
substantial interests with predictions oe 80 y.
ther improvement to-day. The stock Is c,osaIr,
held. 20 Ci"seIy