New-York tribune., 1906-03-22
STOCK MARKET OPERATIONS.

Strength IN the earlier dealings in yesterdays
stock market was followed by weakness In the
afternoon but the declining tendency failed to
bring out important liquidation, sales as a rule
representing the operations of the professional
element report that the New York Central
would issue $100000,000 stock was the I'm
mediate cause Of the selling pressure in the last
two hours Of business, and in the case of the
Central shares a decline Of over per cent was
recorded, accompanied by greater activity in the
stock than had been reported in many days.
Official confirmation of the reported decision of
the directors to ask authority from the stock
holders to increase the capital stock was not
forthcoming IN the hours of business, though
obtained later AS Wall Street happens to be
in bearish frame Of mind at the moment the
idea Of an increase in capital issues is seized
upon argument for lower prices notwith-
standing the fact that few months ago the
slightest mention OF financing of this character
was considered ample reason for bidding up
stocks The only important exceptions 10 the
general weakness In the late dealings were
American Smelling. Chicago & Northwestern
and Tennessee Coal and Iron. Chicago & North
western enjoyed net gain of ~ points In
addition TO New York Central decided weak
ness was shown by Canadian Pacific St Paul
/ Consolidated Cas- DistilIers Securities, Great
Northern, Missouri Pacific Northern Pacific and
the greater part of the business being supplied
by the stocks just named and Amalgamated
Copper. Anaconda, Brooklyn Rapid Transit.
/ Colorado Fuel, Louisville & Nashville Reading
Union Pacific and the Steel shares
While the New York banks have gained q
small amount or money so far this week in their
operations with the government the demand
from out Of town sources has been active. and
the chances are that the weeks movement Of
fund will -R1f.
payment was made Tuesday on the last Jap
anese loan, and It is expected that the greater
part Of this amount will be transferred through
the Sub-Ireasury TO San Francisco and exported
from there in the shape of gold to Japan as that
country Is now in need Of the metal in connec-
ton with Increasing it's reserve for banking pur-
poses incident to the passing Of the control Of
Lhe railroads OF the country TO the government;
also in connection with increasing the navy .o,a
Merchant marine. The Withdrawals, however or
gold on Japanese account from this country
ought not to be effective Influence in tho rco1
money market. there will be an offset py,,,,
the extension OF Paris and London credits at this
centre. Finance bills are being freely put ont In
New York, and the new amount OF credit rbue
supplied more than equals current heavy mr.
chases Of sterling bills whirh are being made 10
Iiquidate maturing Indebtedness Of this country
abroad.
.
TO DIlng In an additional amount Of gold the
foreign exchange market is not in q condition NJ
the moment which permits Of a profit nm -,l5
imports as regular exchange operation ae far
as local foreign banking houses are concerned
/ As the banks which are members OF the Clear-
ing House Association allowed TO carr, eroId
IN transit as part of their reserves they ara
able 10 bring in the metal at rates which ,votId
not De profitable TO the ordinary Wall Street
banking concerns. There appears to be no pros-
/ pect or disturbance in the money market but
} the chances are that rates for funds win con
! tnue TO rule at a firm level for n n,,r,l,or ,f
/ weeks owing 10 the active demand r,r ac,,,,,
+ mediation which exists in all parts Of the conn
/ Try including The inquiry for money I'm corr.,
/ uoh with the opening Of the spring trade and m,
beginning Of the planting season In the aerI-
cultural sections. Paris is drawing on London
/ Ior goa IN connection with preparations for the
/ financing Of the new Russian loan. and as on
/ don, Berlin and Paris will have H. -. =
/ helping the Russian government. II is not likely
! that the United States will he abIe - a.
/ large amounts Of the yellow metal from, F,,rone
/ unless conditions al this centre should de,eIon
/ q most urgent need for foreign assistance
/ CONSIDERATIONS affecting the money market
/ continue 10 restrain activity in speculation on
. the stock Exchange, while the uncertainty over
the anthracite and soft coal situation together
. with Cneasness on the part OF Spectators re-
garding legislative agitation against corpora-
/ tons, serves 70 discourage the idea OF a resumu-
uon OF bull activity in the immediate future
/ The majority Of commission houses in their ad-
vices to customers suggest the wisdom Of buy
ing for quick turns only and selling on all
rallies Commission house traders. however,
show no disposition to deal on either side OF the