New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-05-23
STOCK MARKET OPERATIONS.

On a small volume Of business stock market
values moved toward lower level in the greater
part Of the day. Trading was made up almost
entirely of the operations of the board room
element. commission houses having few orders,
while the larger speculative interests which are
generally identified with pool operations appar-
entity were not disposed to take an active inter-
est in the market. In the absence of an out
side inquiry for stocks traders found it easy to
depress values, and with the exception Of the
anthracite coal shares. Tennessee Coal and Iron
and Consolidated Gas, there was no exhibition
of strength among the leading issues. Lacka-
wanna made new high record at $50. while
substantial improvement was enjoyed by Della
ware & Hudson and Jersey Central, with frac-
tional gains by Reading and the Erie shares.
In the last hour furry in call money which
carried the rate to per cent served to increase
to some extent the selling pressure, but. as in
the early dealings selling was confined to the
trading element. no evidence of important liqui
dalton being presented. Probably the advance
in money was Influenced by the shifting OF loans
and operations in connection with the recent
Pennsylvania note issue. Selling of Pennsyl-
vaia stock further encouraged by a report.
which generally was believed, that the Pennsyl-
vania company had succeeded in placing loan
for $25.OO0.O0O in Paris. The Pennsylvania
Railroad is earning an enormous amount of
money, and it is increasing it's obligations in
proportion. It is to be hoped that the prosper
conditions which are giving the road such
enormous volume of traffic will continue until
the company's short term notes and bonds are
paid off. At the close prices generally were at
the lowest of the day.
In banking circles it is quite generally be-
lieved that there will be an active move
ment of money from the Pacific Coast to this
city. representing a return flow of the funds
which have been sent to San Francisco for the
purpose of strengthening the bank reserves at
that centre The reopening of the financial in
stitutions Of the stricken city will begin to-day.
and unless there should be a tremendous with
drawal Of deposits the Frisco bankers doubtless
will make arrangements to transfer much OF the
money recently received to the East and as a
consequence the money market in New York
will be affected in manner which may encour-
age renewed activity the part of operators in
the speculative markets. 1t is generally thought.
however that efforts will be made by the banks
to restrain outburst Of speculative activity,
inasmuch preparations must now be made for
the accumulation of large reserves TO meet the
urgent demands which will develop in the fall
incident to the financing OF the summers har-
vests If speculation in the summer should be
carried to an extreme there undoubtedly would
be serious trouble in the money market in the
fall, and it is to prevent such occurrence that
the banking community is unwilling to encour-
age large expansion in stock market dealings.
Nevertheless, many of the prominent Wall Street
operators believe that with ease both in time
and call money it will be impossible to check
an upward tendency in securities unless there
should be most unfavorable developments in the
crop situation. Already scare reports. have been
received from various points in the West regard
ing conditions affecting grain. but the season is
not far enough advanced to consider seriously
the adverse rumors which now being put
out and upon which many traders on the Stock
Exchange are basing their expectation Of
bear campaign against values. At the moment
there is little public buying in the stock mar
ket. while in the last few days the transactions
of the so-caIled professional element have been
limited to small totals, but this inactivity need
not be taken an indication of the course of
the market in the next few months, especially
as stocks are in strong hands with values based
on remarkably prosperous business conditions.
The upward movement in the high priced coal
stocks has. Of course been due to speculation
rather than investment buying. and it is quite
evident that the advance in these issues has
been helped along by people who are anxious. 20
create an active buying demand In other parts of
the list. 1t Is said that the large hard coal
carrying railroads are making preparations 10
disassociate themselves from their coal prop
! erues in order 10 escape action by Congress
compelling them To do this but this fact in itself
| is not sufficient reason for the quotations AZ
which the high priced issues are now selling
+ Stock Exchange values in the case OF most of
the hard coal stocks are at fictitious level
! Wall Street manipulation however is immune
from the influence OF real valuation. and the
mere fact that the coal stocks are selling at new
hign record figures does not preclude the posi-
biii'y Of further Improvement The advance has
been large and the fall may be rroportionatelv
I heavy. The buying Of Anaconda is attracting
! considerable attention owing to the fact that