New-York tribune., 1906-05-24
Closing prices Of active bonds dealt in, will
STOCK MARKET OPERATIONS.

While there was an increase in the volume Of
dealings as compared with the operations Of the
preceding day, the total business was light in
comparison with the heavy daily trading Of
few weeks ago Movements of prices as rule
were influenced entirely by the operations OF
the board room element. and IN the greater part
of the day the tendency was toward a lower
level, though declines were not large, with the
exception Of those recorded in a few issues and
in the last hour the appearance of moderate sup
port was effective in bringing about a flrmer
close. especially in the case of Reading, Ten
nessee Coal & Iron and Colorado Fuel. Profess
sional pressure was again exerted against Penn
sylvania the selling Of the stock rejecting the
unfavorable sentiment created on this issue as
a result of the company's proposed new bor-
rowing, which is 10 be financed in Paris. The
fact, however that Partisan capital is willing to
move into American securities is a most signih-
cant and encouraging development rejecting
the improving credit which American institu-
tions have abroad and the inaeased confidence
Of foreign bankers in the future stability of this
country Paris is well supplied with money and
in view Of the considerations just noted it is
not surprising that it is anxious to employ some
of its idle funds in the United States. The chief
weakness of the DAY was reported in the Copper
shares Brooklyn Rapid Transit. Consolidated
Gas, Delaware & Hudson, the so-called Hill is
| sues. New York Central and Pennsylvania al
though the early weakness in the last named
stock more than recovered before the close
offerings being absorbed by prominent bank
ing house, An early report that the United
States Steel Corporation would issue $50 600 600
bonds was in part responsible for the midday
selling, while a subsequent denial that the cor
poration had any intention of new financing
IN the immediate future served to encourage
covering of shorts in the final trading.
From the reports received so far from San
Francisco the banks of that city are in excellent
condition while the depositors show no disposi-
! ton to withdraw their funds. except for the
ordinary purposes of business Indeed. indca-
tions point toward more deposits than with
drawals, and as consequence it is probable that
the emergency fund Of upward of $4,000 coo
which has been received at San Francisco from
| the East in the last few weeks soon will be re-
turned to New York and serve TO increase local
Dahk reserves 70 material extent. Bankers
are not looking forward TO disturbance in the
money market in the summer months but they
believe in making active preparations for the
fall when the demand for money from out of
town in connection with the marketing of the
crops VIII be most urgent, and il Is therefore
tendency on the part of stock market specula-
tors to bring about an active bull movement.
At present the stock market is made up almost
entirely of the operations of the so-called trad
ing element, and in the absence Of public in
quiry for securities professional operators are
inclined to favor the bear account. II is to be
noted however that extensive commitments are
not being made the short side and that upon
the slightest indication Of support active cover
inn al, Trad yhn
anxious to establish a lower range of quotations
realize that securities are strong hands, while
they appreciate the strength of underlying con-
ditions and the almost total absence of sound
bear arguments.
Reports received yesterday from the agricult-
ural section of the country were favorably in
terpreted in the grain trade, a reflection OF
which was presented in an active selling move
nent the Produce Exchange. According to
the Western dispatches, long needed rains have
fallen. but it is too early to Judge what ex-
tent the rain has Offset the recent absence of
moisture. At this season of the year Wall Street
receives generally by way of Chicago all
manner of conflicting advices regarding the
crops and It therefore is extremely unsafe for
the outsider 10 base long time operations, either
in stocks grain, on what he hears regarding
the progress of the harvests. The chances are
that, usual, the crop rumors for time
TO come will be manufactured in the interest OF
spectators in cereals and in securities and in
this period of uncertainty and suspense II may
be impossible for the people who believe that
stocks ought 10 advance steadily to bring about
a sustained upward movement II Is not al
all probable however. that adverse crop re-
ports will induce Legitimate holders Of securities
10 part with their possessions, while II NAV
come TO pass that the larger speculative inter
ests viii soon take occasion to make a SHARP
drive against the short interest,"