New-York tribune., 1906-04-06

Transactions in yesterdays stock market were
light in volume on an irregular movement OF
values. with last quotations generally under the
closing figures Of the preceding day. The chief
influence in restraining activity was the money
market situation. which developed further
strength. showing a great scarcity Of funds at
this centre available for speculative operations
in securities Rates touched so per cent, with
the last loan at % per cent, though % per cent
was bid before the close without bringing out
any offerings Accompanying the upward
movement in money there was a, sharp decline
in sterling exchange which carried the quota
ton to a point at which gold imports may be
negotiated at a good sized profit, and while there
was no announcement Of gold engaged for ship
ment TO this country several Of tht larger in
stitutions made preparations 20 bring in the
metal. Either gold imports must be made in
volume else there must be heavy nquida-
ton in stocks If improvement is 10 be brought
about in the money market In the greater
number Of securities trading was confined 70
small totals the heaviest dealings being sup
piled by the Copper shares Brooklyn Rapid
Transit. Colorado Fuel. Pennsylvania. Read
ing Union Pacific ard the Steel issues. In the
last hour declines were general throughout the
list, due 70 liquidation forced by the advance
in call money 10 the high level of the day. Ac-
cording TO statements made by various commits
cline. Sentiment was bearish at the close. and
it was predicted that liquidation would continue
to-day. An interesting development was the
declaration of a serni-anual dividend Of per
cent on the preferred stock of the Missouri Kan
sas & Texas. this being the first dividend ever
paid by that company.
High rates for money have checked for the
time bull enthusiasm in Wall Street but the
leading brokers are confident that prices for
securities will move toward a higher level just
as soon as loan quotations return 10 a more nor
NAL basis. The fact that stocks as a rule are in
strong hands naturally encourages the expecta-
tion Of better quotations later on in the season.
especially the present owners Of securities are
anxious 10 distribute their holdings at higher
figures which they assert are warranted by the
prosperous trade conditions in this country.
The enormous earnings of the railroads, the in
dications of trade expansion as reflected in large
bank clearings and the activity in iron and steel
are bull arguments which warrant the expecta-
ton Of bull movements in stocks after the pass
ing OF the present temporary uufavorable fac
tors. such as stiff rates for loans and labor
troubles. OF course. the greater number
Of securities are selling at figures which meas
ure the investment worth Of the issues, but
this fact does not necessarily mean that values
on the Stock Exchange will not move to a level
many points above current quotations. It is not
unlikely that many OF the low grade securities
will be taken in hand by substantial speculative
interests this year owing 70 the improvement
which is constantly being recorded IN the actual
worth Of the properties represented. Such
stocks as Missouri, Kansas & Texas, Chicago
Great Western. Colorado & Southern and Wa
bash are favorably considered by we'll informed
brokers. and II is thought probable that this
class Of securities viii attract favorable atten-
ton from stock market operators in the course
Of the present wear. II is probable that the low
priced issues eventually will enjoy greater ac-
tivity at the expense of the standard investment
shares. which IN the last year have enjoyed so
much enhancement in stock market value
So far in the current week the city banks have
lost upward Of 600 on their operations
with The Sub-Treasury. while there also has
been heavy gain on direct shipments Of cur
rency 20 the interior. Unless there has been a
large contraction in loans to-morrow's bank
statement undoubtedly viii show a material re-
duction in reserve above legal requirements In
view of the small supply Of money at this certre
ing 10 the belief OF the best informed bankers
there is little prospect Of easy money for a num-
her Of weeks possibly number of months. hut
this fact does not cause uneasiness in financial
circles as II is quite generally believed that the
government viii make further deposits virb
national banks which. with imports Of gold win
prevent disturbance In Wall Street The Rs,I
Of England has reduced its minimum discount
rate from 10 3is per cent