New-York tribune., 1906-05-05
Closing prices Of active bonds dealt in, with
let changes follow:
STOCK MARKET OPERATIONS.

Stock market values enjoyed improvement in
the greater part of the day, and while the move
ment was due in great part to buying for the
account of TIE short interest, there was some
evidence of commission house support and
further actual investment purchases by foreign
capitalists. On arbitrage account London was
a buyer chiefly of United States Steel and
Union Pacific and these operations. together
with a higher range Of quotations for American
issues in the British capital helped to create
more cheerful sentiment at this centre, while
in addition the belief that urgent liquidation
had been completed also served to bring about
a more bullish feeling regarding the immediate
future of values. The market, however, derived
its chief strength from active drive against
the shorts, especially after the publication Of
the Presidents message accompanying the re-
port of the Commissioner Of Corporations on
the Standard Oil Corporation. The Presidents
comment on this report embodied suggestions
which Wall Street did not consider at all radi-
cal; indeed. one of the recommendations sug-
gesting that power be given to the railroads to
combine for mutual protection under conditions
approved by the Interstate Commerce Com
mission was considered bull argument the
railroad issues. a reflection Of which pre-
sented in the activity shown by the spectators
who were working for higher quotations. Then
the falling off in the demand for funds for San
Francisco naturally improved speculative tenn
perament
Last hour trading developed great strength in
all parts of the list. advances in many Of the
active issues as compared with the opening quo
tations amounting to more than per cent, with
even greater gains in Amalgamated, which adj
vanced over g. St. Paul 52l, Great Northern 71a,
New York Central 613 Northern Pacific ~ and
Reading Ga. These gains were accompanied
by increased activity. though not by important
news developments affecting the actual worth OF
securities. More short covering than active
outside demand continued to be the feature, but
commission houses reported that a better in
quiry had developed for investment account and
that further large purchases had been made by
European operators, and at the close of busi-
the greater number of Wall Street firms
sent out builish advices. the purport OF their
letters being that the market had been vastly
improved through the elimination of weak ac-
counts and through the easier tendency in the
money market. four or five point advance on
the Stock Exchange is most effective bull tonic.
Cross currents in the movement of money this
week make forecasts of to-day's bank statement
of little value. Large amounts of gold have
been received from abroad, large sums have
been returned by the banks to the Treasury
against these imports, while heavy shipments of
currency have been made to the Pacific Coast.
Then the activity the stock market involving
heavy liquidation Of speculative loans, the prob
able borrowings OF concerns identified in some
way or another with the losses incident to the San
Francisco calamity and the preparations by trust
companies TO comply with the new law requiring
these concerns to hold cash reserves also are
factors which win influence the return of the
Clearing House institutions. Money was not
easy yesterday, and there is no chance OF cheap
funds for long time to come. despite the fact
that In the last two days there has been a
lighter demand for San Francisco account. The
requirements OF the Pacific Coast city are by
no means over: indeed. in the rebuilding OF the
town there will be a constant inquiry fon ac-
commodation, and while this money will move
into the channels OF trade IL will be an active
factor in maintaining loan quotations at stiff
figures. Active money means high rates. and
high rates for money mean a curtailment OF
speculative operations Fortunately. the coun-
try Is in position to draw gold from Europe
and the fact that foreigners are buving our
stocks and bonds serves 10 strengthen the posi-
tiOn OF New York in the international exchange
market According 10 the known movement OF
money IN the week. the local banks have GAINED
more than $1,000 In cash holdings