New-York tribune., 1906-04-21
Enlisted tex dividend. lex rights.
Closing prices of active bonds dealt in. witt
STOCK MARKET OPERATIONS.

In the early dealings in yesterdays stock
market heavy selling orders executed
throughout the list, accompanied by declines in
the greater number Of issues. the operations
representing in great part the liquidation Of
speculative accounts in which margins had be-
come depleted Following this movement.
tive covering of shorts and support from power
full banking interests brought about a sharp
rally. which gained in force in the last hours Of
trading, when the best prices of the day We're
corded. Closing figures in the majority Of issues
were at or near the highest level with the chief
Improvement In the active list in the copper
shares American Smelling, American Ice, Atch-
ison, Brooklyn Rapid Transit st. Paul, the Hill
stocks, Pennsylvania, Union Pacific Reading
and United States Steel. Sentiment appeared TO
be much more cheerful the outlook for the
future of San Francisco, while the fact that
sterling exchange declined TO point which re-
suited in gold engagements Of over $6OO0.O0O
tended to restore confidence over the position of
the money market. Spectators who were short
Of stock made haste to cover in the afternoon.
and this buying was chiefly responsible for the
upward movement. commission houses not being
extensively interested in the market.
According to the known movement of money
in the current week, the local banks have gained
more than $15.00000O. the greater part of which
represents deposits by the government of gold
with the Clearing House institutions pending
the arrival Of an equivalent amount of the metal
from abroad. The Withdrawals of money from
this centre for Sub-Treasury account will not
figure 10 any extent in o-day's bank statement
but If the movement continues next week there
doubtless will be a material falling off in the re-
serve above legal requirements. In to-days re-
turn, however, there ought to be marked i'm
provement in cash and reserve items and a sub
stantial reduction in loans owing TO the liuuida-
ton which has taken place in the stock market
IN the last few days Opinions on the proba BILE
course Of money in the immediate future differ
considerably on account of the San Francisco
situation which naturally has caused something
Of a change in the local financial situation
reflection Of which was presented in yesterdays
money market, which showed a stronger ten
dency than recorded earlier in the week. Rates
for funds undoubtedly will rule al a firm level
for many weeks. unless there should be enor-
nous imports Of gold Of which there apparently
is little chance. inasmuch as local bankers are
experiencing great difficulty in securing the
metal at foreign centres Open market dis
counts in London were strong yesterday. follow
Ing an advance in Thursdays rate, and it is not
unlikely that the Bank of England will raise its
minimum rate at its weekly meeting next week
II is easy 10 realize why Europe is not anxious
20 part with its money if one considers for a
moment the vast financial operations in which
European capitals are engaged in connection
with the floating of the Russian bond issue of
$400,000.000 and in connection with the handling
Of capital issues of municipalities and CORPORA
tions.
1t is not considered probable by the leading
men In Wall Street that the public will be will
ing 10 come into the stock market at present
owing to the fact that money is relatively dear.
also TO the uncertainty over the length of time
that the San Francisco disaster will continue
to be an influential factor in both the stock and
money markets. So many large interests
throughout the financial and mercantile world
10 say nothing OF the insurance companies are
either directly or indirectly involved in the re-
SUITS or the destruction OF San Francisco that
IL is reasonable TO suppose the buying mower in
speculative markets win be materially curtailed
throughout the country. 1t is quite evident.
Ho"eNer' That the larger financial interests are
ilol olsposed to permit the development OF pan
lchy conditions in Wall Street, even though
Iui'her heaVy liquidation of securities becomes
necessary. Later on, when the desolated CITY
"esihs 10 rise from its ashes Wall Street Doubt
less VIII take a more cheerful view OF the stock
market S future. owing 10 the increased activity
"hich viii develop in various lines OF trade ss a
oiiect result Of the building operations and IN.
resumption OF general business in the great
] racine Coast town. The railroads will beneat