New-York tribune., 1906-06-19
.Unlisted. tex dividend.
Closing prices of active bonds dealt in, witt
STOCK MARKET OPERATIONS.
changes. follow

On moderately active volume of business
stock market values showed great irregularlty'
opening weakness being followed by decided
strength which in turn succeeded by further
declines. leaving last quotations with more net
losses than gains. Strength In the morning was
due to covering of shorts. based on the more ia
vorable weather reports from the crop section of
the country but the upward movement failed to
attract important outside buying, and the alb
sence Of active support OF this sort led to re-
newed pressure which was accentuated by the
movement in Pennsylvania stock, which was
consistently weak throughout the day. The
heaviness in this issue represented active spec
ulative operations for lower prices and liquida-
ton, the selling being encouraged by the uncer
tanty over the success of the company's pro-
posed Paris loan, negotiations for which began
more than three weeks ago. 1t announced
in the early afternoon that an official statement
regarding the loan would be made after the
close of business and the decline in the stock
induced the belief that the character of this
statement would be unfavorable, though well in
formed interests confirmed the recent reports
that the entire amount had been taken by Paris
bankers Active selling pressure was directed
against Reading, United States Steel New York
Central, the Hill shares St. Paul and Union Pa
cifc, while Baltimore & Ohto,was the only prom
irent issue which showed resistance TO the de-
Clining tendency in the last hour its final quo
tation presenting a net gain of 134 per cent.
Consolidated Gas, while ending the day at an
advance, was well under It's best price while the
same thing may be said OF Delaware & Hudson.
A feature OF the trading was the activity in In
terborough- metropolitan common, in which
transactions amounted to more than $1,000
shares. at price ranging between 30 and 501s
A large amount of this stock has been taken at
%, which apparently IS the figure at which
banking interests have agreed TO support the Is
sue The character Of selling in the last hour
suggested that considerable urgent liquidation
was under way. and the persistent heaviness in
Steel common in the face of the encoura gtng re-
ports from the trade was an active factor in
creating unfavorable sentiment on the general
market
Conditions In the local money market do not
favor the idea which is held in some quarters
that period of extreme ease in loan quotations
is about TO develop. The general position of the
money market is intrinsicaly sound but there
are various factors which suggest moderately
firm rates IN the summer months and stiff quo
tatlons in the fall unless there should be tre-
mendous amount Of gold shipped from Europe
TO the United States. Foreign exchange rates
undoubtedly Will decline IN the autumn to
point at which gold may be brought in at
profit, but it IS not likely that the amount thus
received VIII OHSeI the nedVy demand for
commodation in connection with the financing
of the crops and the inquiry for funds incident
to expansion in the countrys general indus
tries Fortunately, the New York bankers al
ready are considering the demands which will
be made upon their resources a few months
hence, and their preparations for meeting the
future demands for funds doubtless will
to bring about conditions which will prevent
acute stringency at this centre. Disturbance in
the money market is not likely to occur, but
Wall Street may as well make up its mind that
it will be compelled to pay high rates for its
loans. In the course of the next few weeks
shifting of accounts which will be made neces-
sary by the operations for the financing of the
July disbursements will be an important factor
in maintaining call money at a moderately stiff
level. while the requirements of the trust COM
panies in connection with the establishment of
their reserve under the recent law compelling
these concerns to maintain reserve of Is per
cent of their deposits also will be a factor of
some Importance in the money market. With
the exception of the San Francisco movement Of
money toward this centre the local banks are
not receiving large supplies from the interior,
and loan rates in the Western cities are
quoted a rule above the figures in New York
there is little to expect an active flow of
currency to the East in the immediate future.
San Francisco already has sent upward of S19,-
! 100000 TO New York out OF the total shipments
| of over S40,o00O0o from this city To the Pacific
Coast and according to Information which has
been received In the last few days by New York
| bankers there will be no further important
| transfers TO the East on California account
| There is nothing in the position OF affairs af-
fecting American investment securities which
warrants uneesiness the part OF genuine
| holders of stocks and bonds. but at the moment