New-York tribune., 1906-03-23
STOCK MARKET OPERATIONS.

Transactions in yesterday stock market were
made up in great part Of the operations of the
professional element. Prices as a rule moved in
the direction of higher quotations, the advance
representing speculative rally from the decline
of the preceding day rather than investment buy
ing or renewed public interest in the market.
The greater. part Of the trading originated on
the floor OF the Exchange. commission houses
being unimportant factors IN the dealings. except
in a few Issues in which the strength in quota
tIons encouraged a little public activity Adj
vances were not accompanied by news develop
ments affecting values. but the strength in the
coal sharer was explained by traders as due 70
the possibility of a peaceful settlement OF the
labor trouble in the coal fields. It IS not un-
likely that in to-day's market the same traders
will reach the conclusion that the outlook for
satisfactory agreement between the miners and
the operate IS extremely unpromising. Wall
street IS in a most changeable mood, and the
tone Of speculative sentiment cannot he counted
on from one day to another Prices maintained
the early Improvement throughout, last quota
tions generally being at the best figures though
the volume of business in the last hour was
confined within narrow limits The heaviest
advances were made by Reading. which gained
over points. the Copper shares, Colorado Fuel,
National Lead, Northern. Pacific and American
Hide and Leather preferred. Union Pacific, the
Steel shares. Canadian Pacific and Kansas &
Texas preferred enjoyed moderate improvement
and in the case Of the last named there was
some buying based on the report that the di-
rectors would declare dividend at the rate of
! per cent in April New York Central was
down in the early part of the day but recovered
most Of its loss before the close.
The fact that a national bank in this city has
obtained a small amount OF gold I'm Berlin for
sbipment TO this country does not encourage the
Of no
will amount TO large figures 1t is not likely
that exchange at this centre viii decline enough
to make It possible for the importation OF soiu
coin from the German capital and as Berlin Is
not a big market for the worlds production or
the metal It is wholly improbable that there VIII
be any important movement OF gold rom th@L
centre. Moreover Berlin at the present time Is
| endeavoring to keep its supply Of the metal IN
| tact and II IS quite probable that the amount
/ Withdrawn for New York account will be offset
Inv q German demand in the London market
No gold has been brought TO this country from
| Germany since 1895. and the present shipment
is based on only a margin OF two cents on Jhe
Mound sterling to cover the cost and pront on
the transaction. It is not unlikely that the en-
| gagement OF the metal in Berlin was made In
| connection with the movement for Japan ac-
! count which is now under way. as OF the last I
per cent sterling loan put out by Japan over
! S15OOOOOO was taken by Germany, the same
/ amount which was placed in this country, and
on which final payment has just been made.
| Rates for money at this centre continue firm.
and there is no indication OF change in the
Immediate future as far as lower quotations are
| concerned There is no reason however. 10 eX-
rec+ material advance IN RAJ as long as stock
/ market speculation is held in check. II the
| necessities of the money market situation were
! urgent il would be possible to secure assistance
| abroad despite the fact that foreign bankers
| are not inclined to send gold to this country.
! Apparently the bear party on the Stock Ex-
! change is well organized and expects to be abIs
IN bring about further declines in values. Never
| tbeless. it should be borne in mind that there
/ has been a large shrul>age IN quotations In the
! last two months and that the short interest has
/ beeu increased 10 an extent which suggests
/ great caution in selling stocks at this period.
J The fact that so many dolefuI tales are now
/ heard iu the Street may encourage further
/ liquidation but the chances are that people with
| ready money will be willing to accumulate Sc
/ curities on all declines ON the belief that the
| current depression I'm sentiment fOreshadows a
| change at no distant time i'm the character Of
/ stock market trading. OIdtimers in the Street
| generally buy stocks when the Wall Street at
mosphere is dark, while they sell when bright
| skies develop. In many securities the decline
/ which began at the end OF January has more
/ than discounted the so-called unfavorable fac
tors in the situation. but. of course. this Is not
| an indication that prices will not go lower any
! more than an upward movement which overesti-
mates intrinsic values is "a sign that quotations
VIII not go higher. Al the moment there ap-
pears 10 be little prospect OF anything mora
than a traders market
I