New-York tribune., 1906-06-09
STOCK MARKET OPERATIONS.

Trading in Yesterdays stock market was lIshI
in volume while the movement Of values as a
rule was confined 10 narrow limits Moderate
strength in the morning was followed by sell
ing movement in the afternoon, traders evidently
renewing their interest on the short side owing
TO the absence of aggressive buying and the
total lack Of orders for so-called public account
Speculative sentiment probably adversely
affected by the advance in the grain market, the
strength in wheat and corn rejecting adverse
weather reports from various sections Of the
agricultural community. The Missouri State
crop report was distinctly unfavorable for wheat,
corn and oats. while unofficial advices from
Kansas and other large cereal producing states
were not at all encouraging TO stock market
bulls. Naturally the Granger shares felt the IN
fuence of crop conditions, St Paul losing more
than l per cent Northern Pacific 1& per cent
and Union Pacific one-half of l per cent. An
advance of 10 points in Delaware & Hudson
was not explained by news developments affect
ing the property and the movement may have
been due to efforts to attract interest in the
company's per cent bonds. which were
dealt in on the curb at an advance OF more than
points The court decision in making perma-
nent the injunction restraining the state from
enforcing the S0-cent gas law pending an appeal
10 the Supreme Court was without influence on
the stock of the Consolidated Gas Company,
nouncement. while the proposed financing plan
OF the Wabash company failed to create de-
mand for Wabash stocks. though the debenture
Bs were active and higher. The Wabash-Ptts-
burg Terminal second As also were features of
the bond department. Last prices generally
were at the lowest of the day.
According to the known movement of money I'm
the week, the local banks have lost small
amount IN cash holdings despite the large trans
fers of money from San Francisco to New York
The return movement of funds from the Pacific
Coast offset by large payments to the Sub
Treasury. and unless there has been a large con-
traction in loans unknown movement of
money into the banks to-days Clearing House
statement will hardly make favorable exhibit
Rates for money in the current week have not
indicated a large increase In reserve holdings
though the market for loans has not been high
call funds ruling in the neighborhood of 49, per
cent The increasing demand by railroad cor
porations for money in connection with their
proposed plans for extensions and improve
ments doubtless will become more OF Il
factor in the money market. and it is not un-
likely that it viii serve to maintain rates for
loans at moderately stiff level throughout the
summer but this possibility does not worry the
people who interested in bringing about
higher prices for securities. The very fact that
interests identified with prominent properties
propose to underwrite stock and bond offerings
in the near future suggests that every effort
will be made TO maintain quotations for stocks
at figures which will make attractive mar
ket for the offerings. An advance in for
eign exchange in the early dealings yesterday
brought out large number of bills which We're
effective in depressing the rate before the close
but in exchange circles the opinion was quite
general that the condition of the sterling mar
ket would be one of strength for some time to
come with the possibility of shinnents Of poId
10 Europe. If gold leaves these shores il will
mean that the financial situation here is strong
and that the metal can be spared without caus-
ing disturbance in this market