New-York tribune., 1906-05-08
Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.

After opening at general advances as COM
pared with the closing in Saturdays Market
prices receded in the greater number or issues
under the influence Of heavy profit taxing safes
and renewed pressure from the bear element
The declines suffered on this movement, how
ever. were recovered in the last hour OF busi-
ness. when the greater number Of issues en-
loved pronounced strength, the advances repre-
sentinR short covering rather than an active out
side demand for securities. Heaviness in United
States Steel common In the best part OF the day,
pressure against Union Pacific and some OF the
other high grade issues served to discourage an
active commission house demand for stocks
though they failed to bring about public liQuida-
ton while lower quotations In London for
American stocks and heavy selling in the local
market for foreign account also were without
important influence on values. Weakness In
United States Steel was said to be due to sales
based on the strike on the Great Lakes. the the
orv being that as the United States Steel Cor
poration receives a large proportion OF its sup
ply of ore by lake transportation extended
lake shipping labor disturbance should seriously
interfere with the company's business. The
strength in Reading. which the chief feat
ure Of the day apparently was due TO the wind
ing up Of the big short interest in that stock.
the movement Of course. being helped by the
decision Of the anthracite miners to return TO
work under the award Of the strike commission
of 1903 Among the features OF strength in the
last hour were Brooklyn Rapid Transit, which
enioyed net gain of more than points, Coll
orado Fuel, Havana Electric Railway preferred.
international Pump. Tennessee Coal and Iron
and Pacific Coast. AS a rule, last quotations
were only fractionally under the highest figures
Of the day.
Local banks have gained upward Of $S,OOO,OOO
In their operations with the Sub-Treasury since
Friday owing to government deposits of gold
against an equivalent amount engaged for ship
ment to this country from Europe. Gold
gagements in the last four weeks have aggre-
gated S5OOOO.OOO. while in the same time there
has been transferred from New York to San
Francisco more than $33. 900, and from pres
ent indications the chances favor a cessation OF
these two movements in the near future as the
demands of the Pacific Coast city apparently. in
great part, have been satisfied for the time an
indication of which IS presented in the absence
of important transfers OF money through the
Sub Treasury In the last few days The price
of bar gold and American eagles has been ad-
Vanced In London. and this rise, together with
the high rate for discounts in the British capi-
tai and the Continent and higher exchange
here, will be important factors In lessening the
power OF this country to draw gold from Eu-
from New York IT is not likely that the opening
Of the banks at that centre will be attended
with unfavorable developments, though In the
event Of an enormous on deposits it might
be necessary for San Francisco bankers to call
on New York for further sums of money, and
until the banking business therefore, is actually
resumed in the stricken city 1t may be well not
to count the development of easy rates for
funds in this city The money market situation
is still surrounded with uncertainties, and it
doubtless will be some time before the abnormal
conditions are eliminated. II Is not believed
that call money will rule at extreme figures
until the fall but on the other hand there Is lit
tie reason 70 suppose that there will soon ne
such plethora OF money at this centre aq IN
bring about a 1 per cent call market
Time money. while easier than recently, "a
ported, continues 90 rule at a firm level o,d
until there is material reduction in rates - %
not likely that there Will be extended investnen.
operations In stocks. The fact hOvevo- ,hot
there IS still large short interest on the stool,
Exchange suggests the probability Of activity
the part Of spectators who are anvtous -
bring about better prices for securities 1,y.,,
Street commission houses are more buujsb than
they were week ago, and they are od,,,s,,,,
customers 20 buy at the present level rotv,,.b
standing the fact that prices already have an
joyed marked improvement from the low oo-,ra.
] recorded last week. Reading. for insfance ha.