New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-30
STOCK MARKET OPERATIONS.

With the exception Of A few stocks. trading In
yesterdays stock market was light in volume.
on a movement Of values which ended the day
at net losses in the greater number of issues.
Early quotations, a rule. were above the final
figures Of the preceding day. While throughout
the first hour Of trading the tendency was in
favor Of higher values. but subsequently an ad-
vance I'm call money and a sharp break in Con-
solidated Gas served to bring about selling
pressure. accompanied by declines, which in
some cases amounted to more than 1 per cent.
Speculative pools, which recently accumulated
stocks in the expectation Of an active public de-
mand, were disappointed over the lack ~ public
support, while the board room tra3arz We're
quite willing to operate for lower prices when
they found out that Wednesdays advance had
not attracted important commission house bust
ness The selling in Consolidated Gas followed
the meeting Of the directors. the Street appar-
emily being under the impression that the fail
ure Of the directors to act on the dividend fore
Swallowed a decrease in the rate. As matter Of
fact, the meeting of the directors was not called
for dividend purposes, inasmuch as the company
only recently paid dividend and will not con-
slider the question Of the next disbursement for
a number of weeks. Uncertainty over the coal
question was an effective influence in depressing
Reading shares v-Htle it also served to restrict
trading throughout the list. The favorable
earnings of the Rock Island Company created a
speculative demand for Rock Island shares and
there was some investment buying of the vari-
Gus bonds which represent companies connected
with the Rock Island system. At the close the
market was extremely dull. with prices at about
the lowest of the day
A frmer tendency is noted I'm the local money
market but according to the opinion of the best
informed bankers in the Street there is little
probability of a material advance i'm quotations.
except perhaps. a temporary furry i'm to-day's
market incident to the preparations i'm ConneC-
ton with the April disbursements The leading
men in Wall Street believe that call money will
continue TO rule between { and per cent for q.
number of weeks to come. Notwithstanding the
condition of the foreign exchange market. which
suggests the proba bility Of further imports Of
gold. 1t is understood that one Of the local
banks has succeeded i'm securing S1OCOOOO Of
the metal abroad for shipment to the United
States. and 1t is not unlikely that further en-
gagements will be made by the same institu-
ton owing 10 its exceptional facilities for bring
ing in the metal Tho banks continue to lose
funds in their operations with the Sub-Treasury,
while the active demand for accommodation in
the business world is making a further drain on
the supplies at this centre. though the firm
rates in New York have attracted a Constdera BILE
amount Of currency from nearby points. Money
market conditions abroad. while more favorable
than they were few weeks ago. do not en-
courage the idea that European bankers willing
" VIII consent TO exports of gold to the United
States. The Bank of England made no change
in its minimum rate of discount az it's weekly
meeting yesterday. but there was a frner ten
dency in the open market. and both in Paris and
Berlin rates were distinctly higher
Commission houses assert that the character
/ in oa
days has shown marked improvement, and thar
indications point toward moderately aggressive
| operations for higher prices in April According
to the opinion Of traders. a spring rally is due.
and it is not unlikely thai their ideas win he
reflected in an upward course Of values. and il
the movement is not interfered with by the
| money market Wall Street doubtless will he able
10 attract a public buying demand for securities
at a higher range Of quotations There are
I many men in the Street who have stocks for sale
al better figures. and IT is reasonable to believe
that. notwithstanding coal strike possibilities
and firm rates for money. every EFFORT will bs
made to create an outside following i'm order 70
distribute holdings at advanced values The
various uncertainties I'm the general situation
/ are not now seriously considered by spectators
and if the present sentiment i'm the Street con-
/ tinues the most bearish factors viii he con-
! verified into bull arguments after the manner of
Wall Street figuring Fortunately. the under
| lying conditions governing the real worth OF
! investments are sound. and. Of course this
! strengthens the position 81 the bun element
/ There are. however. some Conservative ipdt-
viduals who ara taking long distance view OF
affairs and in their calculations they figure that