New-York tribune., 1906-04-10
Enlisted.
Closing prices of active bonds dealt IN, with
ne oh
STOCK MARKET OPERATIONS.
changes. follow

Operations on the Stock Exchange yesterday
were light in volume on a movement of values
which showed more net losses at the close than
net gains. Trading was held in check by the
high rates for money and the uncertainty over
the course Of loan quotations in the immediate
future but the stringent money conditions failed
TO encourage active liquidation. sales when made
representing chiefly the transactions of the trad
ing element rather than heavy selling for pub
lie account. In a few issues there We're signs of
life. but in the majority of cases dealings were
confined TO small totals. and in the general list
there no indication of a speedy resumption
Of speculative activity. The Copper stocks
Brooklyn Rapid Transit. Reading. Union Pacific,
the Steel shares and Pennsylvania We're in fair
demand. and In the case Of the last named issue
further efforts were made to advance its price,
evidently by the same interests which were ac-
tive in the stock last week The absence of an
active inquiry for securities however, served to
prevent a successful upward movement in the
shares. In the afternoon there was a slight in
crease in activity. but at the expense of values,
with the chief weakness in the Copper issues.
Reading, Union Pacific and some of the special
ties. The continued strength in call money and
an advance in time funds We're the two factors
inducing speculative liquidation in the late deal
ings, especially the upward movement in the
time department Of the market, in which bids
for funds were made as high as s per cent In
the last few minutes call loans declined to 6
per cent, and there was a slightly firmer ten
dency in prices at the close, although ii was
known that the lower quotation for call money
did not represent the actual position-of the
money market. The per cent bid was made
after all requirements had been satisfied and
when there were no funds offering
Prospects Of an immediate return Of easy
opens with loss by the banks to the Sub-Treas-
ury since Friday night of over S1.5O0O00. The
demand for accommodation throughout the
country continues active while the fact that the
Clearing House institutions have been unable TO
reduce their loans shows that stock market re-
quirements also are active and that Wall Street
spectators are borrowing money despite the
high rates doubtless with the idea that the pre-
vailing quotation level viii last for short time
only. There is a possibility that shipments of
currency to this centre may increase as the out
of town banks will not be compelled TO make
further additions to their reserves inasmuch
the Controller Of the Currency has issued call
for the statement of national banks as of
April 6. In expectation of such a call country
banks withdrew their balances from New York
in order to make good showing in their state
ments to the Controller but now they will be
tre, thereby securing the advantage of the stiff
price of money which is current in this city.
Nevertheless a movement OF this character will
not be sufficient TO bring about at once large
gain in local reserves. and unless there should
be large movement OF gold from Europe rates
for loans undoubtedly will rule at firm figures for
a number OF weeks to come. though II is likely
that extreme stringency will not last for any
great length Of time It is much harder for
bankers in this country 10 import gold than it
is for foreign bankers to take the metal from
this side Of the ocean owing TO the difference in
financial conditions and currency systems in
this country and in Europe. 1t is expected
however. that certain amount of the metal will
he engaged this week 1t is now necessary for
European capitals to maintain large supplies Of
money owing to the vast requirements OF Rus
sia, which viii be financed i'm Paris Berlin and
London. and to the demands which win be made
on the money market for the financing OF new
capital issues. Competitive bidding for gold in
London by New York and Paris is reflected in
an advance Of I'D in the price of bar gold and
American eagles ct the British capital 1t was
announced yesterday that $lG0000o South
African gold had been secured for American ac-
count
1t is generally conceded. except by speculators
who are intent on bringing about a bull move
ment in securities. that the quickest and best
way TO secure better conditions in the New York
money market would be accomplished by liqui-
dation in securities and by the postponement of
proposed increases in capitalization Of railway
and Industrial corporations. A large amount OF
new se,urttss s las been put cut in the last f-w
.oDi.s. whl.e I!1!s are unaer way 70. further