New-York tribune., 1906-03-29
STOCK MARKET OPERATIONS.

Trading in yesterdays stock market was made
up in great part of the operations of the profess
sional element, public interest being confined TO
a few shares while activity on the part Of the
larger speculative interests was extremely lin
tied. Traders who sold stocks in the market of
the preceding day on the idea that there would
be coal strike again changed their opinions,
covering their contracts on the theory that ar
bitration would be employed to bring about a
settlement of the differences between the miners
and the operators. Stocks were bid up through
out the list. especial attention being given to
Reading, which recovered the loss recorded I'm
Tuesdays market closing at a net gain of IS.
The coal stocks in general were strong. Erie
taken in hand by the trading element, and
the report Immediately went forth that Morgan
brokers were accommodating the security, while
I'm other parts Of the list activity by the board
room element was accompanied by the usual
rumors that the big houses were buying stocks
for an extended advance. There was nothing
in the character of trading which suggested the
presence in the market Of prominent Wall Street
interests but I'm the bond department an in
creasing demand reported for investment
account. Brooklyn Rapid Transit attracted
some early attention; also Colorado Fuel and
Iron, buying of the latter apparently being
based on the idea that in the event OF a strike
Of the miners east of the Mississippi the Colorado
company would be benefited. In the last hour
prices We're stronger than at any other time i'm
the day. while the volume Of business increased
materially. Advance i'm call money 10 6 per cent
was without effect on stock market speculation.
The chances that there viii be an active
calling of loans at the end of the week in con-
nection with the preparations for the dsburse-
ments which Will be made next Monday in in
terest and dividend payments This movement
doubtless will have an effect on money rates,
but it is not believed that there Will be any
disturbance or that an advance will be main
tanned for any length of time. Nevertheless the
prospects Of easy money not promising as
the demand in connection with trade expansion
in this country and the requirements Of the agri-
cultural sections at this period Of the year Will
serve TO maintain rates at firm level Fortu-
nately, the local banks are now able to shift
some OF their loans TO foreign bankers More
| over, il is probable that the settlement Of the
! Moroccan question win remove one Of the bar
riers to gold shipments from Europe to this
| country particularly as exchange rates at this
! centre are now I'm the ueighborhood of the gold
! importing level 1t may be taken as a certainty
| that in the event Of urgent need New York will
! have all the assistance it requires. There is no
reason for uneasness over the general none
| tary situation, though conditions do not war
rant active bull operations i'm securities at the
moment.
| Speculative conditions on the Stock Exchange
! do not suggest the development Of an extensive
| movement on either side of the account at pres
| ent- Conditions underlying the actual worth of
! securities are intinsically sound. but prices i'm
| the greater number Of cases adequately measure
! investment values, and as the public exhibits
! no indication of interest in trading and as th.
| conservative banking community is not i'm favor
! Of bull boom at this particular time, il hardly
| appears probable that there Will be great ac-
| uvity on the long side until the various factors
| which are not favorable to extended stock mar
| ket movements have been eliminated from tba
! situation. The market has been narrow I'm tba
| last month, fuctuaung, a rule, within mar
| row limits, the leading active railway issues for
| instance. in that time not having gone below an,
average price Of l2S or above an average price
Of l"2'- Many spectators believe that if spec
ulaton can be held i'm check for a time there win
! be AN active resumption Of buying Iatar a., -
| the season.