New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-05-18
enlisted.
Closing prices Of active bonds dealt in, with
STOCK MARKET OPERATIONS.

While transactions in yesterdays stock market
were moderately heavy. there little indica-
ton of active outside interest in speculation, the
greater part of the days business representing
the operations of board room traders and pools
which have been more or less identified with
the market for a number of weeks Great ir-
regularity marked the movement of values. In
the early dealings the general list was strong
under the influence of decided strength in the
coal stocks, the movement in the latter appar-
emily being due in great part to manipulation
for the purpose of marketing stocks in other
parts of the list. In the afternoon prices as
rule moved in the direction of lower quotations,
particularly in the case of Pennsylvania. which
to some extent was affected by the revelations
regarding certain departments of the company
in connection with the Interstate Commerce in
vestigation on the discrimination of railroads
in the distribution of their cars to coal COM
panies. Speculative sentiment also was affected
by the active resumption of transfers of money
to the Pacific Coast The heaviest losses for
the day were made by the metal stocks, incud-
ing National Lead, which was weaker under
profit taking sales following the announcement
of a dividend on the stock; st. Paul. Great
Northern. marlborough Metropolitan, Louisville
& Nashville Pennsylvania and Union Pacific,
Lackawanna made a new high record at $50.
closing at a net gain of % points; Central Rail-
Hudson Us, and Reading rs. Strength in
American Locomotive stock was accompanied
by the report that a dividend of / per cent had
been declared on the stock, but this not
confirmed. Last quotations were at the
lowest of the day.
While In the current week the local banks
have lost a large amount Of money to the Sub
Treasury. it should be borne in mind that this
movement merely represents in great part the
return TO the Treasury of gold recently de-
posted against equivalent amount Of the
metal engaged for export to this country abroad.
The position OF the banks, therefore, has not
been materially weakened by the loss to the
government. and in the present condition of the
money market there is nothing which indicates
a specially unfavorable bank statement this
week. Eates for time money have declined
under per cent. as compared with maximum
OF u per cent two weeks ago. and call funds
now average between 3 and 312 per cent with a
fair amount of business reported. The large
transfer Of money to San Francisco in the last
two days encourages the belief in some circles
shat the demand for Frisco account has by
no means been wholly satisfied. and this view
is shared by many close observers OF the finan-
cal situation, though it is not believed that fur
Their transfers of funds to the West will upset
the New York money market The fact that
rates for loans at interior points continue to
rule at a stiff level discourages the expectation
of a large movement of currency to this centre
at present, inasmuch the attractive quota
tons at interior points will serve TO check ac-
tive shipments to the East. The Bank of Eng
land made change in its minimum rate of
discount at its weekly meeting yesterday, and
apparently there is chance of an increase in
the rate in the immediate future; indeed. the
improving position of monetary affairs abroad
suggests the probability Of a reduction by the
bank in the course of the next few weeks es-
pecially as open market discounts are showing
declining tendency. Weaker discounts abroad
have been encouraged by the cessation Of the
American demand for gold.
There has been an excellent inquiry in the last
few weeks for American investment securities
for European account, including the new Penn
syivania notes. which were heavily subscribed
for by foreign bankers. In addition TO ordinary
| Stock Exchange investments Europe recently
has taken considerable amount of New York
City issues. the purchases representing the high
credit which this city holds abroad Foreign
| countries appear to be willing not only TO place
their funds in American investments, but also
TO make liberal loans for American account and
the fact that many OF these loans soon mature
causes no uneasiness IN financial centres. Paw
ment OF maturing finance bills will be made
wlthout dihiculty. but the chances are many OF
these bills will be extended particularly as
rates for funds In this country are higher on The
average than they are abroad The stronqe,
monetary situation naturally has created great
confidence in Wall Street circles over the future