New-York tribune., 1906-04-11
STOCK MARKET OPERATIONS.

Early strength in yesterdays stock market,
due to covering of short contracts, was followed
by further liquidation and in the afternoon deal
ings the greater number of active issues showed
losses of l per cent and more as compared with
the closing figures of the preceding day. High
rates for money again were the controlling fac
tors in the days speculation, though the, some
what disappointing government crop report
winter wheat and the failure Of the coal miners
and operators to reach an agreement contributed
to the uneasiness in speculative circles. The
condition of winter wheat as expressed in per-
centages is under that reported at this time a
year ago. but unless there should be great de-
terioration in the plant between now and the
gathering of the harvest the yield will be large
in comparison with many other years. The fact
that another adjournment of the anthracite coal
conference was made apparently created the idea
in Wall Street that the possibility Of agree
ment was remote. but it would seem as if the
action Of the operators and miners in agreeing
to adjourn indicates the probability of both ele-
ments eventually reaching a settlement which
will be satisfactory to all the interests con-
cerned. The increase in trading compared
with the operations in Mondays market amount
ed TO 100000 shares. the heaviest transactions
being supplied by Amalgamated Copper Ana
conda, Union Pacific, St. Paul, New York Cen
tral, United States Steel shares, Reading, Brook
lyn Rapid Transit and Pennsylvania. For
brief time in the afternoon considerable de-
moralization was noticed throughout the list
but in the last half hour quieter tendency pre-
vailed and at the close quotations as a rule
were above the lowest figures of the day.
There was no indication in money market
rates, the prevailing quotation for call funds
ruling above II per cent, with a maximum OF
% per cent. The announcement that Russia
would issue a loan of over S4O0OO00 900 naturally
does not tend to encourage the belief that Eu-
ropean bankers will be willing to send gold to
the United States unless they can do so big
profit owing to the necessity OF maintaining
large amounts OF money at home in order to
provide for the financing Of the Russian bond
issue and other issues which soon will be placed
in the foreign markets. Probably New York
will be able TO a good part of the gold
which may be shipped from South Africa in the
course of the next few weeks and If rates for
loans at this centre should continue to rule at
the present high quotations for any length of
time foreign exchange doubtless would go mate
rally lower and in that event this country
would receive gold direct from Europe. no mat
ter what obstacles foreign bankers might place
in the way Of such movement The accumula-
ton Of a large surplus in the Federal Treasury
leads to the expectation that Secretary Shaw
viii be willing to place more funds with deposit
tory banks If he is convinced that the actual
necessities of business in this country require
such action IF expected sources OF relief fail
then further liquidation OF loans will be neces-
sary and this OF course will mean liquidation
of speculative accounts the Stock Exchange
Exchange declined yesterday to a point near the
level at which british sovereigns could be im-
ported.
Holders OF securities who have paid for their
stocks are no. alarmed over the present money
market situation. but in some instances invest
crs are selling in order to utilize their funds
lending money nj the present rates, but 1t
hardly appears possible that such an abnormal
situation will continue for any length of time
lnasmuoh the high quotations ought 20 attract
funds from other points, despite the fact that
this is the season Of the year when money nat
urally leaves New York Stock market values
show remarkable resistance TO the efforts OF
professional operators to bring about lower quo
tations. and this fact proves to many minds that
securities are in unusually strong hands and
that The outstanding interest Of weekly mar
Sned holders is extremely small Traders who
contend thai curren: conditions In the money
market ought 10 he accompanied by large de-
clines In stock market values are extremely
timid; nevertheless, in putting out big lines of
shorts, in the last few weeks they have
found that on All declines an excellent class OF
buying has arpearea. while there las been 20
eAt-lIa.Nv out-.Gc liquidation