New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-31
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
moderately active in the leading issues while,
after period Of weakness in the morning, prices
hardened and in the balance Of the day moved in
the direction of higher quotations. Opening fig
ures were under the closing in Thursdays mar
ket, declines being due to professional attacks
based on the unfavorable developments in the
soft and hard coal labor situation, but an excel
lent class Of support soon developed. followed by
active covering Of shorts throughout the list.
Wall Street at-the close Of business believed that
stock market values already had discounted
coal strike but as the Street changes its opinion
from day TO day may reach the conclusion in
the short session this morning that after all
coal strike would interfere seriously with bust
ness conditions in this country. Strength in the
standard railway shares exerted a favorable in
huence on the general list, especially the advance
In Union Pacific, which was believed to reflect
the presence in the market Of substantial in
terests Nevertheless, the greater part Of the
days operations represented the dealings OF the
professional element, commission houses ap-
parently being unwilling to enter speculation
pending the outcome Of the efforts which
being made for and against widespread ces-
sation Of coal mining in this country. The heav-
lest transactions were in Amalgamated, Brook
Ign Rapid Transit Colorado Fuel, Reading
Southern Pacific. Union Pacific and the steel
stocks There were various bull tips circulated
! in the day regarding nearly every active stock
on the list but despite the generosity Of the
Wall Street philanthropists the public did not
appear inclined to bly.
Call money rates were quoted as high as ~
! per cent yesterday but the upward movement
was not based on conditions in the monetary
situation which viii prevail for any length Of
time. Higher rates for funds at the end Of
! March in line with the expectations Of the
financial community, inasmuch at this period
! preparations have to be made to meet the large
| April interest and dividend disbursements. It
| is not unlikely that next week the money which
has been tied up in connection with the April
| disbursements Will be released the effect of
which doubtless will bring about a decline in
! lean quotations to the level which has prevailed
| for long time past. There is no apparent
/ probability OF a really easy market for money
/ at present, inasmuCh bank reserves at this
/ centre are low, while the demand for accom-
mediation in all parts OF the country is heavy
/ Loans OF the New York banks are large but
/ they are well secured by good collateral, and
/ the fact that there is such an active demand
/ for accommodation reflects the sound position
| Of business throughout the country and the be-
lief on the part of merchants that further ex-
pansion will take place.
/ Business men, however. may be forced 10 re-
wise their ideas If the situation in the soft and
hard coal fields should not be settled IN the
near future. Notwithstanding the large supply
| OF coal above ground protracted strike would
have a harmful effect on the railroads and all
manufacturing Industries. to say nothing of the
individual consumers and even higher prices
for coal would not help the coal producing COM
panies If the labor disturbance should run on
Tor any length Of time. 1t is believed that the
financial interests who so vitality concerned
with the country's industries will exert their
influence 10 bring about a settlement Of the
differences between the miners and operators
ana the suggestion which already has been
MADE that the President OF the United States
appoint a commission TO arbtrate the trouble
encourages the idea that the situation soon will
DE satisfactorily mended. Stock market OPERA
tors take this view OF the outlook but the con-
Eervatiye men in the Street are not committing
themselves TO large speculative ENGAGEMENTS
until the uncertainty over the coal outlook has
been eliminated as market factor Doubtless
the speculation on the Stock Exchange Will con-
unue to be made Up OF little beyond traders
operations for some time 20 come