New-York tribune., 1906-05-06
sUnIistsd.
Closing prices of actfve bonds dealt IN. with
STOCK MARKET OPERATIONS.

While considerable irTegularity developed In
the first few minutes OF trading, with lower
prices in a number Of issues, the courzs OF
values in the greater part OF the two hours Of
business was in the direction OF higher quota
tions. The upward movement was helped IN the
second hour by the announcement that the an
thracite coal miners had adopted a resolution 20
return 20 work under the terms OF the award OF
1903, which, Of course, means stable conditions
in the hard coal fields for three years 20 come
The decision Of the miners offset poor bank
statement as a marluet influence, the publica-
tion Of the Clearing House figures showing a
decrease in reserve above legal requirements Of
$446700O having little effect on the general list
which enjoyed its best strength in the last few
minutes Of trading. Net gains in the active
shares were most pronounced in the hard coal
issues, the Hill shares, Pacific Coast ~soo." Ten
nessee Coal and Iron and in the COPPER stocks
while the only important weakness was reported
in Consolidated Cas- New York Central and Atch-
isOn. Sentiment In commission house circles WIS
cheerful at the close OF business brokers as q
rule recommending the purchase OF securities
in the confident expectation that the elimina-
ton Of the controversy between the coal miners
and the operators and the easier tendency In
call money would lead TO further Improvement
In the price movement which DEVELOPED in Fri
days market. The reduction Of the bank re-
serve in the week represented past conditions
rather than the actual present position OF the
Clearing House institutions.
Time money rates not only are firm In New
York, but In the interior cities as well, and ap-
parently there Is little chance OF an actually
easy level for loans In the course OF the next
few weeks at least. While the present urgent
demand for San Francisco appears to be salts.
fed, there is no good reason for the belief that
there VIII be an immediate large return OF cur
rency from that centre, while it should be borne
In mind that from now on the requirements for
funds in connection with the rebuilding OF the
city will be extremely active and that while
the money expended In such operations win
move into the channels OF trade, the inquiry
in all parts OF the country for accommodation
VIII be heavy enough 90 prevent the accuHnula-
ton Of large supplies Of idle money. In the last
week there was a conaIderable transfer OF loans
from this side Of the ocean 20 Europe, while
further large imports OF gold were made
bringing the total on the present movement 70
more than S4O.O00,OOO, an amount considerably
In excess Of the shipment OF currency from New
York TO the West AS the Bank OF England has
advanced its minimum rate OF discount to 4 per
cent and as open market rates in all the foreign
capitals are hrIner, it win not be as easy from
now on 70 secure gold abroad, though It is be-
ueved that shipments in moderate volume win
be made TO this country IN the course OF the next
few weeks. The general monetary situation Is
intrinsically sound. and despite the abnormal
conditions which recently have developed there
Is no reason for uneasiness over the outlook
Money may not be cheap enough for great
activity In the general stock market but there
VIII be an ample supply OF funds 70 meet all
the legitimate requirements Of trade
According TO the reports received by the COM
merciaI agencies in the last week the decline in
stock market values has not been accompanied
by any setback IN trade. nor IS 60 believed that
the weakness In securities foreshadows depres-
sion In the eountryTs industries. Railroad earn
ings continue 20 exceed those of corresponding
periods IN other years, the gain for April for in-