New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-24
STOCK MARKET OPERATIONS.

In a number Of stocks transactions were mod
eratIly heavy, but in the general market trading
was confined within narrow limits. and prices,
tbs gh strong. moved without the support OF
paste buying. Commission houses were not
haGvily interested in the course of dealings. ex-
cABt In a few Issues. as. for instance, Reading
AMI Union Pacific, but even in these shares the
geeater part OF the trading originated on the
floor Of the Stock Exchange. Reading was
strong throughout and efforts apparently were
made 10 carry the stock to a much higher level
in order TO provide an attractive range for sales
in the event Of unfavorable developments in the
coal situation. following the Joint conference
which will be held Monday. The Street was
filled with rumors that there would be no strike
despite the fact that there was no reported
change in the attitude Of the opera tors and min
ers. and such rumors naturally served 10 attract
interest in the coal shares particularly in Read
ing, the strength Of which was an influential
factor in promoting an upward movement in
other parts of the list.
The copper shares, Union Pacific, St Paul,
Colorado Fuel Brooklyn Rapid Transit and the
United States Steel issues were among the active
features. but the buying failed to present any
evidence Of a belief on the part OF the larger
speculative interests that a sustained upward
movement in quotations about to develop.
There were, however, some indications Of a more
bullish feeling among prominent brokers' A
number of Wall Street houses which recently
were extremely bearish in their market advices
may now be called conservatively bullish, their
belief that improvement may take place being
based the facts that values are many
points under the best prices Of the year; that
there has been no unfavorabIe change in under
lying conditions, and that the period for the
usual spring rally is close at hand Prices closed
s14p hest of he dax
Rates for money continue TO rule at a firm level
and there is sign Of an easing in quotations in
the near future Mercantile borrowing is active
reflected in the commercial paper market
while the inquiry for funds in connection with
the beginning of the planting season is becoming
more urgent indication of which is presented
I'm the stiff rates for loans at interior cities.
This demand naturally serves TO prevent an i'm
portant movement Of currency to New York
from the financial centres in the West and
South but the attractive quotations at this point
have brought in considerable money from nearby
places. Foreign bankers continue to extend
credit through the foreign exchange market, and
the gradual weakening in exchange rates sug-
gests the probability OF further imports Of gold
| place every possible obstacle in the way Of a
! large outward movement of the metal from
European ports. According to the known move
ment OF money in the week the local banks have
| gained 100000 but unless there has been a
| material contraction in loans the reserve above
| legal requirements doubtless will not show much
! Improvement as compared with the figures OF
/ last Saturday.