New-York tribune., 1906-04-27
Closing prices Of active bonds dealt in. with
STOCK MARKET OPERATIONS.

The STOCK market yesterday opened AT q
slightly higher price level than that of Wednes-
days close but soon yielded under the pressure
Of heavy liquidation and vigorous short selling.
The announcement of the sending of large add-
tional sums to San Francisco by telegraphic
transfer through the Sub Treasury unfavorably
affected market sentiment as indicating that the
flow of currency TO the devastated. city had not
yet begun 10 sacken. The uncertainty 10 the
Consolidated Gas dividend rate caused a further
decline in that stock which brought il 10 13l.
new low record for many years. and tended 10
depress the whole list The low point Of the day
was reached around noon, when many issues
showed losses of from two TO four points Con-
solidated Gas, after the news that its dividend
had been fixed al per cent for the quarter,
rallied rather sharply, and closed with a frac-
tional net advance for the day. The general list
also made moderate recovery in the afternoon.
the upward movement showing strength in the
late trading, when it became known that $4,000
600 gold had been engaged for import. Although
stocks closed, as rule. point or so above the
lowest. the majority Of the issues showed net
declines ranging from one TO three points and
the markets close not strong. Reading was
notable exception, gaining "A points Money
continued easy. although the call loan rate rose
to per cent. Call money was quoted at 3lk per
cent at the close, and time loans for eight
months were offered al 5 per cent The total
sales Of stocks were nearly 100000 shares.
Prospects for a material improvement in the
money market situation in the of the
next few weeks not promising. While there
is no expectation OF the development OF dis
turbance, there is no reason TO believe that
rates for funds Will decline to level which will
encourage activity in the speculative markets.
The demand for funds from San Francisco
Of
is tied up in underwriting syndicates, in ordi-
nary speculative operations on the Stock Ex-
change and in real estate. and as a consequence
bankers believe that further liquidation of
speculative accounts will be necessary before
the monetary situation can be re-esta blished on
a normal basis The drain for San Fran
cisco account is not yet over, and while
eventually the money which is being sent TO
that point will return TO this city through the
ordinary channels of trade, there will he IN the
mean time a scarcity of funds available for or
binary speculative operations, Notwithstanding
the fact that more gold is being engaged IN
Europe for shipment 10 this country The enor-
nous requirements of foreign bankers IN con-
nection with the financing of the Russian loan
and the unsettled labor situation in France have
been effective in strengthening discount rates
abroad. and with bar gold AT its present price
in London there is practically no profit in new
enEagements Of the metal for American account
AZ the current rates OF exchange in Now York.
Outside OF the position Of money and the an
thracite coal situation there is no factor in the
general business world which is working against
actual investment values. Stocks however, are
not selling al a cheap basis. despite recent de-
clines and in view OF the uncertainty regarding
money market movements and the apparent
necessity for further liquidation OF speculative
accounts in stocks. real estate and cotton. il
may be impossible for the advocates of higher
quotations 10 bring about active upward
movement IN the immediate future. There is
nothing in the situation which encourages the
idea that there viii be any depreciation in the
actual worth Of American investments: indeed.
there are many strong arguments warrantinS
supreme confidence on the part OF investors over
tne future stability os real investment valG ss.
There has been large amount of genuine liqui-
datica in the last few days as a direct result OF
the san Francisco earthquake and are and in
some circles II Is believed that further selling
q this character may take place in the course
q TIC next few weeks, though il Is thought
likely that every effort will be made By the sub
stantial banking interests 10 minimize the effect
az such operations On tie general. movement os
NIlIes " course. theGe a.e many traders Il