New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-08

STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
made up in great part OF the operations of the
board room element, and in the majority of is
sues trading showed a material falling off in
volume from the dealings OF recent days. After
opening at modest advances there period
OF weakness which lasted until the early after
noon, but in the last hour and a half of bust
ness the tendency a rule was in the direction
OF higher figures. Commission houses were not
important factors. while the substantial market
interests who recently We're actively identified
with the long side of speculation failed TO show
any disposition to work on either side of the ac
count. Although there are quite a number Of
people in the Street who believe that there will
be further material decline in values. they
do not appear to be willing to back UP their
opinions with aggressive purchases. In view of
the rapid pace exhibited by the market earlier
in the year and the elimination of the bull
movement with the recent collapse in values, il
is not surprising that a quieter tendency has
developed and period Of duness accompanied
by unimportant price changes would be in line
with the predictions of many of the best in
formed men I'm the financial community. The
heaviest dealings were in the Copper issues,
Colorado Fuel Reading Union Pacific. Brooklyn
Rapid Transit and the steel shares. while the
principal changes were in Amalgamated
Copper. Anaconda. Colorado Fuel. Distllers' Sc
curties. Norfolk & Western and American Car
& Foundry preferred. in which net gains were
recorded. and Consolidated Gas and National
Lead in which net losses were reported
Local depository banks will receive 100000
as their share of the amount of money which the
government will place with depository institu-
tious throughout the country, but the proper
ton to he paid to the New-York banks already
has been offset by losses in the current week
operations with the Sub-Treasury. Since last
Friday The Clearing House banks have paid to
the government more than S3.000oG0 in excess Of
receipts While. despite the firmness in the loan
market al this centre. interior holders IF cur
rency are not sending ii in volume to New-York
With rates at Chicago and other cities running
between and d per cent it is easy to see why
the strength in quotations in the East fails TO in
duce large movement of funds to Wall Street.
At the moment the local situation is much
stronger. owing tC the LIQUIDATION which has
taken place in loans a result of the selling
movement on the Stock Exchange, and there is
no immediate danger of disturbance as far
money rates concerned. Foreign bankers
are willing TO put out money this centre
whenever the necessities Of the situation de-
n.and assistance of this sort. and just as long
as money rates continue to rule at the present
stiff level there will be ample Offering Of
funds to meet ali requirements
OF course. the present situation in money is
not favorable to extended bull movement in
securities. and. il therefore is not considered
| probable that there will be important moves in
! stock market dealings in the direction of higher
prices. except in the Of speculative reaC
! tiCn after decline such witnessed in
Tuesdays market following the slump which
! took place Monday. There is nothing in the
general position Of affairs affecting the intrinsic
worth Of securities that warrants possimism on
/ the part Of investors REPORTS which
! ceived daily from the centres Of trade show that
! there has been setback in the general bust
! ness OF the country. and that there is TO eXpec
! tation the part Of manufacturers and pro-
ducers Of a falling off in the demand for con-
and steel Industry are increasing while In most
! contracts reflects IL sincere belief on the part of
Of the year will he as heavy as ii has been in the
last six months. Some factors Ia the present sit
uatlOn, for instance. the agitation in political
circles regarding legislation against certain cor
3ora lions aud life insurance inVesiga lions, are
not favorable - bull operations in securities,
hut there Is nothing in the character of these
factors which should lead investors 10 believe
that actual values of stocks and bonds will he
lessened. As "A matter OF fact. closer govern
Hient supervision Of railroads and other corpora
lions and the wedding out of the rottennesS
which exists in many insurance COMPANIES Will
serve 10 strengthen rather than weaken the
worth Of American investment securities