New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-17
STOCK MARKET OPERATIONS.

Trading in stocks was moderately heavy in
volume in the leading active issues on a move
nlent Of values which showed great irregular
fly, with the tendency IN the last hour in the
direction of lower quotations. Traders were ag-
gressive bears in the greater number of in
stances making energetic efforts to reach stop
loss orders of which It is understood there are
many in the market below the current level OF
values On the decline there was evidence
OF important support. and as a consequence the
trading element inclined TO operate actively
on the short side Of the market Sentiment was
adversely affected by the publication of the es-
tnated loss by the banks in their cash hold
ings in the week while the realization that many
Of the substantial speculative interests who re-
Gently actively identified with the upward
movement had practically suspended their oper-
ations also served to encourage traders of bear
ish proclivities In the majority of leading is
sues net losses ran from substantial fractions
to l per cent and more, the heaviest declines be-
ing supplied by Amalgamated Copper, Ana
conda, Atchison Brooklyn Rapid Transit, Col
orado Fuel Louisville and Nashville, Northern
Pacific, sloss- Sheffield, Union Pacific and Wa
bash preferred. Reading closed at fractional
net gain: also American Smelling and Great
Northern preferred. The downward movement
was not accompanied by news developments af-
ties, and there was nothing in the character of
the decline which suggested the possibility of a
long period of stock market weakness.
According to the known movement of money
IN the current week. the local banks have lost
Sc 1914 600 Shipments of currency to the in
terror were heavier than generally reported at
this season Of the year, while receipts Of money
from out of town points lighter. owing
TO the active demand for funds in the West and
South. This demand undoubtedly will continue
for a number of weeks TO come, and local
bank reserves at low level. 1t is probable
that rates for funds at this centre Will
higher although It is not believed that there
will be a repetition OF the extremely high range
which prevailed in the closing months of last
year. Foreign lenders putting out money
at this centre through the medium OF the for
eign exchange market and just as long as rates
in New-York continue to rule above the quota
tons IN European capitals, foreign holders of
money Will be glad to take advantage OF the
better quotations prevailing at this point In
100 points IN the foreign exchange market and
bankers who are well posted on the foreign
change situation believe that If rates for money
continue TO hold firm gold will be sent from
Paris to this country in the course of the next
three weeks. Sterling rates declined % points
yesterday, while quotations for money, especially
for time funds, continued TO rule at firm level.
Rates for long Inaturites were slightly above
the rate quoted Thursday, ga per cent being
reported in some cases for ninety day loans.
There material change In the foreign
money markets, but prices for securities at most
of the European capitals were weak.