New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-17
Closing prices Of chief active bonds dealt in
with net changes, follow:
STOCK MARKET OPERATIONS.

After irregularity and some weakness in the
early part Of the day stock market values de-
veloped strength, last quotations showing net
gains in the greater number of issues. Trading,
however, was light. and there no indication
Of an active commission house demand or in
terest in the market by the speculative element
which is supposed to be in favor Of a resumption
Of the bull market. These people talk in a bull
ish strain, but they are not backing up their
words by actual purchases of stocks. Missouri
Pacific was again under pressure in the morning
operations but recovered its loss before the
close, advancing over two points from its lowest
and ending at a net gain Of l per cent. With
the exception OF this stock Consolidated Gas
Louisville & Nashville and Metropolitan, there
were no important price changes, fluctuations
generally being limited to fractions Metro
politan and Consolidated Gas were weak feat
ures, but the decline in these issues was not due
10 developments affecting the general list the
heaviness merely representing a continuation
Of the pressure which Wall Street recently be-
gan 10 put on these securities as result of fac
tors which frequently have been outlined in this
column. No surprise was expressed in the Street
over the failure of the Steel shares TO develop
activity on the publication Of the company's an
nual report for the good reason that this report
was discounted in the stock market a long time
ness in this country is shown in the big cor
poration's earnings. amounting in gross to $685.
331.736 an increase Of $96608,0O2 over the pre-
ceding year and in net to $l19,7S765S, a gain of
$46,611l36. These large earnings, however, are
not expected TO bring about the resumption OF
dividends on the common stock in the immediate
future. After all deductions, including $780,
600 for new construction and contemplated ap-
propriations, there was left a balance equivalent
10 3.36 per cent on the common stock.
According to the known movement Of money
IN the week, the local banks have gained a
small amount of cash, due to unexpectedly
heavy receipts Of currency from the interior.
The movement of money from out Of town was
heavy enough to Offset the loss which the banks
suffered in their operations with the SUb-Treas-
ury, and as a consequence the weekly bank
statement ought 10 make a relatively favorable
showing. especially as there evidently has been
a further shifting OF loans from the banks to
foreign lenders. There is little probability, how
ever, Of large increase in reserve, and there
appears TO be no immediate prospect Of a ma
terially cheaper market for loans The hrmer
tendency in the money market in the last few
days has checked the advance in foreign ex-
change. rates showing an apprecable deduction
as compared with the quotations of the FIRST
part Of the week, and if the present strength in
the price OF money continues it is not unlikely
that there viii be further engagements Of gold
for shipment TO the United States, notwith-
standing the fact that foreign bankers show no
disposition TO help such a movement. Lower
exchange rates in Paris on London have been
effective in developing an inquiry for gold in the
British capital for the account OF Paris, the de-
sire OF French bankers 10 accumulate more Of
the metal doubtless, rejecting preparations for
the proposed new Russian loan.
| Local borrowers from foreign lenders through
| the medium Of the exchange market expect to
be able to liquidate their loans later on I'm the
| season with the help Of the country's strong
foreign trade position. Government figures Of
| foreign commerce in February. which were re-
| ceived yesterday, show that exports Of general
! merchandise were heavier than in any CORES
| ponding February record. while imports also
| reached new high total. The excess Of exports
| over imports amounted in value to S37 .736,
| compared with an excess Of S3,7S6.369 in the
same period year ago. while for the eight
! months OF the fiscal year the excess amounted
| to S3SS4l91s4. which is over SlO00O0.OOO more
| than In the preceding year. AS foreign trade is
a most important factor in the international
| money market. IL is encouraging to know that
this country is in such a strong condition in its
trade balance with other countries.