New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-04
STOCK MARKET OPERATIONS.

In the two hours of business in yesterdays
stock market a fairly active volume of business
was transacted, but the movement of values
exhibited great irregularity. with the final ten
dency in the direction of lower quotations. In
the early dealings prices favorably af-
fected by the strength in the London market.
advances in the British capital rejecting the
Improvement in sentiment over the monetary
situation here following the announcement that
the Secretary of the Treasury would increase
the government deposits in national banks TO
the extent of 100000. Local traders nat
urally were pleased over the decision of the
Secretary. but the effect of placing this amount
of money in the banks. as far stocks were
concerned. was not important after the first hour
of trading. nor did relatively favorable bank
statement serve to attract active buying of
curties. as subsequent to the publication of the
weekly bank return prices eased off throughout
the list. In the leading active issues there were
more net losses than gains with the heaviest
declines in Amalgamated Copper. American
Smelling, Anaconda, Great Northern and North
ern Pacific in which losses amounted TO l
per cent and more. Doubtless the selling by the
boardroom element reflected the disappointment
on the part Of traders over the failure Of sub
stantial interests TO come into the market as
result of the action OF the Secretary of the
Treasury in adding TO the amount of govern
rnent money held by national banks. The fact
is that the larger SPECTATORS are not in favor
Of bull activity at present and there is little
probability that they will re-enter the market
until prices have moved TO lower level
Bank statement figures showed as expected
substantial reduction in loans. The decline IN
this item with much smaller loss in cash imam
estimated Friday brought about a decrease In
deposits of moro than S12OOOOOO which was
effective in lowering the amount Of cash required
against deposits TO the extent of S3,1SS,42o and
this in turn brought about a decrease in the re-
serve above legal requirements of only S116.9I5.
Reserve now stands at S5.O0S,750. compared
with SIS, 3S9 100 in the same week last year and
S29,943, $50 in 1904. If the Secretary OF the
Treasury had been a trife more generous in the
amount of money which he has decided to place
in national banks stock market values doubtless
would have been stronger. but the fact that he
has shown disposition TO come to the relief Of
the money market. even to a small extent ought
10 encourage the belief that in the event of acute
stringency additional funds will be placed at the
disposal of the market. OF course, ii is not the
duty of the government 10 provide funds for the
benefit Of Wall Street spectators. but with en-
larging government receipts the business COM
munity may rest assured that government as
sistance will be forthcoming if the requirements
of trade demand help from the national govern
ment Conditions in the foreign exchange mar
ket suggest the probability of gold imports. and
il is quite certain that the precious metal will
| be sent TO this side of the ocean If rates for
money advance to materially higher level
Wall Street operators not particularly op-
timistic over the outlook for big bull market in
| the immediate future. and despite the fact that
| conditions affecting the actual worth OF secur-
| tiles are sound there are many factors in the
general situation which not favorable to an
| aggressive speculation the long side of the
| market at this particular period. There are
| uncertainties which naturally discourage the
| speculative investment of funds at this time
| especially stock market values in the greater
| number Of cases are still ruling at high quota
| tions. 1t is not unlikely however. that there
| will be a rally in the current week on covering
of shorts and buying for quick turn.