New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-20
STOCK MARKET OPERATIONS.

Throughout yesterdays market a strong tone
rre1ailed for shares on the Stock Exchange. and
substantial net gains were recorded throughout
the list The volume Of business in the STOCK
division reached up we'll above the million share
mark and speculative sentiment was more cheer
full than in a week. Bonds also were more &C
tive. there was an increase in the number Of
purchases by investors in that part Of the mar
ket and prices were higher for both investment
and speculative issues. The net gains in the
share division averaged more than per cent.
the range being from large fractions in the
large majority Of active issues up to TO 6l2
points in many OF the prominent railroad issues.
and a maximum net gain Of 1872 per cent in
Anaconda Copper. The strength Of the market
began at the opening of business the early quo
tations from London showing substantial recov-
cry from net closing prices in New-York Sat
urday The local market did not enjoy to its
full extent the material advance which Ameri-
cans had shown in London before business be-
gan here, traders being afraid that there would
not develop A full response to the calls for mar
gin which had been sent out after the sharp
break I'm quotations Saturday. No, evidence
of liquidations, however. appeared; and.
trary to general expectations. there was liberal
buying for the foreign account Because of the
absence of aggressive buying by the public,
fluctuations in the morning session were in
clined to be irregular, but throughout the first
part of the session the tendency of prices
toward higher level Announcement at mid
day of a new stock issue by Chicago and North
western whereby valua BILE rights will accrue TO
stockholders, caused these shares to advance
and under the leadership Of Northwestern Great
Northern. Northern Pacific, New York Central
Union Pacific and Reading, among the railroad
issues. the whole market for standard stocks
moved up easily. Among the industrial issues
Anaconda led in point of activity and strength
On the advance in the afternoon there was
fair amount of buying 10 short contracts
and traders who sold at the close Of the day to
even up contracts reported strong demand
Final prices in almost every instance were not
far from the best.
Following the bank statement on Saturday
which was more favorable than had been ex-
pected, discount rates yesterday did not adj
vance but rather was the tone OF the money
market somewhat easier Another favorable de-
Yelopment I'm monetary conditions was the soft
ness of the market for foreign exchange The
rate for demand sterling declined 10 points and
IL was observed that the offerings OF bills were
large and that the demand for remittances was
7
the natural result of abundance of funds at
All interior points. the report OF conditions of
the national banks indicating that the cash re-
serves OF the so-calIed interior banks are rela-
| lively larger than those I'm New-York and fur
thermore IL Is known that tho rate OF interest
In the Interior cities Is not unreaaonabIy high an
| has been the case here IN New Work Mean
while any material advance IN local discount
/ rates attracts funds from abroad. The liberal
| I"ndings by foreign bankers duo primarily
10 the large trade balance I'm favor Of this couu-
Try, as shown by the latest report of foreign
| commerce. and also 10 the further fact that
! spectators in securities here arc willing to my
| a higher rate Of interest than is being paid ON
similar loans IN tho foreign financial centrea
| These more favorable monetary conditions how
] ever. do not promise any large decrease In cur
/ rent quotations for money. Trade is so active
that = larger volume OF capital is being en-
/ ployed in the interior than in previous years
! The return flow usual at this season has been
relatively smaller and II IS likely that the outflow
OF money from New-York Will begin earlier than
| usual this year But the fact that New-York
can rely upon London and that gold imports
viii be made has treasured spectators that
there will be 10 scarcity Of funds and that rates
: VIII not advance much If any higher than those
| now ruling. which. by the way. stu are higher
than usual at this season of the year.