New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-21
Closing prices Of chief active bonds dealt in'
with net changes. follow:
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
light in volume on a movement Of values which
generally tended in the direction OF higher quo
tations The upward movement, however. was
not based on investment buying or increased
interest on the part Of the commission house
element, purchases as a rule representing cover
ing Of shorts and traders operations for a
quick turn on the long side Of speculation. In
a few instances advances ran above per cent.
while in the case of Minneapolis, st. Paul &
Sault Ste. Marie there maximum gain
Of points, the effect Of which extended to
Canadian Pacific which was IN fair demand
from a good class Of traders. AS Canadian
Pacific holds the majority Of the 500" stock
the advance in the $500 issues naturally
strengthens the position Of the Canadian
shares The copper issues also were strong
features. Outside of the coDpeTs. Brooklyn
Rapid Transit Colorado Fuel. Consolidated
Gas, Reading, Union Pacific, the Steel stocks
and Northern Pacific dealings were confined to
small totals. and even IN the stocks named
transactions we're not particularly heavy
London houses were not active factors aud in
the London market American securities and
foreign stocks in general were dull though firm
without any indication of improvement IN re-
spect to activity in tho future. Reports
were received that the Algeciras conference was
about to adjourn and that a satisfactory settle
ment had been reached and the frmness in the
foreign markets was due entirely to these
rumors Sentiment in local speculative circles
Is not bulIish, despite the advance which took
place yesterday. and in many quarters It is
believed that the market will continue 70 he a
trading affair for a number Of weeks to come.
Rates of domestic exchange at interior cities
on New York do not favor the movement Of
large volume Of currency to this city. The de-
owing to the requirements incident to the spring
trade and the beginning of the planting season
in the agricultural section of the United States
Fortunately. however. the firrnness in the local
money market attracts foreign funds in the
shape Of finance bills, and Just long as quo
tatons remain at their present stiff level there
viii be an abundance Of foreign credit available
for borrowers this idea being based Of course
on the assumption that conditions abroad will
remain satisfactory and that rates for money
at the foreign capitals will continue to be quoted
under the price demanded here. While foreign
bankers are willing to lend money I'm this mar
ket sterling loans and finance bills they are
opposed to a movement of gold to this side of
the ocean, and unless there should be a material
decline in foreign exchange rates shipments OF
the precious metal from the other side of the
ocean will not be made in volume. The supply
of funds at this centre, although well under the
amount of holdings this time year ago is
large enough to meet all current requirements
as far as the legitimate trade demands are con-
Cerned, but naturally. the monetary situation is
not favorable TO active speculation in the secu-
rites markets.
Recent stock market movements have been
distinctly disappointing To the advocates of
higher prices, but the course of values does not
present any reason for uneasiness on the part
! of investors There is no nervousness among
people who hold stocks and bonds as invest
ments over the agitation against corporations
for the good reason that people who own secu-
rites realize that the intention OF our legisIa-
tors and courts IS TO protect the value of Ameri-
investments rather than to upset vested
/ rights. Spectators, however, express great fear
! over the future Of our railroads and Industrial
concerns, and until proposed legislation has been
accomplished defeated il is not likely that
! Wall Street operators will exhibit enthusiastic
I interest the bull side of the market More
over, the uncertainty regarding the soft and
| hard coal situation serves TO depress specula-
/ tive sentiment, while the unfavorable character
/ Of the money market in it's relation TO specl-
! lative operations has helped values to slip aVav
! in the last few weeks, though this movement
/ should not be taken a reflection of conditions
| Affecting tho intrinsic worth OF securities The
outlook in the business world is extremely pron,
/ Using, an indication of further industrial expau-
sion being presented in the willingness OF BUYERS
! 10 place large orders in all lines Of business
and in the record breaking railroad earnings
and bank clearings- According to the ideas OF
the best informed men in the Street there will
4 be further declines in stock market values be
fore sustained upward movement de- Iops.