New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-07
Closing prices of chief active bonds dealt in,
with net changes. follow:
STOCK MARKET OPERATIONS.

Following a brief period of weakness in the
early dealings strength developed in the greater
number Of stocks in yesterdays market, ana
outside of few minor reactions prices con-
tfnued strong until the close The greater part
Of the buying represented covering of shorts,
although there was evidence of moderate ac-
cumuation in a number of issues for the &C
count Of some Of the more important market in
terests Doubtless the latter operations were
not based on the idea that quotations were about
70 enjoy a sustained upward movement, but on
the theory that an excellent opportunity was
presented for quick turns the long side of
speculation. From the low points recorded in
Mondays market 10 the high quotations reported
yesterday there substantial profit for the
operators who secured stocks in Mondays
slump and II quite evident that many
spectators who took securities at Mondays
low level realized their holdings in yester-
days upward movement. Wall Street opinion
was considerably divided regarding the immedi-
ate future of the market, but the general idea
appeared 10 be that no extended bull movement
would develop at once. In the copper shares
there was natural recovery from the weakness
Of the preceding day. but the character of the
buying failed to disclose evidence Of aggressive
ness on the part of people who recently were
such active factors In the advance in these is
a
mum advance OF 3se, closing at a net gain of
54, while Anaconda gained over per cent
from its low figure, losing. however, part of the
Improvement before the end of the day. its last
quotation showing a net gain of 6x At the
close the heaviest advances were renorted in
Arnalgamated Copper, Anaconda, American Io-
connective, St Paul. Great Northern preferred
Kansas and Texas preferred, National Lead
Northern Pacific, Southern Railway and Wabash
preferred. In these issues net gains amounted
to per cent and more.
The local banks continue 10 lose money to the
Sub-Treasury the loss so far this week amount
ing to nearly 100000. The firm rates for
funds at this centre have failed TO attract i'm
portant amounts Of currency from the interior
for the good reason that the demand for money,
at out OF town points is urgent and bsrLs IN
the West and South are able to secure profitable
rates at home; indeed. loan quotations ~ in
terror cities are ruling as high as thew are I'm
New-York Nearby places are sending a certain
amount Of cash to New-York but the main
source OF supply in the loan market At nresen,
is TO be found in finance bills which are being ru+
out by foreign bankers. The government bas not
Yet deposited with the national banks .nv mar,
OF the SIoto0Ooo which Secretary Shaw an
nounced last week he would put into circula tio,
ana II is not likely that the money market will
I -NN-'O i4iCSil Ae!p from Iris in CIR
/ rent week. as il takes more or less time for
! the banks to present their collateral and have
II approved before the Treasury can increase its
hololngs In depository institutions. The Secre-
/ tary has not yet said whether he will take S1O
/ oo'po directly from the cash account IN The
treasury or increase the deposits by leaving
/ with the banks current collections of internal
revenue. The amount to be deposited however
ID so Small that the effect money rates will
nor be important The most encouraging feat
ure' as far as the money market is concerned &c
the heavy liquidation which has been going ON
IN the stock market, inasmuch as this LIQUIDATION
| carries with It proportionate liquidation in
loans which, of course. will serve to strengthen
reserves above legal requirements Call rnoney
was nrm yesterday, while sterling exchange was
weak the decline in the latter being helped by
the onering OF bills which were created by ar
operation which involved transfer of So OOOO6C
from New-York 70 San Francisco. This transfer
was practically made by London for japanese
account, and IL will result in the shipment o.
100000 in gold from the Pacific Coast u
Japar