New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-14
enlisted
Closing prices of chief active bond, dealt in,
STOCK MARKET OPERATIONS.

In the greater part of the day stock market
values moved IN the direction Of higher quota
tions under an active buying movement, which
was especially pronounced in the Copper shares,
New-York Central and Northern Pacific. While
there were reactions from the advances made at
the opening, closing figures as a rule presented
gains in the active list, with the greatest I'M
provement in Amalgamated Copper Anaconda.
Consolidated Gas. New-Yorll Central Northern
Pacific and American Car and Foundry. The
strength in the copper shares in the local mar
ket followed sharp advance in the same issues
in London buying apparently being based on
the information that the final negotiations in
the settlement OF the copper war in Montana
were about to be completed Subsequently 1t
was reported that settlement had been reached
and that the papers had been signed between
the Amalgamated and the Heinze interests.
Anaconda sold at 300 price which well
Informed brokers had predicted for many
months. and while the final quotation was I'M
der this figure sentiment continued bullish on
the stock and interests identified with the COM
pany believed that the. quotation for this secu-
rity eventually would go many points above the
800 mark As the stocks par value is $50,
while il IS quoted on the Exchange on a basis
Of 100, its actual value quotation of 800 is
S75 a share. Prices were not affected by the
several adverse factors which have recently de-
veloped, such as the weakened position of bank
reserves hostile railroad legislation and the
possibility Of coal strike. the movement Of
values evidently indicating a belief on the part
Of traders that such factors were not important
enough to offset the remarkably favorable trade
conditions and the prospects Of important an
nouncements affecting various corporations.
ACCOMMODATING the advance in the copper issues.
however. there was considerable quiet selling in
other parts of the list,
a firmer tendency is reported I'm the local
money market, and the prospects are that rates
will move to a higher level in the course OF the
next few weeks. The decline in the bank
serves of this city to only few million dollars
above the limit required by law naturally has
created the impression that loan quotations soon
Will move to a better range. while the increas-
ing tendency Of the large railway corporations
TO put out new bond and stock issues also is
factor which must be taken into active consd-
Grafton in discussing the future Of the money
market. An enormous amount OF new security
issues is about to be placed on the market,
and, Of course, the operations IN connection
with the financing of such issues Will involve a
big amount of money. II is not likely. however.
that there viii be disturbance in the money
market unless the emission of stocks and bonds
should run to extent not warranted by the
supply Of money In the country and the posi-
ton Of the country's Industries. There is still a
large amount OF money seeking Investment in
the United States, and the fact that bank re-
serves here low does not reflect the actual
condition OF money in this country Money has
been moving from this centre into the govern
ment vaults in connection with the national
bank note redemption fund. while the large de-
mand for funds in connection with the expansion
IN general business has served to attract a
greater amount Of currency from New-Yorlz
than ordinarily is reported at this period OF the
year. Foreign exchange shows no material diff
ference in rates compared with last weeks
figures. the quotations for demand sterling con-
tinuing TO rule in the neighborhood Of the gold
exporting point. At the moment however, there
is no indication that gold VIII be exported in
the course Of the next few weeks. 1t is inter
estmg to record the fact that the surplus re-
serve of the Clearing House banks is now at the
lowest point for this time of the year since 1885
In connection with the foreign exchange mar
llet ii may be noted with considerable satfsfac-
tiou that exports OF domestic products in the
month Of January figures Of which were re-
ceived yesterday. showed an increase in value
q $50 500 521. making for the seven months
since July an increase Of SlO1,24S,3 46. The
largest gain was in breadstuffs and provisions
both FOR the month and for the fiscal year to
date. The record since July ! exceeds by more
than S25.OOOO0O the exports in any correspond
ing period In the history OF the country while
the month OF January showed exports without
parallel for that time of the year The full
statement OF foreign commerce. which will be
issued tomorrow. doubtless will show large
gain both in exports and Imports with a consid-
cradle excess Of shipments over receipts OF mer-
chaudise II might bee assumed that in view Of
the couutrys large trade balance. rates for for
eign exchange should rule at a much lower level.
hut ;here are other factors which enter the sit
uauon and which are now effective in maintain