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

Activity in yesterdays stock market was con-
fined to a few issues, the greater number Of
securities presenting little life. despite the fact
that the total dealings for the day amounted to
over eight hundred thousand shares. Price
movements were extremely irregular while final
changes as compared with the closing figures IN
Thursdays operations. net losses predominating.
In the last hour sharp decline in the copper
shares served to bring about weakness in the
general list, but there was little important SELL
ing and no indication Of the forced liquidation
which marked the trading earlier in the week.
The larger part Of the days transactions came
from the board room element, commission houses
not being important factors. while the leading
speculative interests apparently We're not dis
posed to operate actively either side Of the
account. Expectation OF unfavorable bank
statement naturally created considerable bear
sentiment the floor. and it doubtless served
TO restrict the dealings of commission house
customers. although In a few cases there were
some purchases reported, especially on the de-
cline in the late trading. for public operators
who well supplied with funds. The general
tendency OF the market appeared to be drifting
in the direction of dulness. Traders were IN
willing to make predictions regarding the proba-
bility Of resumption of activity on the part of
the other hand, they were not inclined to accept
the idea that there will be a material reduction
IN quotations before active upward move
ment develops. At the close the chief losses
were recorded by Amalgamated Copper, Read
ing and Wabash preferred, while net gains of
per cent and more were reported by Anaconda,
Northwest, Great Northern preferred, Metropol-
itan. Northern Pacific. Union Pacific and United
States Rubber first preferred. In the morning
Consolidated Gas weak feature, but It re-
covered good point of its loss before the close.
According TO the known movement OF money
in the week. the New-York banks have lost
over S53O0000 in their operations with the Sub
Treasury. Unless, therefore. there has been a
big reduction in loans, the weekly statement Of
the Clearing House institutions undoubtedly will
show a further reduction in their reserve above
legal requirements. The chances are. however.
that the liquidation in the stock market has been
effective in bringing about a large reduction in
loans. and IT is also probable that the influence
Of foreign lending in this market will be re-
nected in a contract Of the loan account of
the Clearing House return. While the movement
of money is beginning to turn against this CEN
tire, New-York received this week more currency
from the Interior than IT sent out the chief loss
in cash holdings being due to large payments to
the federal Treasury. Large transfers OF IN
ternal revenue collections interior cities TO the
government by drafts on New-York correspond
ents. and payments for the retirement of out
standing circulation of national banks the char
tiers Of which renewed three wears seo
were important factors in causing the big loss
TO the government. and according to the opinion
OF the best Informed men in the financial COM
munity' We're most effective in bringing about
the hrmer tendency in money In February
tNere was deposited with the Treasury by
national banks over 100000 in legal tenders
on account OF the retirement Of national bank
notes ana the greater part OF this amount was
paid IN the last week OF the month. the demand
iaIHhg chiefly on the local institutions Call
money rates We're quoted high as 8 per cent
yesterday while time money continued to rule
| al a rrm level, the movement being accompanied
! 10y further decline in sterling The possibility
.. go!d imports continues TO be discussed in wall
street circles. and If rates for money move IN a
/ hlgner level and exchange goes lower ft viii ba
possible TO bring in the precious metal from
Europe. At the moment however the ,nnna1,
market is receiving ample relief In the shane Of
foreign loans through the medium OF the ev
! change market