New-York tribune., 1906-03-06
Closing prices of chief active bonds dealt in,
STOCK MARKET OPERATIONS.

Liquidation in stocks was heavy throughout
the greater part of the day a declining
movement Of values which in many
reached large figures. especially the copper
shares and Reading. Amalgamated Copper
suffered a maximum loss of IL points, while
Anaconda at its lowest figure showed a de-
cline OF 164 based a par value of 100 for
the issue. The actual loss was less, the
stocks par value is SIS. but the Stock Ex-
change IT is quoted a basis of 100. Weak
ness in the copper shares was not accompanied
by adverse developments In the copper trade.
the downward course Of quotations being due
TO speculative conditions rather than TO factors
affecting the position Of the copper industry.
The statistical position of copper is strong and
in yesterdays market there was further ad-
vance in the price Of the metal under the in
fuence of active demand for home con-
sumption and indications Of improvement in
the inquiry on the part Of foreigners. The gen
eral reduction in prices could not be traced to
news developments affecting intrinsic values.
Losses were due to heavy speculative selling
which in most instances represented the opera
tions Of traders whose margins had become ex-
hausted, and who were unable or unwilling to
answer the call Of their brokers for additional
funds.
To people who have followed the recent
course of stock market movements the decline
in quotations not at all surprising and
further liquidation of the same character would
not come unexpected happening. 1t is
not unlikely, however that there will be a
sharp rally from yesterdays low points: in
deed. in the last hour of trading improvement
was reported the result Of covering OF shorts
and moderate support from financial interests,
transactions of the latter representing a wish
on the part OF the bigger men TO prevent acute
Generalization. Opinion. expressed in the
lead all
ing TO the operators who believe that the
downward movement has its course. but
there was nothing in the attitude of the sub
stantial element in the financial community
which should encourage uneasiness on the part
of actual investors Nothing has occurred to
weaken the stability OF the conditions upon
which the intrinsic worth of American securi-
ties rests. and it is not at all likely that there
will be in the near future any development
which will frighten investors into parting with
their possessions Current declines in specu
lative values are the result OF recent specu-
lative excesses on the bull side OF the market.
At the close the heaviest losses among the
active shares shown by Analgamated
Copper. American Locomotive. Anaconda, Chi
| cago & Northwestern Colorado Fuel. Great
Northern preferred Metropolitan. Pressed Steel
| Car. Reading and Sloss- Sheffield. IN which net
/ losses OF per cent and more recorded.
Reading suffered maximum loss of over
/ points. closing at net decline Of So National
| Lead the only important strong feature
Local banks continue 10 lose money In their
| operations with the Sub-Treasury. while the de-
mand for funds from the interior doubtless will
| show an increase in the current week. Rates for
loans. however not quoted at an extravagant
Level. and there is little probability of actual
| disturbance at this centre this idea being based
| on the favorable position Of the foreign money
| markets and the willingness of European bank
! ers TO lend TO the United States Although dis
count rates in Paris were slightly frmer yester-
| day. cable advices reported most cheerful
+ timent in foreign centres over the position of
money. and a disposition on the part of bankers
in London and Paris TO accommodate New York
in the event of trouble here. Gold imports may
be counted If the necessities of the situation
| demand such movement. Large loans be-
| ing made here for the account OF Europe in the
shape of finance bills. and there is no uneasi-
ness on the part of local bankers their abil-
fly 10 pay off these loans at maturity. especially
as our exports of merchandise are running heav-
lily in excess of imports. II is not unlikely that
foreign loans WIFI be liquidated through the
medium of trade balance A large proper
ton OF the city banks show depleted reserves
reason that all intelligent men know that such a
position OF affairs viii last for short time only
Secretary Shaw's action g. increasing deposits
! in New-Yorl banks will have no material effect