New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-20
STOCK MARKET OPERATIONS.

Stock market values were weak throughout
the day on a moderately active volume Of busi-
ness, with the heaviest transactions I'm the Cop
per shares. American Shelters. Colorado Fuel
Reading, Union Pacific and the United States
Steel issues. Liquidation apparently came most
ly from pools and individual SPECTATORS who
had been holding their accounts in the expecta-
ton Of an upward movement and who were
forced TO sell the first appearance Of weak
ness, owing practically to exhausted margins
Heaviness in United States Steel common and
further sharp declines elsewhere in the indus
trial list served to create Uneasiness in com
mission house circles, but there was no indica-
ton of actual investment liquidation, and no
suggestion in the character of trading that the
selling movement represented the beginning Of
an active campaign on the bear side Of the
market. Among the leading issues declines of
/ per cent and more We're common, and while
there were few rallies in the last half hour Of
business the majority Of securities closed at
prices near the lowest Of the day. Declines in
values were not accompanied by news develop
ments affecting adversely the intrinsic values Of
investments, the selling movement being due
entirely to the speculative position Of the mar
ket except in a few instances where consiIera-
lions not connected with the general market
were used as an argument for lower quotations.
Coal strike talk was an influence in attracting
sales of the anthracite shares, while unfounded
rumors intimatiug large falling of in the
earnings Of the iron and steel companies we're
used club by the bear element 20 induce
liquidation in the United States Steel Corpora
TONS issues. From all reports received n the
best informed trade centres there is no pros
pect of dulness in the iron and steel Industry;
indeed, orders the books of the varI-
Gus concerns are said TO be large enough to
keep all plants active throughout the sec
ond and third quarters OF the year. There has
Although local bank reserves showed a de-
crease last week there is nothing in the present
condition Of the money market at this centre
which should cause alarm in financial circles
Rates for funds opened the week az a firm level
and the chances are that there viii be no ma
terial reduction I'm quotations I'm the immediate
future. especially as an increasing demand for
currency from the interior doubtless soon will
develop. Since Friday night the Clearing House
Institutions have gained in their operations with
the Sub-Treasury but this movement cannot
be counted on for any length Of time inasmuch
as present conditions favor heavier receipts by
the government from the banks than govern
ment payments to the banking institutions
The position of the foreign exchange market.
while not encouraging a flow Of gold to this side
Of the ocean, at once suggests the proba biIitv
Of imports Of the yellow metal In the course Of
the next month, particularly If rates for funds
continue to rule in this country we'll above the
quotations reported in foreign cities MANY Of
the New York banks are below their LEGAL 70
serve limit. but this fact fails to create anr,re
hension in Wall Street. although # serves ~
restrict activity in the speculative markets
Preparations are being made abroad for the
financing of a large Russian loan. a reflection of
which is presented in the active demand for e,l,
by Paris in London, and growing objection or
the part Of London bankers to send the metal -
this country, and the operations in connection
with the 1Otation Of this bond issue NAV, ct
sufficient influence on the foreign money, no
kets 70 bring about strengthening in loan ouo
tations In the European capitals The Nev- vi.
market, however viii continue TO receive er,,,-
assistance In the shape Of loans tbrougb -,
n'uiuiIl OF nhance bills just as long as transac-
uons OF this character remain profitable
Oo'iuiuohs arecting the present position of
speculation continue to discourage the a,,,-o.
lion OF an active resumption Of bull trading b,..
there appears to be nothing IN ,ba a,t,7.. -
which indicates the probability Of the de,,a,,.,,
ment Of extensive operations in favor of 49,
quotations According to the opinions Of man,
OF the best informed bankers in the S+raet
prices may suffer some further depreciation he
fore a big upward wave begins tbougb e.,
appears 10 be no expectation OF further evta,si,,
liquidation. this belief being based on the do
that zoe n1o1erial factors governing the act,,al
worth % Investment securities Will continue a.
theT present prosperous position for MANY
months % come. Reports from the Yves, -
weather favorable to the winter wheat cron
naturally has been effective in Strengthening
confidence in the future of values ,ybua tbo
sustained heavy traffic movement also induoes
conservative enthusiasm regarding the outIool,
Cor stability In actual investment value. Act