New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-03
STOCK MARKET OPERATIONS.

In few Of the active shares considerable
strength shown in yesterdays market but
in the greater number Of prominent issues val
moved in most irregular manner. with
more net declines than gains at the close. Anal
gamated Copper on heavy dealings enjoyed a
net gain Of nearly 2 points. while Anaconda also
moved toward higher level good sized
volume OF business, purchases of both issues
apparently being made for the account of sub
stantial interests. There were no new develop
ments IN the copper situation as affecting the
proposed deal between the Montana copper COM
panies, but 1T quite generally believed that
negotiations were proceeding satisfactorily for a
final agreement between the various copper in
terests Elsewhere in the active list the chief
strength was furnished by Canadian Pacific,
Great Northern preferred, Northern Pacific and
Tennessee Coal and Iron. the latter stock ending
the day at an advance of points, compared
with Thursdays last quotation for the issue
Great Northern preferred advanced over g
points, the upward movement being accompanied
by a renewal of the old report that the Great
Northern Company had transferred its large
holdings of ore lands in the Northwest to the
United States Steel Corporation at most profit
able figures There was quieting down in the
speculation in Reading. and under the influence
OF selling pressure which met with no support
the price of the stock closed at a net loss of
is. Other weak features were American Smelt-
ing, Atchison, Colorado Fuel, Norfolk and West
and Peoples Gas. Although total sales
amounted to over 100000 shares the greater
part Of the business supplied by ten stocks
IN which transactions amounted TO about $4,000
shares, with the heaviest operations in Anal
gamated Union Pacific and United States Steel
common. In the last half hour the market
showed firm tendency. but there little
commission house interest in the general list
and apparent disposition on the part Of the
larger operators to take an active position on
either side Of the market. except IN the case Of
a few OF the leading issues Money market
rates showed no material change. while sterling
quotations trife higher.
According to the known movement Of money
IN the week, the local banks have lost over
s6.4oO,00o in their cash holdings. but It is the
general expectation that there has been a large
enough reduction in loans TO offset as an influ-
ence on the reserve above legal requirements
the decline in cash. The liquidation which has
been under way in the stock market in the lt<t
week naturally should be effective factor IN
causing a contraction in the volume OF out
standing loans. but the unknown operations In
the week in connection with the trust compa-
MES and transactions by foreign bankers make
it impossible TO give a satisfactory forecast of
the probable showing in to-day's return OF the
Clearing House institutions. Money rates Ger
tainly have not moved in a manner which has
suggested important falling off In bank sup
plies. Rates for call loans have ruled through
out the week at the lowest level since the early
fall. while similar conditions have prevailed in
the time department of the market
Wall Street apparently is well satisfied with
the position OF the money market. and Just as
long as affairs IN the business world continue
to move in a manner indicating continued pros
perity the speculative element doubtless will
remain in its present bullish frame Of mind
sign OF the great prosperity prevailing IN the
country is presented by the Pennsylvania Rail
roads report of earnings for the month of De-
cember and for the year of 1905 AS this road
handles traffic which represents the varied in
dustries Of the country. its earnings always fur
nish faithful mirror OF prevailing conditions IN
| the world of business. and the report of the
company for December. showing a gain in gross
earnings of SO coo. 600 the lines east and
west OF Pittsburg and a gain in net of nearly
100000. ought therefore TO prove most salts
factory TO people who are interested in the pros
perity OF the United States. For the twelve
twelve months gross earnings increased on the
two big divisions east and west OF Pittsbur9
s24,75l 400. while net earnings increased S72s2-
9OO