New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-15
STOCK MARKET OPERATIONS.

Transactions in Yesterdays stock market We're
moderately active in a few of the leading issues,
but I'm the greater number OF securities opera
lions we're confined TO small totals. Great ir-
regularity was reported In the movement OF
values with the final tendency in the direction
Of lower prices. At the opening the copper
shares moved In manner which indicated great
uncertainty OH the part of traders over the
probable future course of these issues. Ana
conda for instance. in its initial dealings sell
ing from 293 TO 2SS and then back to 295. while
Amalgamated fuctuated between 116 and 114&.
The Importance Of the settlement Of the Mon
tana copper as q factor I'm the future of the
copper trade in this country is not yet fully
appreciated by Wall Street. and doubtless IL will
be many weeks before the full significance of
this development finds its proper measure in
the securities Of the copper companies. 1t means
the conversion Of large liabilities into valuable
assets the saving OF a large amount of money
IN the operation of the various properties and
material enhancement of the actual value of
Amalga mated, Anaconda and United Copper
stock. OF course. the upward movement In these
securities in the last few weeks has discounted.
from speculative point Of view the announce
ment of the agreement between the Heinze and
Amalgamated interests, and for the present the
market movement Of the copper securities may
tend toward lower level under the influence
of realizing sales. Wall Street apparently also
believes that the upward movement in Union
Pacific in the last two months has discounted
the increase in the dividend rate which was de-
clared at the meeting of the directors of the
company yesterday. Union Pacific IS now on a
per cent basis but the earnings Of the prop
erty are far above per cent the stock, while
its assets in the shape OF stocks of other COM
panies rapidly appreciating in value through
the advance in the market quotation of Great
Northern and Northern Pacific. Northern Pa
cific sold at new high record advancing to
1924 but declined with the rest of the list in
the late trading. Final quotations showed net
losses in the greater number of securities with
the heaviest declines IN Amalgamated Copper,
Anaconda, st. Paul Colorado Fuel and Iron,
Great Northern preferred, New-York Central.
Reading and Union Pacific. There was no unfa-
vorable news accompanying the afternoon
action. and there especial selling press
ure.
Foreign bankers are again lending their funds
in the local market. and as a consequence the
burden of supplying accommodation TO borrow
is being shifted from the city banks to the
foreign exchange market. through which the
operations of the foreign lenders are conducted.
The large shipments OF domestic products from
the United States in January show that the for
eign Indebtedness of this country is being liqu-
excess of exports of merchandise naturally in
duce foreign bankers TO put out their funds at
this centre, as the country's foreign commerce
indicates sound conditions In Industrial centres.
If the foreigners convinced that prosperity
is 20 continue in the United States they will be
willing 10 make loans here especially as the
local rates for funds are we'll above those pre-
vailing in Europe. Exports Of merchandise in
January are heavier than in any January on
record. and the chances that the outward
movement in February also will make new
high record AS the money and foreign ex-
change markets intimately related to the
movement OF foreign trade 1T is extremely en-
couraging TO note the large exports of domestic
products and manufactures for such a move
ment naturally will tend TO reduce our foreign
debts and TO restrict shipments OF gold TO Eu-
rope 10 a small total
Rates for foreign exchange have fallen we'll
under the gold exporting level demand sterling
having declined 40 points in the last two davs
Bills now being offered for purchases Of Sc
curties for London account. while there also is
a good supply of finance bills on hand Francs
were weak yesterday. indicating loans OF French
capital foreshadowed by the announcement
that the Bank OF France had resumed the dis
counting OF foreign finance bills Unless there
should be disturbance in the foreign money
market OF which there is not the slightest
indication. there probably will be no important
shipments of gold this spring this idea being
based on the probability that rates for money
In this country will continue to rule at a firm
level Quotations for loans at the interior cities
are hardening, indicating an increasing demand
IN connection with business expansion and II is
quite hheiy that in tho course OF the next few
weeks large amount of currency will be sent