New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-10
STOCK MARKET OPERATIONS.

Stock market values were strong throug hout
the greater part Of the five hours OF trading on
volume Of business which amounted to more
than million shares. Improvement in the
London market which reflected a better feeling
abroad over the Moroccan situation. was an eff
fective influence IN creating bull sentiment at
this centre, while the increased purchases on the
local exchange for European account also tended
10 help the upward movement here. Commits
sion house trading active. and APP
Tarently there was greater disposition among
the substantial speculative interests TO take an
aggressive part in the dealings. notably In the
shares which in recent weeks have moved under
the influence Of heavy LIQUIDATION Expecta-
ton Of relatively favorable bank statement
was another factor which contributed TO the
optimistic sentiment in speculative circles. and
further decline in sterling exchange rates had
considerable influence on the course Of values
inasmuch the Street believed that the i'm
portation Of geld would soon begin, and that
shipments Of the metal from Europe would be
effective in attracting an active outside demand
for securities In a number Of stocks advances
amounted 70 per cent and more the leading
features Of strength being the copper issues,
American Shelters BROOKLYN Rapid Transit
Reading. Union Pacific and the so-called Hill
shares. While in the last hour there were re-
actions. in the majority Of issues closing quota
lions IN the active part OF the list were we'll
above the final figures in Thursdays dealings.
Local market rates do not indicate big fall
ing off in bank reserves in the weekly statement
CT the Clearing House institutions. but they
suggest the probability of a continued active
demand fer funds throughout the course OF the
next few weeks. Sterling exchange declined
again Yesterday. demand rates moving to a level
close to the gold importing point. and if there
should be further weakness in the early part of
next week shipments OF the metal doubtless
would be made from Europe to New-Y York.
Weakness I'm the exchange market has encour-
aged Wall Street operators in stocks 70 deal
more extensively on the long side Of specula-
tion. In the event Of an active movement of
gold this country there doubtless would be
increased activity in securities. although the
most conservative people in the Street are not
in favor OF big bull operations at the present
time. Nevertheless, Improvement In the money
market situation will be powerful factor in
attracting buyers and in shaping sentiment in
favor of higher quotations for stocks and bonds
The important speculative interests who sold
their holdings at the high prices recorded in
January and who recently have not taken an
active interest in the market, beginning TO
buy I'm cautious manner, doubtless in the ex-
pectation that the time is ripe for the de-
velOpment Of another upward movement. The
decline of the last few weeks Of course. has
placed the speculative situation in a much
stronger position, and the absence of adverse
developments in the financial world. together
with indications of continued period Of pros
perity in industrial circles naturally have
served TO bring about a moro optimistic feeling
IN speculative quarters. The decline since the
high prices of January has averaged mere than
20 per cent in the greater number of issues and
ii is therefore, considered probable that the
rally which began in Tuesdays market will 20
further, even If a sustained upward movement
should not develop