New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-09
Enlisted.
Closing prices of chief active bonds dealt in.
STOCK MARKET OPERATIONS.

In the last hour OF business In yesterdays
stock market prices developed unexpected
strength, sharp advances being recorded In the
leading active issues and full recoveries in the
majority Of shares which earlier In the day
were weak features of the trading. In the fore
noon operations a decline in Reading to the
lowest price OF the year exerted a sentimental
effect the rest of the list, but there were few
important losses and no indication of forced
liquidation, such occurred in Mondays de-
clining market. Indeed the absence of lqui-
daton important factor in inducing
active covering of shorts and attracting opera.
tions for higher prices in number of the Lead
ing issues by substantial market interests Per-
haps the most influential factor. however in
creating bullish sentiment the sharp drop
in foreign exchange quotations, demand sterling
falling to point not far from the level at
which gold could be imported at a profit. Weak
ness in exchange accompanied by more OPP
timistic reports from Europe regarding senti-
ment in financial circles over the prospects for
speedy and satisfactory settlement of the diff
ferences between Germany and France on the
Moroccan question. The so-called Hill stocks
active, strong features; also Anaconda,
Brooklyn Rapid Transit. st. Paul. Colorado
Fuel Union Pacific and Atchison. the last
named issue enjoying maximum gain of five
points. with a net gain nearly large. Last
tfr1ceS were near the best or the day.
Money rates at this centre continue to rule
at firm level. and there is no immediate pros
pect of materially lower quotations, despite the
deposits of government funds with New-York
banks under the recent order of the Secretary
of the Treasury. AS far as the local banks are
concerned, the proportion for their account of
such deposits is too small to have any big in
fluence on the loan market. especially far
in the current week the Clearing House insti-
tutiOns have lost amount of money to the
government about large as the sum which
will be received by the depository banks
Strength in money. however fails TO create I'M
easiness in New-York for the good reason that
sterling exchange is tending toward a lower
level and in the event of stringency at this
point gold will be imported from Europe. Since
the last week in February demand sterling in
Guiding yesterdays loss has declined 120 points,
while in the same time there has been a removal
of much of the recent fear In foreign financial
centres over the outcome of the Moroccan con-
ference the latter factor being most important
consideration In the international monetary
situation. The Bank of England made no change
yesterday in It's minimum rate of discount and
with the exception of a slight advance in open
market rates at Paris there were no develop
ments of Importance in the foreign financial
centres The fact that foreign bankers are alb
solutely confident that the Moroccan situation
will be settled to the satisfaction of all the
powers concerned is one of tho most reassuring
features in the present financial situation
Firm rates for money and the recent severe
decline In prices of securities have been effective
in bringing about a relatively dull market on
the stock Exchange. and, according to the be-
lief or the best informed men In the Street
there will be few extended important move
ments in Che direction OF higher quotations in
the immediate future. Liquidation has been
heavy and the speculative position as a conse-
quence has been strengthened. but 1t is not
unlikely That there will be more declines than
advances IN the course OF the next few weeks
IL Is quite generally believed that later IN IN
tne season aggressive bull movements viii
again develop, but II Is also thought that tbess
operations viii begin from a level OF vaIues
uhder the present range. The expectation os
hlgher prices at a future period is bassa or
course. on the theory that there will he No al
verse change in conditions governing the in
Nestfnent value OF securities While there ara
many uncertainties at the moment regarding
the future or the speculative situation there Is
ho'hls IN the position OF affairs affecting the
INDUSTRIES or this country which warrants liout-
uau"h on the part OF legitimate holders OF
american stocks and bonds. Current efforts Of
lawmakers backed by public opinion to restrict
ilieeai operations OF corpora tons may SUNNY
ioou 'or pear appetites in Wall Street but tha,,
10. no luIllsh reason for uneasiness on the
70, vi ihves'ors' Needed railway rate legtsIa
restrict The brn optlon or measures which Will
Pofdtiohs VIII add value TO investman, Js.s'.
ny AuleIicah people are not anxious IN wrecls
i, oo' poialons' but fortunately they are he
SUNNI. 10 see The wisdom OF taking er,,ter