New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-13
Closing prices OF chief active bonds dealt in,
with NET changes follow.
STOCK MARKET OPERATIONS.

Transactions IN yesterdays stock market were
light in volume in the greater number of issues.
a few shares supplying the larger part of the
business. notably the Copper issues, Reading
Union Pacific Brooklyn Rapid Transit. Central
Leather, Consolidated Gas and United States
Steel. Price movements as a rule were confined
within narrow limits. the chief exceptions being
supplied by Anaconda, American Smelters. Read
ing and Brooklyn Rapid Transit. in which fuc-
tuations amounted to per cent and more. At
times considerable firmness was noted in many
issues, but the general course of values showed
great irreguarity. and in the case OF Anaconda
and Reading decided weakness. Brooklyn Rapid
Transit was active and in good demand advanc-
ing over / per cent, without, however, the &C
compartment Of news developments affecting
the property other than reports Of favorable
earnings The company has profted by the
open winter. and has been able to carry on its
development work to an extent which practically
insures increased traffic receipts. Commission
houses were not active factors in the days trad
ing, while there few extensive operations
for the account of the interests who were iden-
titled with the trading last week. Announce
ment that over S1.OOO,OOO in gold had been en-
gagged IN London for shipment TO this city failed
TO have any influence on quotations. but the
proposed importation of the metal reflected
in frmer discounts in London and advance
in the price of bar gold. In the last hour the
general market was heavy and extremely dull,
with further weakness in Reading, sales of
which. of course. reflected the refusal Of the
operators to grant the demands Of the miners.
Money rates opened the week at a firm level
and all indications pointed toward stiff figures
for number of days to come. despite the prob
ability of moderate gold imports from Europe.
The bank statement issued Saturday. while
showing increase in reserve. was not con-
siderad favorable exhibit. inasmuch there
was a material falling of in cash holdings. This
item is now smaller than 1t has been at any
time in the last two years and s26,00000 larger
than at this time in 1903, though loans at the
last named period were s94. 900 900 less than they
are at present. Fortunately, through the medium
of stock market liquidation and the placing of
foreign funds in this market. the local banks
have been able to bring about a material re-
duction in their loan accounts, and 1t is not n
likely that this movement, which developed such
force last week, will continue as long as money
rates remain at the current range European
money market conditions have improved, and
the better political outlook abroad has been an
effective influence in creating a more cheerful
sentiment in this city the future OF the loan
market, notwithstanding the fact that Russia
intends to put out international loan of
$500. 900 900, bearing per cent interest the
bonds to be issued at go. On its face this ap-
pears to be attractive investment for funds
and it is likely that IL will serve to decrease
foreign loans in this market especially If the
rates at this centre should fall below per cent
The foreign banks will be called upon to finance
this big bond issue and It is possible that a
part of the loan will be taken in the United
States
The movement in stock market values at the
close of last week and at the beginning of the
current week failed to encourage the idea Of
the development of long period of bull activity
from the current range of quotations. despite the
generous bull tips which are being freely cir
culated by the various Wall Street phianthrop-
lists. OF course there is possibility of such a
change in money market conditions that will
create aggressive operations on the part OF the
larger speculative interest in the direction Of
higher prices, but at the moment the chief bank
ing interests in the Street are not inclined m
encourage bull trading. owing no doubt. to the
various uncertain factors which might under
certain conditions, have an adverse effect on
the financial situation. There is a fair inquiry
for first class bonds for the account of investors
including moderately active buying by foreign
ers, the latter purchases being an influence
which has helped to depress rates in the foreign
exchange market. According to the opinions OF
some Of the best informed men In the Street
present conditions favor little more than a trad
ing market in stocks for some time 10 coma
especially as the public shows inclination 10
become actively identified with speculative
operations