New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-22
STOCK MARKET OPERATIONS.

Prices Of shares Of the Stock Exchange yes
terday suffered declines ranging IN extent as
great as had been the advances on the previous
day. and speculative sentiment throughout the
session was gloomy. The trading. however. was
professional in character. and the declines repre-
scented little more than liquidation by the smaller
trades. The selling was not urgent. and at times
throughout the day the market was extremely
dull An unusually large number OF factors
contributed 70 cause the depression. London's
markets for shares were more or less depressed
by anxiety as TO the outcome Of the Moroccan
conference. while the chief factor IN the local
situation IN the early part OF the day was anxi-
ETY. 10 the money situation. alarm being
aroused IN this quarter on account OF the furry
in the call rate on the previous day. AS the
day made progress. anxiety regarding discounts
PASSED away. but IN its stead other adverse fac
tors developed Chief among these was the per-
sistent liquidation Of stocks which hitherto have
been held well in hand by the bull faction. In
the early trading there was positive weakness
IL the Morgan-Hiu group OF railroad shares.
traders processing disappointment at the delay
IN the announcement Of the ore land deal. Great
Northern suffered a loss OF 8 points, closing al
most at the lowest point Of the day while North
ern Pacific declined 35s per cent net. Perhaps
the decline which caused the largest amount of
disappointment among traders was that in
more than 3 per cent gross. breaking TO 100 the
price at which Il was presumed 1t had been
begged" In The afternoon trading the whole
market was disturbed by a revival of the re-
port that there certainly would be a coal strike
PessimistiC talk on this subject coming imme-
diately after the Chesapeake and Ohio decision
and the Congress committees recommendation
that investigation Of the relations of the.rail-
roads TO the coal business be made, had an ex-
tremely depressing effect. especially upon the
Reading issues In point OF activity Reading
common led the whole market closing at q net
loss OF 2Fs per cent. The copper issues also
We're weak. Amalgamated Copper and Anaconda
Copper declining Ia and Az points, respectively
Immediately after the close there was a feeble
rally on buying by traders TO balance accounts
before the holiday.
The tone of the money market yesterday was
in the direction Of lower rates the advance tn
the call rate on the previous day to s per cent
having no noticeable effect. Money call yester-
DAY lent higher than "a per cent and the
ruling rate Of "a per cent was the same as on
Monday. This fact was significant, since loans
made yesterday carry over until Friday which
day in turn is followed by a half holiday. hence
call loans made on the eve OF the holiday in al
most every instance VIII go over until Monday.
Ordinarily a holiday in the latter end of the
week. and especially at times when uncertainty
exists as 10 monetary conditions at present,
there is a furry in call money quotations. Time
rates yesterday also easier but quotations
were not quotably lower. The abundance of
money available TO borrowers. despite the fact
that interior interest rates higher than usual
for the season. and the further fact that the in
flow Of funds from the interior cities TO New
York has been smaller than normal, is easily
explained by a comparison OF domestic rates OF
discount with those which obtain in the foreign
financial centres Of first Importance. The Lon
don rate Of per cent the Paris rate of 2sS per
cent and the Berlin rate OF 3l2 per cent insure
TO New-York liberal offerings by foreign bank
ers, especially as the prevailing rates here are
from ! TO . per cent higher than those quoted
In the foreign centres. These differences in dis
counts as between New-York and the foreign
centres also account for the weakness in for
eign exchange quotations. Yesterday sterling
exchange again was weak. regardless of the
| comparative ease Of our discount market While
the sterling exchange quotations still stand far
above the import figure. the continual drift to-
iety to the outcome of the Moroccan con-
| ference has been exaggerated in the share mar
kets. as lenders alert to possible finan-
| cial disturbances than any ether class: and IL
! the Moroccan situation is as acute as some OF
the foreign advices have insisted. there undoubt-
edly would have been a advance in foreign dis
counts and automatically sitter tone In our
own foreign exchange market. Foreign lenders
/ however yesterday made liberal offerings In the
| local market. and the tone OF the discount mar
| kets abroad did not harden