New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-16
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market
amounted to over 100000 shares on a move
ment of values which generally tended in the
direction of lower quotations Feeble rallies
were reported at times. but at the close the
greater number Of issues were at the lowest
figures Of the day. with the heaviest loss in the
active list in American Sugar Refining. Ana
conda Copper, Brooklyn Rapid Transit, Colorado
Fuel and Iron. st. Paul. Great Northern pre-
ferred. New-York Central, Northern Pacific.
Reading, Union Pacific and United States Steel
preferred. Opening prices were influenced to
some extent by a lower level OF values for Amer
lean stocks in London, while the firmer tendency
in the money market. the uncertainty over the
outcome of the anthracite coal conference and a
feeling that the larger operators were no longer
actively identified with the bull side OF the mar
ket served to depress speculative sentiment end
TO encourage aggressive operations for lower
prices on the part OF the board room traders
Anaconda Copper lost ~; Colorado Fuel and
Iron, As; Great Northern preferred. 61s. and
Northern Pacific, AS, these issues supplying the
chief points of weakness IN the day. There were
no active efforts to support the market on the
decline, and at the close sentiment in commits
sion house circles and among operators on the
floor of the Exchange indicated the belief that
further declines would be recorded before an
important upward moverlcnt would develop.
The frmer tendency in the money market and
the Improvement in foreign financial conditions.
together with the rapidly growing trade balance
in favor of this country. have been effective
factors in weakening the foreign exchange mar
ket to an extent which practically removes the
possibility of gold exports in the near future
Indeed, at the moment. rates FOR sterling are
moving in the Erection of gold imports,
and If quotations for money should rule at a
stiff level at this centre for any great length Of
time 1t might be possible TO bring in the precious
metal from the other side of the ocean. Rates
for call money are growing frmer. while IN 'he
time department of the market quotations are
steady at 511 TO 51a per cent The effect OF
higher money rates on the spring move
ment of currency may be reflected IN large
receipts Of funds at this centre from points
where the demand for accommodation in con-
nection with business expansion Ia not at the
moment active. Such a movement might DO
large enough to offset the regular outgo uf cur
rency to the West and South. although it is
quite probable that the requirements OF the in
terror will be unusually heavy this spring. There
has not been the usual winter accumulation OF
cash In New York, owing to the activity Of
money throughout the country. and rs conse-
quence the predictions made at the end OF the
last year that the local market would enjoy a
long period OF ease have not been fulfilled. In
Europe the rates for money below those pre-
vailng here, and the necessity fOr pro-
tectng the foreign markets has disappeared
the firmer quotations for loans in the United
States doubtless will attract large amount Of
European capital TO New-York. The Bank of
England made no change at it's weekly rneetine;
I'm its minimum discount rate. The holdings Of
the bank under those OF this time a year
ago. but the weekly return indicates extremely
sound conditions.
Higher rates for money doubtless have been
an influence in checking active bull speculation
In securities but the chief cause OF the present
quieter tendency in stocks appears to be the
of the public to come into the
market and the fact that many OF the larger
operators have disposed of their holdings al
top prices and have left the city on extended
There many people who would
no glad to lower range OF values and Z,
is believed in a number OF well informed cir
cles that in the course of the spring prices will
be worked down number OF points followed
by a resumption of the bull movement from,
the lower level. There many uncertainties
in the situation at the moment. which naturally
do not encourage great activity on the part az I
conservative stock market operators eSpeciar,- +
ON the bull side OF the market and II IL no,
likely that these men viii become active fac
tors until later In the season. when NOR,
accurate information may be had regarding m.
position OF the winter wheat crop and the ont I
come of the present railroad legislation fever
soft and hard coal zelda