New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-05-17
STOCK MARKET OPERATIONS.

After a period of weakness in the forenoon
dealings the market developed an advancing
tendency, under the lead of the copper shares
which were favorably affected by the annual re-
port of the Anaconda Company. showing more
than 10 per cent earned. AS Anaconda is an
asset Of the Amalgamated Copper Company. the
stocks Of the latter naturally were influenced by
the increase in earnings, and the fact that there
was buying by brokers who supposed to
represent the Standard Oil interests served to
attract a better demand throughout the list.
especially from the shorts in the so-called pool
specialties. All the high grade issues were
strong features. St. Paul. Northwest, Great
Northern, Northern Pacific. New York Central
and Union Pacific advancing for the day from
1 to per cent. In addition to the copper shares
Sugar Refining was a conspicuous feature in the
industrial department at a net gain Of SO per
cent: also American Beet Sugar, which gained
per cent, the movements in these issues appar-
emily being due to efforts to make a better mar
ket for the stocks, though reports were heard Of
the possibility of a deal between the two COM
panies. The best prices were reached in the last
hour, and at the close quotations were at or
near the highest. The upward movement was
not accompanied by an increase in activity; in
deed. as compared with recent markets. dealings
the preceding day of more than 100000 shares.
An incident Of the day was an advance by
Lackawanna small trading to $780, its best
price on record
Money market conditions at this centre and
throughout the country have improved in the
last two weeks, but there is little reason for the
belief which is heard in some quarters that
Prolonged period Of ease is about to develop.
Trade activity gives signs OF lessening,
while there are indications that San Francisco
VIII need more money, reflection Of which was
presented yesterday in the transfer through the
Sub Treasury Of 1925, 900 to the stricken city.
Since last Friday the local banks have lost in
their operations with the Sub Treasury more
than $7,700,00O. owing to the return Of special
deposits made by the government pending the
arrival Of gold from abroad. but. of course. this
loss has been Offset as an influence on this
weeks bank statement by the actual receipts
OF the metal from Europe The question OF the
probability of the return Of much Of the i'm
ported gold 10 Europe in the near future is be-
ginning to be discussed in financial circles par
ucularly as before long a large amount of
finance bills will reach maturity 1t is believed
In well informed circles that either these bills
will be renewed else enough exchange Will
be created by foreign investments here. corpora
ton borrowing abroad for American account and
remittance in connection with the payment of
foreign fire insurance losses to prevent return
movement OF gold but. OF course, in the event
Of an absence Of these factors It doubtless would
be necessary to ship gold from the United
States. The fact however, that there is no
urgent need of the metal abroad at present, an
indication Of which is presented in the easier
discounts in the European capitals. suggests
the probability Of heavy foreign lending in the
local market
In the foreign exchange market offerings of
bills are light at present while the inquiry for
remittance is fair. and as a consequence sterling
rates are firm though nowhere near the point at
which gold exports could be undertaken from
the United States. In connection with the for
eign exchange situation II is interesting to note
that in the month of April the foreign commerce
returns OF this country showed an excess OF
shipments OF merchandise over receipts to the
value OF $37164,s71. compared with an excess in
the corresponding time year ago of $50. 1885,
Os6. Exports from all ports were heavier in
April than in any preceding corresponding
month in the history Of the country but on the
other hand, imports also large, being ex-
ceeded by only three months within the records
of the government, amounting I'm value to the
large total of slO7 s27.OSs. an increase over the
same period in 1905 of $l2,2l675O. The gain in
exports amounted in value 10 $l5.9I65S5, made
up Of an increase in the shipments of domestic
products of sl2.267.4O5 and an increase in the
shipments OF manufactures OF S3649l3O For
the ten months ended April 80 the excess of ex-
ports over imports was In value $4675 2 1854. but
Inuch or this amount was Offset by the under
valuation OF imports, by the large obligations
created abroad for American account and bv the
remittance of Interest and dividend payments on
| American stocks held abroad