New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-16
Closing prices of chief active bonds dealt in
STOCK MARKET OPERATIONS.

Stock market trading was light in volume in
the greater number OF issues throughout the five
hours OF business movement of values
which showed great Irreguarity, with final prices
at net losses IN the majority Of issues. In
Amalgamated Copper, Anaconda, Reading. Con-
solidated Gas, Union Pacific, Peoples Gas and
the United States Steel shares dealings were on
a moderately active scale but in great part
they ere made up of the operations of the board
room element. Commission houses were not
factors Of Importance in the trading. while there
indication Of interest in the market by
the substantial speculative leaders whose trans
actions recently were such important influences
IN governing the course of values. Weakness
IN Consolidated Gas was not accompanied by
news developments affecting the property, the
selling representing the unfavorable speculative
sentiment on this issue which has been noted ever
since agitation cheaper gas began. 1t is not
at all unlikely that the Consolidated Gas Com
pany will take advantage of 80 cent gas to re-
duce its dividend object lesson" TO the
legislators who are endeavoring to compel the
company to supply gas at reasonable rate
PEOPLES Gas of Chicago also declined the move
ment apparently being in sympathy with the
weakness IN the Chicago Union traction shares
The last named issues made & new low record
under the influence of further liquidation. and
there appeared to be no demand for these stocks
except from spectators, who took them on the
theory that Irrespective of their future value an
advance would develop in line with speculative
precedent In the last hour the general market
was weak. with pronounced heavtness in the
stocks of public service corporations; also In
Missouri Pacific and National Lead Missouri
Pacific on small transactions declined over 4
points, selling being due to the unfavorable ex-
hibit made by the company in its statement OF
earnings for the half year ended December 81
Call money advanced to per cent.
So far in the current week the local banks
have lost on their operations with the Sub
Treasury over S1.5OO,OOO. while in the same
time shipments of currency to the interior have
been moderately heavy. these two factors indi-
eating a substantial falling off In the cash hold
ings of the Clearing House institutions this
week. unless there has been an Unexpectedly
heavy movement of funds from out Of town
points, including part of the deposits placed IN
other cities by the government. 1t hardly ap-
pears probable. however. that the New-Yorl
banks have secured much money from other
places despite the frmness of loan quotations
at this centre. as rates at cities outside Of New
York high they are here. Unfortu-
nately foreign exchange has advanced in tho
last two days to level which makes further
immediate engagements of gold for import out
of the question, especially the foreign fnan-
cial centres beginning to make preparations
TO finance the proposed Russian loan. Never
theless If the demands of the situation at this
point should become urgent it is not unlikely
that there would be moderate shipments OF the
precious metal from Europe to this side OF the
Atlantic. Moreover, it is quite certain that in
| the event Of acute stringency Secretary Shaw
would come to the relief Of the market with a
generous deposit OF government funds in ma
tional banks.
While the position of the money market IS not
favorable TO increased activity on the part of
stock market bulls. there is nothing In the sit
uaton which should create the impression that
there is to be widespread disturbance in money
| in this country. There is more money In the
United States at present than ever before in its
| history, but at the moment funds are somewhat
| poorly distributed. while the demand in connec-
| ton with Industrial progress is urgent that
theTe practically Is no surplus for the accom-
modatlon or stock market operators. In view
of the fact that money conditions are not favor
| able TO stock market activity. il is extremely
| improbable that there soon Will be a. resumption
| OF the bull speculation which eliminated In
January and which since that time has shown
| no indication OF ar active revival The leading
| financial interests are opposed to a heavV
| speculative movement just now and II "a en-
couragtng TO note that the greater number OF
| wall street spectators realize the danger Of
| making large market commitments at this junc-
| ture- Later on IL the season money will begin
TO return TO this centre. and IL conditions In tbe
industrial world are then as promising as thew
are now there will be an opportunity for further
| operations on the long side of speculation One
OF the most encouraging features at the present
unle is the excellent condition of winter wheat
|