New-York tribune., 1906-02-08
STOCK MARKET QUOTATIONS.

Stock market values moved in an irregular
manner throughout the greater part OF the day.
with the tendency in the last hour in the direc-
ton of lower quotations. There were few impor-
tant declines in the active list and there
disposition the part OF the larger interests
to work for cheaper figures. the losses in the
final trading being due TO operations of the
board room element Transactions were consid-
erably smaller In the general list than recently
recorded; indeed. the days business in the ma
jority Of securities was lighter than reported
any day in many weeks. Operators who are
well informed regarding the speculative situa-
ton predict that the market will continue to
move in irregular fashion for several weeks
to come. but they do not believe that there will
be important shrinkage in values unless
there should be some development affecting ad-
versely the position Of money and business in
the United States AS rule stocks are in
strong hands. commission houses are not carry
ing large accounts for public operators and
general technical conditions are sound. Efforts
TO bring about extensive liquidation are not
successful, for the good reason that the chief
owners of stocks men who we'll supplied
with money and maintaining position on
the long side of the market in the confident ex-
pectation that prices eventually will sell higher
notwithstanding the fact that quotations In
most parts of the list are at level which meas
ures the actual investment value Of the securi-
ties. The heaviest operations in the day were
in the copper shares Union Pacific. Reading,
Northern Pacific, United States Steel, Colorado
Fuel and Iron and Distillers Securities. The
last named stock was among the few decidedly
strong features. but its advance was not ac-
cOmpanied by news developments affecting tha
property.
Call money continues TO rule at relatively
easy level in New-York, while time funds are
, at fO X
money is moderately active, and the inquiry by
the banks for commercial paper shows improve
ment for high grade Endorsements. So far in the
current week the local banks have lost upward
Of So,o0o.OO 'on their operations with the Sub
Treasury, due I'm part TO excess government re-
ceipts and TO transactions on account of the =
per cent national bank note redemption fund
Interior banks paying to the government
through local institutions large sums on internal
revenue account, and this operation naturally
results IN losses to the banks at this centre and
the receipts OF currency from the interior are
not large enough 10 bring about a material gain
in the cash holdings of the Clearing House
banks. The outlook favors the maintenance Of
rates for loans at the present level for several
weeks to come. but the prospects are that a
higher range will be recorded in the spring espe-
cialy If gold should be exported from this coun-
try III volume
sterling exchange rules I'm the neighborhood Of
the gold exporting point II Is quite generally
believed that there VIII be shipments of the
metal Just the Bank OF France is in
position to add TO its supply of gold through
an extension of its note limit circulation, but it
may ne number Of weeks before 1t will receive
the necessary authority from the French Paria-
ment to increase its note issuing privilege The
demand from Stock Exchange borrowers is not
particularly active at the moment The irreg-
ularity in the movement Of a+o,lr ,,,rl.o.
indicates liquidation OF speculative accounts
ana according to the opinions of the hest in
formed men In the Street this situation will
not be changed for several weeks to come The
greater number of commission houses are well
supplied with time money and as a consa,,uero,
the possibility of an advance In rates for cali
loans is not worrying the speculative community