New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-02
STOCK MARKET OPERATIONS.

Stock market values moved in an irregular
manner in the greater part OF the day. with the
final tendency in the direction OF lower quota
tons. Outside Of Northern Pacific and Great
Northern few stocks received important support,
and the advances which were recorded in the
Hill issues failed to attract active buying
movement in other parts of the list Naturally
after the sharp decline in Wednesdays trading
operators showed considerable hesitancy in
making commitments on the long side of specu-
lation. the chief buying in the day representing
covering OF short contracts and purchases by
traders who were courageous enough to deal for
q quick turn on the expectation Of a decided
rally especially in the stocks which showed the
chief weakness in the preceding day. The cop
per shares were weak; also Consolidated Gas
and Wabash preferred. Although the total deal
ings were moderately large. amounting TO S8e.-
e93 shares. the greater part Of the business was
supplied by a few issues, including st. Paul.
Colorado Fuel. Northern Pacific. Reading. Union
Pacific. the United States Steel shares and
Brooklyn Rapid Transit. The general course OF
trading in the day did not indicate the presence
in the market of substantial speculative inter
ests nor did Fl suggest the probability of their
immediate temperance In the speculative field.
At the moment conditions are not favorable to
active bull operations in Wall Street, and the
chances are that II will be a number Of weeks
before the people who best informed regard
ing the position OF money and stocks will be
willing 10 make active ventures in securities,
cept for investment account While there has
been a big decline in values from the top prices
Of the year. it is not improbable that the next
hull movement win begin from level under
that now prevailing. In the last hour Console
dated Gas made a new low record for the year
at 15412.
The advancing tendency in the money market
in the last two days and weakening in foreign
exchange rates indicate the possibility of gold
imports in the future if present conditions
should continue. So far in the current week the
local banks have lost over $500 900 TO the gov
eminent, and the position of the federal
treasury is improving rapidly. the suggestion is
heard in many quarters that the Secretary OF
the Treasury would be justified in in
creasing the government deposits in New-York
banks. It is probable that in the event OF money
market disturbance the Secretary would take
action Of this sort, but of course Wall Street
spectators contend that such action should be
taken at once in order TO remove the possibility
OF trouble in Wall Street circles. The temporary
scarcity of money in New-York is naturally felt
by the operators in securities who depend on
borrowed funds in their speculative transac-
lions, but the general business of the country
is not suffering on account of the higher rates
for loans in New-YorlI and at interior cities
Business men have made large profits in the last
year. and they willing 20 pay higher quota
tons for money in order 10 secure additional
ca pital for the extension of their enterprises.
1t is not at all likely that there will be long
period OF monetary stringency at this point. for
the good reason that money IS bound 10 flow
toward the centre where IL may be most profit
ably employed, and a consequence a con-
tinued firm price for funds will attract a flow
OF gold from Europe. while after the spring de-
mands OF the interior merchants have been sat-
isned currency Will undoubtedly return to this
city IN volume. Moreover. the situation is likely
to secure relief from the liquidation OF loans
which is taking place a result OF the liquida-
ton in the stock market. The banks still hold a
large amount OF cash. and If the reserve should
fall below the legal limit the amount soon would
be restored through the channels which in other
similar periods have been utilized. Foreign ex-
change rates declined yesterday over 80 points
under the pressure of large offerings of bankers
bills, which were put out result OF the ad-
vance in money. Call money was quoted as high
as per cent. while time loans for three months
were made az per cent. the highest rate of the