New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-21
Closing prices of chief active bond, dealt IN.
with net changes, follow
STOCK MARKET OPERATIONS.

n yesterdays stock market trading was &C
tive in most Of the important issues. especially
in the copper shares. Union Pacific and Reading
The last named security enjoyed marked I'M
provement while the shares Of the other coal
roads were strong a rule, notwithstanding
the sensational reports which were heard re-
garding the meaning of the decision of the Su-
preme Court which was rendered on Monday in
the matter Of the Chesapeake and Ohio These
reports doubtless emanated from people who
were anxious to bring about further declines in
stock values. but the opinions OF we'll Informed
railroad men and lawyers regarding the decision
served to convince operators in stocks that
there will be no harmful developments from the
ruling Of the Supreme Court judges The de-
cision, apparently. means that no carrier of coal
can sell II at tidewater, for instance at a price
below the of the cost at the mines plus the
published freight rates. but It does not mean
that the railroads and their controlled compa-
MES are debarred from engaging in the coal
business It would seem that as long as the
provision OF the law with respect to price is
compiled with there need be no uneasiness on
the part OF the companies regarding the scope
Of the decision. especially as it does not touch
the question of control of coal mining compa-
MES by coal carrying railways
Reading shares closed the day at a net gain
Of three points a volume Of business that
amounted TO over 10000 shares on the basis of
fulI stock The upward movement in this issue
served To attract buying in other parts Of the
list. while the early strength IN Union Pacific
also was a factor in inducing purchases not
only for the short side but for the account of
commission house traders who desired TO buy
stocks for rise. Anaconda and Amalgamated
were strong features in the early trading but
lost their improvement in the last hour when
the greater number Of securities declined under
the influence Of selling, which apparently was
due TO an advance in call money to 8 per cent
and unfaVorable advices from Europe regarding
the progress Of the Moroccan conference Most
OF the foreign markets were weak for the last
named reason, but II was not until the afternoon
that this factor became an influence on the To-
cal exchange. Reactions from the high prices
We're not large enough, however, in the major
ity Of stocks 10 bring about net losses, final quo
tations showing improvement in most shares
The local banks have lost SO far in tbe CURRENT
week on their operations with the Sub-Treas,,r,,
over SI,ovvooO' while the movement of currency
10 the interior has been in excess OF recefpts
from out OF town points. The fact, however.
that foreign bankers are lending their funds in
this market relieves the situation of the nossi
pility Of disturbance which might develop if
@Oi1ey were gong out In volume to the West
ana South without an Offset in the shape or for
eign loans AS a consequence of the willingness
OF European bankers 10 place their money here
the city banks have been arae to reduce their
own loans, and they are, therefore In a position
10 restrict 10 great extent a decline in reserve
through the loss in cash holdings. It Is quite
likely that III the bank statement OF the current
week part Of the loss which was not reflected In
last weeks statement OF cash in the Clearing
House exhibit will be shown in Saturday's bank
return. but IL is also likely that there will be a
large enough contraction in loans TO balance the
decline In the actual holding OF money as an
influence on the reserve above legal require
ments. The position OF Paris exchange on Lon
don does not indicate a money market situation
in the French capital which requires an increase
IN the gold supply ct that point at present This
being the case. Paris undoubtedly will be willing
to ship gold 10 the United States IL this country
needs the metal. but at the moment rates for
exchange IN New-York are we'll above the gold
importing level, and II is not likely that a move
ment OF the metal from the other side of the
ocean will begin in the course OF the next ten
days. unless there should be some unexpected
change in money market affairs Time money
continues TO rule at firm level. but borrowers
experience no difficulty In securing all the money
they desire as long they willing TO pay
the rates demanded. And the same thing may
be said regarding the call department OF the
market.
The current position of the stock market does
not suggest the probability of the development
OF long period of declining values. but there
are certain factors in the situation which war
rant The opinions which are exp0ssed in many