New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-15
STOCK MARKET OPERATIONS.

Stock market operations were light in volume
on an irregular movement of values. which
showed unimportant price changes at the close.
In the greater part of the day the majority of
issues exhibited firm tone, but there was no
heavy buying and no Indication of resumption
Of bull activity in the immediate future. Com
mission houses had no large orders for public
account. while. with the exception of few is
sues there was no sign of an active interest in
speculation by the substantial financial element
which recently exerted so much influence on the
course Of trading. In the copper shares. Amer
lean Smelling, Brooklyn Rapid Transit. Read
ing Union Pacific and the Chicago Union Trac-
ton stocks moderately active dealings were re-
ported, but elsewhere in the list there were few
features which attracted Wall Street interest
Further losses recorded by the Chicago trac-
ton stocks failed to affect other securities. The
decline in these issues, as compared with a year
ago. is estimated 10 represent depreciation of
upward of S5OO0OOO0, and apparently there is
little prospect al present of any important
covery in their market value. owing to the
sweeping decision of the Supreme Court re-
gardng the franchises of the companies Ire
rnendous losses have been suffered by the Chi
cago operators in these stocks. but fortunately
the decline has not been due to developments
affecting adversely the general investment sit
uation. In the last hour prices as a rule de-
clined fractionally but the losses were not heavy
enough to bring about extensive financial
changes although most stocks showed net losses.
The decline was encouraged by an advance in
call money TO 8 per cent and a hrmer market for
sterling exchange.
Money market conditions AT this centre while
somewhat more favorable than they were few
weeks ago, do not yet suggest the probability OF
the development of cheap rates for loans I'm the
immediate future. An active demand for funds
prevails throughout the country. and that
negotiations practically have been completed for
large Russian loan there is less probability of
extensive shipments of gold from Europe to this
country than there was earlier in the season.
though the chances are that in the event Of an
actual need for foreign assistance the local
financial institutions will he able TO secure
enough of the metal to prevent disturbance I'm
the monetary situation in the United States.
The recent engagement by the National City
Bank Of S1.2J0,000 gold in London has been fol-
lowed by strengthening in discount rates in
the foreign capital and the development of an
anita gonistic spirit on the part of London bank
ers 70 shipments Of the metal 10 this side of the
ocean. Nevertheless. this country is in re-
markedly strong position on international trade
account. and loans made here by foreigners
Will not mature for some time to come the large
exports Of food products and general merchan-
disc may be effective in compelling payment
in gold by foreigners Of their obligations due the
United States on trade account. In the month
of February the total value Of exports OF dornes-
Tic products, not including manufactures. was
ST465l 500. Large shipments OF breadstuffs and
cotton. together with sales of American invest
ment securities 10 foreign purchasers have been
important factors in depressing rates for for
eign exchange. The advance in sterling rates
yesterday was not considered an indication of
permanent improvement in the market
Money market factors continue TO check &C
tivity in stocks. and it is quite probable that
/ there viii be extended speculation on the
/ local Stock Exchange for number OF weeks 10
come At the moment there is no particular
/ incentive for public operators 70 come into the
market while there is little I'm the general situa
ION which encourages activity the part Of
/ the larger speculative interests at the current
level OF quotations. IT is not unlikely that later
on In the season Improvement will take place in
! STOCK market values on expanding volume Of
/ business. but n is also likely that this move
mcnt will begin from a range of prices under
mat now prevailing. II is quite generally be-
leFed that the low priced shares eventually will
/ improve so much i'm intrinsic worth that their
/ market values viii go much higher. while ii is
also considered probable that such issues as
Union Pacific and S.. Paul viii touch better fig
ures than any so far recorded. The enormous
assets Of the Union Pacific company are becom-
ING matter OF vital interest to the stockholders
! OF me company, and the announcement yester-
DAY lhst certain prominent holders OF the issue
Mouiu ofllg sult 10 compel distribution of the
company surplus created favorable comment in
1 financial circles The road has made an enor-
| nous amount Of money in its regular traFfic
business and tremendous PROFITS in the apprecia-
lion in the value OF its holdings of the securities
or other companies