New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-28
Closing prices Of chief active bonds dealt in
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
moderately heavy in volume a movement of
values which showed great irregularity. with
final quotations at substantial net losses in most
Of the active issues. Actual weakness did not
develop until the last hour when. under the in
fuenCe of heavy liquidation. the entire market
declined. the losses in many instances running
above per cent, notably in American Smelling,
Anaconda, Great Northern preferred, Louisville
and Nashville. the local traction issues. Northern
Pacific. Reading and Union Pacific. The weak
ness in the so-called Hill stocks which IN Great
Northern amounted 10 10 points. was not ex-
planned by news developments affecting the vari-
Gus properties, but the Street apparently felt
convinced that the downward modment re-
fected some unfavorable development in the
negotiations which are under way for the sale of
the Great Northern's ore lands to the United
States Steel Corporation According to the best
information obtainabe. there has been no hitch
in the deal. only the details remaining to be set
tied
Undoubtedly the frmer tendency in the money
market was a factor in Inducing liquidation.
While there is no actual uneasiness in financial
circles over the position of the money market it
is felt nevertheless. that unless the market is
afforded speedy relief much higher rates will de-
velop for loans. which. of course. Will serve to
situation would be established through Iiquida-
ton but there is some apprehension regarding
the ability OF the financial district TO handle a
liquidation which would not be accompanied by
serious trouble. There not many bulls in
Wall Street as there were month or so ago,
owing TO the fact that the money market situa-
ton is not favorable 10 active speculation on the
long side Of the market. and to various other
factors including the life insurance muddle,
which, according 10 many minds will bring forth
graver disclosures than any recorded In the
course of the recent investigation by the Arm
strong committee.
So far in the current week the local banks
have lost on their operations with the Sub
Treasury upward Of 100000. and unless
therefore. there has been an offset. in the form
of large receipts Of currency from the interior
and large reduction in loans, Saturdays bank
statement undoubtedly will make an extremely
poor showing. There is no reason to believe
that the city banks have received important
amounts of currency from the interior domestic
exchange rates at out OF town points falling 10
indicate such movement, and it is not likely
that New-York will be able TO obtain relief from
the West for number of weeks TO come. The
demand for funds at interior cities is extremely
active. owing 10 the expansion which is under
way IN various lines of business. but any impor-
tant advance in loan quotations in New-York
Will serve TO attract gold from Europe. For
tunately. much of this country's foreign indebt-
edness has been lquidated through the enor-
nous excess of merchandise exports i'm
ports. which for the seven months ended Janu-
airy 81 reached total of $3.50. $50 4s4.
The detailed statement of foreign commerce
for the month of January. which was received
yesterday, showed an increase IN shipments of
agricultural products the value of S33 222 04O
y lille exports Of manufactures increased S9.615.-
4S2. comparison being made with the same pc
rioG II the preceding year. From July / there
has been an increase In exports Of breadstufrs
and cotton TO the value of S109, S04 $50 and in
manufactures 10 the value of S37,410,542 These
figures make a most impressive exhibit, and
they furnish proof of the great prosperity which
prevails IN this country and the active demand
abroad for our food products and manufactures.
The United States has splendid credit IN other
nations and barring adverse developments from
the Moroccan conference foreign bankers will be
willing 10 negotiate further heavy loans in this
market Just as long as conditions in the money
and foreign exchange markets make such an OPP
/