New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-14
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
moderately heavy in volume movement OF
values that generally tended in the direction of
higher quotations. Advances of per cent and
more were common throughout the list. especial
strength being reported in the Hartman IS
sues, Great Northern. Northern Pacific. Cana
dian Pacific. Reading and the copper shares.
Anaconda Of the last named group making a
new high record at 3O0A, a fraction above the
best point of 1906 When this stock sold at 800
last year the price of copper 1872 cents a
pound while to-day the metal is quoted at %
cents. with the chances favoring even higher
figures owing TO the great demand for consump-
ton at home and abroad and the growing scare
fly of the metal available for trade purposes
The output Of the mines has not been curtailed
but the consumption practically has run ahead
of production Interest IN the days market by
the larger speculative operators was more
marked than at any time since the elimination
Of the recent decline, buying of the steel shares
American Locomotive and other industrials
being features of their operations; also tho
Hartman and Hill stocks. Higher prices for
American securities abroad, foreign buying IN
the local market and the favorable report by the
Senate Finance Committee on the Aldrlch cur
rency measure factors that encouraged a
more confident feeling among the advocates OF
higher prices. while they served to attract a
larger commission house following on the bull
side Of speculation than recorded In many days
While It may not be possible for the adoption
OF even abbreviated currency reform bin in
the few remaining days Of Congress- It is en-
couraging to know that the leaders in tho Senate
appreciate the necessity Of making changes in
our currency laws inasmuch as their awakening
may lead TO real measures OF relief next winter
the money market in the mean time receiving
Slch as ma ha
rotary Of the Treasury and gold imports Stocks
were buoyant In the last hour and final prices
were not far from the best Of the day
While Wall Street bankers are not counting
on an active response to the offer Of the secre-
tary of the Treasury to purchase S25,OOOOOO Of
the government Is of 1907, they feel more cheer
full over the future of the money market as
they believe that the disposition Of the govern
ment TO buy bonds reflects intention on it's
part not 70 withdraw from the depostary banks
the special $3O,OO0,O0O deposits made last fall.
and which, under the terms made by the Score
tary at the time the money was turned over to
the banks would be subject to recall any time
after February l. The Treasury Department
does not need this money, and It can well afford
to redeem in advance of maturity bonds Of 1907
and the fact that the government vaults are so
well supplied with funds naturally suggests the
probability of further government assistance If
the money market should require II. In Janu-
airy the excess Of government receipts over ex-
penditures amounted TO more than $1,000 900; so
far III the current month the excess has been
more than 81 900 900 these figures not Including
the $6oO0OOO deposits recently withdrawn
while tomorrow S6OOOOOO of the federal de-
posts for which a specific time was appointed
for their return to the Treasury will be maid n
the government. Including the last named
ar -ha huVL 1ax,a
more than S24OOO000 since the beginning of
the year, a total which pretty nearly offsets the
which Mr.. Shaw offers TO replace in the
channels Of trade through the purchase Of gov
eminent securities.
II IS unfortunate that our currency svstap,
which includes the fiscal relations between tho
banks and the national Treasury. permits the
banks which supply the power for the arteries
Of trade 10 lose money in large volume 10 the
government because of national prosperity. bur
II IS encouraging to know that despite the handi
cap OF the bad features Of our currency laws rho
money market has been handled In q usnnar
that has caused only a minimum amount of
hardship in the commercial community. Our
control OF the foreign exchange market erner
gency relief measures by the Secretary Of tho
treasury, for which there is no precedent or
law, and intelligent engineering by our banksrs
have saved the business interests OF the country
from much hsrm. But how far stronger the ..t
uation would be IL the country's lawmakers
would enact remedial currency legisIationl The