New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-17
STOCK MARKET OPERATIONS.

While there was no especial activity in yes
| terday's short session Of the Stock Exchange the
general tendency Of prices was in the direction
Of higher level, with net gains in the greater
number of issues at the close. There were
however, few important advances. Improvement
as a rule being confined to fractions. the chief
executions in the active list being Canadian Pa
cihc. Colorado and Southern second preferred.
Great Northern and Northern Pacific in which
last quotations were 1 per cent or more above
the closing figures Of the preceding day Maxi
mum gains in number OF securities ran be-
yond 1 per cent, but part Of the strength was
lost before the close. notably in Anaconda
which In the early dealings rose to new hlgn
record price at 302&. with its last price at ZSea'
a net gain OF 4. Buying OF this issue and OF
Amaleamated was OF the same character as
noted throughout the week. and the street as
a whole. appeared 10 be bullish over the course
of prices IN these securities in the near future,
owing to the strong position Of the copper trade
and 10 the growing scarcity of the shares avail
able for speculative purposes In London Rio
Tfntos again were IN active demand furnishing
the chief feature Of the operations IN the British
market, and the strength of the copper shares
there was a factor in advancing the quotations
on the local exchange In copper trade circles
the idea is growing that the price Of the metal
will reach a higher figure, and this theory,
which IS extremely well founded, naturally
serves to attract attention TO the copper secur-
files, and encourages the belief that all good
copper shares Will move TO a materially better
level IL the general market continues 10 exc
hibit the strength that has characterized the
movement Of values in the last fortnight.
Bank statement figures showed improvement
over the Clearing House exhibit Of a week ago.
but the increase in the reserve above legal re-
oulrements was not large enough to warrant the
idea that money rates viii rule at easy level
IN the current week. Cash holdings made a
poor showing declining $91S.9O0. but owing 10 a
material contraction in loans deposits decreased
to an extent that caused a reduction In the cash
required against deposits and an increase in the
reserve OF 81 OS5,17 TO 4431.O $50. which COM
pares with 50, 7S9 925 in the same week last year
and 50 204 425 in 1905. This item is low for this
period of the year, but the Street has hopes OF a
better showing in the not distant future as
result of expected gold imports which are fore
Swallowed IN the present position OF the foreign
exchange market large amount Of gold viii
arrive in the London market tomorrow, and It
is not unlikely that local importers will secure a
certain proportion Of #, while 1t is quite evident
from the condition of our credits abroad, that
this country viii be able to bring IN the precious
metal in volume If the need for such action
should arise. We have a large foreign trade bal
ance and in addition Europe is taking our secu-
rites, as nstanced IN the placing abroad OF the
New Haven debenture securities, just announced
the purchase by foreign bankers Of short time
American railroad notes and the buying on the
Stock Exchange of stocks for London and Con-
tinental account. Local bank reserves are low,
but the position Of the financial situation in this
country is strong, owing TO our practical control
re
lief is expected from gold imports than from the
passage of the Aldrich currency measure though
the enactment of this measure into law will serve
the good purpose of strengthening confidence in
the belief that at last our lawmakers have awak-
ened to the urgent necessity of reforming our
currency system in the interest Of American
trade and finance. The Aldrich bill will help
TO pave the way for wider and better legislation
at the next session of Congress.
Good buying was reported in Canadian Pacific.
PENNSYLVANIA, Reading, Union Pacific, st. Paul
and Missouri Kansas & Texas in the two hours
of business especially in Canadian Pacific. which
closed at a net gain of points. Though there
was little commission house business for public
account the leading Wall Street operators APP
peared to take a cheerful view Of the prospects
for higher prices in the near future.