New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-12
STOCK MARKET OPERATIONS.

Stock market values moved in the direction
of higher quotations in the greater part ~ the
day. Notwithstanding the fact that call money
rates were well above the average Of last week.
while no engagements Of gold for import were
made. Sentiment regarding the money market
was more affected by the announcement that
the Secretary Of the Treasury would buy 500
100000 of the government bonds which fall due
in July than by the absence of gold import
engagements and high money rates. though the
terms Of the government for the purchase Of the
bonds did not appear 70 appeal to bankers who
are large holders of the issue. The copper shares
American Sugar Refining. the steel issues. Penn
sylvania Reading, the Hartman stocks and St
Paul were among the strong features that at
tracted special attention, particularly Ana
conda of the copper group, which sold within
few points of its best price on record Ana
condas par value is S25, and if It We're quoted
on parity basis IT'S current price would he
above -. quotation which is not considered
at all dear in view Of the dividends which the
company pays, the proba ability Of an increase in
the rate and of the maintenance Of the copper
market on its present prosperous level for many
months u come. There was no activity on the
part Of commission houses for ordinary public
account but in many Of the more prominent
issues houses which usually are identified with
the substantial Wall Street interests We're
buyers throughout the DAY Buying OF inns
character also was noticed in some Of the low
priced shares. notably Missouri Kansas & Texas
and Colorado Southern, both Of which enjoyed
net gains of more than per cent. The general
strength was we'll maintained in the last hour.
closing prices being near the best Of the day.
with net GAIN Of from l TO . per cent common.
The action Of the Secretary of the Treasury
in offering TO purchase $25,000,GO0 of the gov
eminent bonds that mature in July at 1912 If
accepted by holders, will benefit the channels of
trade to that extent. assuming that the sellers
do not lock up the proceeds in their safe deposit
boxes or stockings There Is little chance of
the latter as money commands too good a price
for 1t to remain idle. but it should not for mo-
rnent be assumed that the purchase OF this
amount OF bonds, if made, will lead TO extreme
ease in the money market or warrant heavy
speculative operations in stocks on borrowed
money. The Treasury can afford TO pay off the
bonds to the amount Of $25,OO0O00 in cash at
this time, and there is no good reason that, a
little later on in the season, further purchases
of these issues should not be made, as the gov
eminent is in strong financial position and is
growing stronger every day through it's large
excess of receipts over expenditures, hut at
1011a the price offered by the Secretary. there
is little inducement for holders to sell. The fact
that the Secretary Of the Treasury is practically
compelled to offer even doubtful assistance to
the money market ought 10 impress upon the
mind of Congress the urgent need Of the pas
sage at the current session of the National
Legislature of currency reform measures. 70 the
end that the government may not constantly he
withdrawing from the avenues Of trade large
sums Of money that merely go into the Treasury
vaults, where they do good To any one while
seriously interfering with the country's Iegiti-
mate business. And last Saturdays Clearing
House statement also should impress our law
makers with the necessity of currency reform
Through no fault of their own, the local institu-
tons are relatively weak in available resources
but fortunately the foreign exchange market is
running in favor of this country. and there is n
good prospect of a cOnsidera BILE movement of
the yellow metal 10 this side Of the ocean
despite the fact that foreign bankers are not
favorable to operation Of this character
London's response 10 the American inquiry for
gold was reflected yesterday in a stronger rate
for open market discounts and an advance in
the price Of bar gold. with talk of a higher rate
by the Bank Of England in the near future
Europe owes the United States money This
fact does not receive the prominence il deserves
but il is appreciated. nevertheless by well in
formed bankers. and IT serves 70 create in tho
higher circles of finance feeling of confidence
over the future position of the money market
which, however, is not shared in by interests
who reckon the future money situation on the
current holdings Of the local banks Trade ac-
tivity throughout the country has prevented n
large return movement of money from, the in
terror in the last five weeks, while Treasury an
sorptions have taken cash from the banks bnt
these factors viii not drive the local financial
markets into panic, though they may tend 10
restrict new security and note issues nd renress
bull activity on the Stock Exchange
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