New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-12-08
enlisted
Closing prices of chief active bonds dealt in.
with net changes, follow:
STOCK MARKET OPERATIONS.

Although call money ruled at a high rate the
maximum quotation being p per cent stocks
were strong throughout the greater part OF the
day. especially some OF the industrial issues, In
which further sharp advances were recorded"
This was particularly noteworthy in the case
of the copper stocks National Lead and Ten
nessee Coal and Iron, the latter issue selling at
It's best price ever recorded. Buying Of this
stock apparently was based on the reported
change Of control in the ownership OF the COM
pany 1t is generally understood that the So
called Gates element has secured a large in
terest in the property, but it is not believed
that Mr.. Gates and his friends have gone into
the company with the idea Of permanent owner
ship The Gates crowd is made up entirely of
spectators, and they merely endeavor to secure
control of various properties with the idea of
selling their holdings at profitable figures. On
its merits Tennessee Coal and Iron is selling
beyond its actual worth, but in the present ag
gressive bull speculation which is under way
on the Stock Exchange considerations involving
the investment value of properties are not the
controlling influences in the movement Of values.
In the general railroad list there were few i'm
portant movements, the chief activity being
supplied by Brooklyn Rapid Transit Kansas
City Southern preferred, Reading and Union Pa
ci1c. Commission house business was active
throughout the day, brokers reporting an excel
lent demand for all the first class issues; also
for the stocks the reputation of which as con-
sentative investments cannot be measured by
their present market quotations. In the last
hour Of trading the whole market was strong
especially in the case Of the copper shares, Ma
tionaI Lead and Tennessee Coal and Iron. the
last named issue closing only a fraction under
its best price of the day at a net gain Of 81.
per cent. The advance in call money rates was
accompanied by a decline in sterling exchange
to the level near the point at which gold NAV,
be imported at profit The strength in stocks
in the afternoon was helped by the report that
the Secretary of the Treasury would deposit a
large amount Of government money with the
Western banks. OF course such deposits would
tend to relieve the situation at this centre t
asmuch as the high rates for money vvo11d At
tract to New-York the funds deposited bv, the
government
Whlle money rates are expected to prevail at
a high level IN the balance of the current month
the prospects favor lower quotations for loans
in January and period of comparative ease IN
the succeeding months until the usual spring de-
mand develops. There have been a number OF
causes contributing to the high quotations for
loans, as. for instance heavy transfers Of Cur
rency to San Francisco and payments to the
Sub Treasury for out of town banks in csnpec
ton with collections of internal reyenue and
drafts on the per cent fund for the redeDption
Of national bank notes According TO reports
received from Chicago and St Louis an active
return flow Of money from interior points TO
those centres has begun. and it therefore Is
probable that funds will soon be moving to
New-York in volume. In the meantime it would
appear on the surface foolhardy to make extern
sive commitments IN the stock market for the
bull account. but the money market situation
apparently does not worry the leaders In the
present bull speculation. their argument being
based on the fact that they are well suppIied
with time funds and that fluctuations in call
money can have no effect on their operations
This idea, however. should not be accented bv
the small spectators far as their own deal
ings concerned. The stock market has
reached point where great caution ought to be
observed, and the larger speculative interests
may hnd it profitable & they exercise their in
huence in CHI scJdng bull enthusiasm at this
time for by so doing they viii prevent serious
smash in values and place the market in a posi-
ton which will be more likely to attract genu-
inc buying demand in the new year OF course
Il there should be severe setback in values.
stocks VIII be bought by strong people who
have been waiting many weeks for lower quota
tons 1t is generally understood that the So
called Standard OIL party is not an active factor
on the long side OF the market at present and