New-York tribune., 1905-12-27
STOCK MARKET OPERATIONS.

After remarkable and unusual exhibition of
strength in prices OF securities in the Stock Ex-
change yesterday IN the forenoon session, there
was some trregularity in the price movement in
the afternoon although the large majority OF
active issues closed higher. The net gains were,
however. a rule fractional. except in those
stocks which rose to new high records, partio-
ularly Anaconda Copper and Arnalgamated Cop
per. also American Smelling and Refining Com
pany common. The late reaction from the early
high prices was due to the furry in money to-
ward the close of business, when money on call
lent as high as at 85 per cent per annun at which
rate the last loan Of the day was made with a
quotation Of 35 TO 40 per cent at the close The
ruling rate for money. however, more
than 10 per cent, and low rate of IL per cent
made in the early session The burst of
activity in strength in the first hour Of business
wherein 100000 shares changed hands, was
more remarkable, as business yesterday was
suspended on the London Stock Exchange a
holiday being observed there. Traders thought
they detected nevertheless, buying orders for
the foreign account in the local market. First
prices throughout the list were strong, Ana
conda Copper opening UP anywhere from s to
IS points, advancing by IL o'clock to q quota
ton SO points higher than the closing price on
last Saturday Anaconda's high price was 266,
and it's closing price ESQ. making its rise in the
day Il points Amalgamated Copper led in
point of activity, enjoying net gain of 6A
points, and closing at 1O6&, a quarter per cent
lower than its high price in the present move
ment Other stocks which enjoyed big activity
were Union Pacific, which rose to new high
record in its history; American Smelling and
Refining which also rose to a new high record.
and q. s. Steel common. which sold at better
than 40, higher price than recorded since It's
low record of SIS. The high rate for money In
the afternoon caused almost a general reaction
from the high prices Of the day. which We're
made in the forenoon. The low point was
touched at al out 2 o'clock. but prices again ad-
vanced. as there were profit taking sales in
evidence In the last fifteen minutes there was
another material decline throughout the list ex-
cept in the copper Issues. The closing tone in
the share division was by no means weak Bonds
were comparatively quiet and about steady.
The general outlook in the money market
favors e rather firm quotation for London rates
until the middle of January at least but after
that time 1t is believed that there will be re-
taxation in quotations, and that under the IN
huence of large shipments of currency in this
centre from the interior there will be ample
supply Of funds to accommodate further bull
speculation In securities. Last weeks bank
statement was not materially affected by the
shipments from New-York of currency to Chi
cago and the sending of gold to Mexico. At this
| time Of the year reserves rule low, and
the fact that the present surplus is only above
| the limit required by law does not create any
| uneasiness IN Wall Street circles. reflection Of
which is presented IN the enormous trade in
stocks and the advancing tendency Of values
Opinion In financial circles favors the idea that
| there will be an active demand for funds in all
parts of the country in the year owing to
| the expected continuation Of business expan-
sion. but 1T is believed that money will be SO
/ distributed that there will be stringency at
| any OF the important centres
Foreign exchange is moving at present under
! the influence OF the changes IN the money mar
I! ket, but the indications that within the
| course of G few weeks there viii be material
advance in quotations for demand sterling fol-
! lowed by shipments OF gold from New-York.
This country viii be able to send the precious
metal abroad without disturbing the financial
| situation. and the mere fact that the United
! States has gold to spare to help out other coun-
tries naturally should be considered a bull argyll
| nent on the position Of affairs here OF course
| just at the moment, owing to the high prices
| for funds IN New-York local exchenrs bankers
are drawing heavily their foreign credits
| which, in the form OF finance bills are loaned
in this market, but later on the supply of this
sort Of accommodation win be withdrawn and
the United States will be called upon 10 meet
It's obligations IN Europe. The monetary sit,la-