The daily morning journal and courier., 1905-12-06
YESTERDAYS STOCK MARKET.
Speculation Becomes Very Animated
 Prices Lifted.

Speculation Becomes Very Animated
 Prices Lifted.
 New York, Dec. 5.-The speculation in stocks became very animated again to-day and prices were lifted compre- hensively to a higher level. The re- bound in Russian securities abroad and the resulting relaxation in the financial tension there was an important pre- disposing cause. The presidents mes sage in the prevailing bullish enthusi- asrn was converted into an influence for higher prices. The speculation broke through the restraint of the stringent conditions in the money market and practically ignored the rise in interest rates and the working of forces or de- pletion of bank reserves. The appear ance of the market was one Of great activity throughout, the run of the tape being practically without cessation or appreciabIe pause from the start to the finish of the session.
 The fact that the aggregate sales did not rise as high as the total of early last week, which was the maximum for the year thus far, was due to the very large number of usually inactive issues which were dealt it. Some of the stocks of largest market volume and which are the usual speculative lead CTS, on the other hand, were compara- lively quiet.
 The breadth of the market may be in- ferred from the fact that advances of a point or over were made by some thing over eighty different stocks. While the speculative attention was disseminated in this way, and the most conspicuous gains were shown by the obscurer class of stocks, the compre- hensive strength of the market, never theless, was undeniable. In the great breadth of the speculative interest the market was more notable than any of the year thus far. Ultimately the move ment extended to some of the lowest grade of stocks and those of very ques- tionable value, thus giving rise to the usual criticism of speculative excess which is induced by such a movement. Rates for call loans were held gener- ally above 8 per cent. from the outset and there was a. furry again to a high CT level, rates touching 15 per cent. when the principal supplies had been exhausted.
 The substance of the presidents mes- sage was pretty accurately foreseen, but its effect was decidedly miscalcu- lated. The terms of deprecation of hos tility towards railroads or corporations seemed to ameliorate the effect on spec ulative sentiment of the reiterated rec ommendation for railroad rate control and regulation of corporations. The suggestion that legal power should be given to permit, under specified con- ditions and careful supervision, agree rnents clearly in the interest of the pub Nc," was fastened upon as pointing, in effect, to authorization for the revival of railroad pooling. The effect was most pronounced in the members of the Vanderbilt group, and this caused con- lectures of a revival of the plan for a merger in that group.
 The strong financial showing in the annual report of the Union Pacific gave that stock special strength and was a sustaining influence in the whole of the railroad list. Some unsettlement resulted from high money rates in the final tone of the market, but the closing was generally strong.
 Bonds were irregular. Total sales par value, $3,650,000.
 United States 3s and old As declined A on call.