New-York tribune., 1905-11-15
Closing prices yesterday Of active bonds dealt IN
STOCK MARKET OPERATIONS.

Although money rates again ruled at hlgh
level the maximum being IS per cent STOCKS
showed a much better tone and at times were
strong enough to suggest the most powerful
kind of support, both in the local market ana III
the American department OF the Londoh 9toeA
Exchange. London prices came in strong
doubtless on buying for New-1ork account, and
after early nesitancy and weakness IN some
parts of the list quotations on the New-fork
board began TO improve throughout and at the
close net gains were reported IN the greater
number of securities The advance was made
in the face Of discouraging market advfces by
almost every commission house in the Street,
of opposition from the leading banklng
interests in the financial community and
despite stiff rates for money, although in the
early afternoon the call money level declined
materially, with the closing at per cent Most
of the days business, however. was transacted
at higher figures. Various stories were heard
about the possibility of government help for the
local money market. but they were not substan-
tiated by Washington officials. 1t was even said
that the Cabinet had assembled for the sole
purpose of devisng means TO help out Wall
Street and that the Secretary of the Treasury
would Immediately come to New-York and TX
things according to the wishes of the speculative
element. The Cabinet did meet, and Secretary
Shaw is coming to New Yorlk but it is not likely
that the Cabinet discussed the New York money
market situation or that Secretary Shaw Is
coming to New-York to throw money into Wall
Street The chief purpose of the Secretarys
visit is to see his family off for Europe II
stocks can advance with money at yesterdays
level there is no occasion to ask the govern
ment for assistance. and it is not likely that the
government will offer any assistance to the
money market unless the business Interests or
the United States are placed in serloNs posi-
ton through the scarcity of funds at this centre
The surplus reserve of the associated banks
has been wiped out, but the banks still have
little money left and in the course OF snort
time the high rates for loans at this centre Win
attract enough currency to this centre to restora
the reserve above legal requirements and to
provide funds for the speculative pools that are
behind the current bull movement in securities
that IS if these pools need any money. II
should be borne in mind that the men who nave
been bulling stocks for many months are tinan-
ci.,I1- strong. They have provided themselves
with time money for over the end OF the year
and as there is no large weak public following
II, the market the chances Of acute disturbance
in stocks as a result of the present high rates
for call loans are not particularly bright, ac-
cording to the point of view OF the big specu-
;a,;-. interests These interests have contended
for a long tim that 10 matter what the de-
,-eropr1eT1ts in the money market might be there
would be no panicky break in securities, for the
reason that stocks are too strongly held to be
forced on the market. The course OF values yes
fer5av apparently carried out this idea Of the
situation The fact that there was not a fur
ther contraction in values naturally encouraged
some commission house buying, but there was
no great amount of outside interest in the spec
ulation the heaviest purchases being made by
the shorts and by the people who are putting
forth every effort TO maintain stability in the
market
At the close the market was firm, showing a
good part of the days advances. Arbitrage
houses however, took the short side of the mar
ket overnight on the theory that London would
not follow the rally here. Trading was active
in the FIVE hours Of business, with the heaviest
operations IN Amagamated Copper, American
Locomotive, American. Smelling, Atchisen.
Brooklyn Rapid Transit. Erie. Missouri, Kansas
and Texas. New-York Central, Pennsylvania,
Iron Union Pacific and the United States Steel
shares. Net gains of per cent and more were
common. Brooklyn Rapid Transit advanced for
the day over 8 per cent. Canadian Pacific over
. Kansas and Texas ?, Northern Pacific IL, |
Reading > and Wabash preferred 27s. Sterling /
exchange was Is points above Mondays last
quotation. European capital is being drawn on |
fl large amounts to help the Wall Street situa-
ton. but foreign conditions do not favor the idea
of gold shipments to this side of the Atlantic at
present