New-York tribune., 1905-12-18
THE WEEK IN WALL STREET.

Speculation on the Stock Exchange continued
st furious rate last week many ne" "isH
record prices being made on the largest Vo4u.he
OF trading reported since February last espe-
cialIy heavy transactions being noted IN the ln-
dustrial shares ond Uniol Pacific In 'he IN
dustrial department of the market great interest
was exhibited in the copper securities IN WHICH
new high prices for the year were estaohsheo
AnnaIeamated Copper, for instance, crossing par
for the first time in many months, while Ana
conda moved to a level more in proportion 10
the actual worth of the stock as an investment
Issue The copper situation IS most lIlI7IeS'-
ing at the present time. and while IN some
quarters It is said that the high price hor 'il'
metal is purely artificial and due TO the e1orts
Of the insiders to advance the quotations OF the
conner shares It is asserted in trade Circles
that the upward movement in the price OF the
.,.+., hos baa, due entirely to natural condi-
+ions IN the copper business. There is an actlVe
demand for the metal throughout the worlo' ana
consumers are bidding freely for large ioIS Aol
future delivery. on basis OF 1875 cents "liloii
is under the figure at which some actudi S"t
ware made last week. High grade copper TOT
immediate delivery has been quoted at - dll"
20 cents a pound. Growing activity IN Ine Cum
trv's general industries has direct oeeIiiis '
tba nrice of copper, and the fact that there has
of mig iron also bears close relationship TO the
o,o-.+ions in conner It is likely that the
demand for the metal will continue active 1or d
long time TO come not only in this country DuI
in Europe. Based on actual trade colioi'ioiiS
there has been good reason fer the improvement
in the copper shares on the exchange anu III Iiio
curb market Interests who are ident1neo WIN
the AnnaIgarnated company believe-th the
price of ali first class copper shares VIII move
Of
months. and they predict better price for
...1-a,,,oted than was recorded in 1903, when
+b,s iesue sold at $50. The general course OF
srac,,Ia +fon continues to reflect the presence III
the market of powerful financial interests whose
operations are being conducted on an emu iii0O
scale on the theory that the great prosperity "a
this country will bring about furtheT apPl e0-0
tion in all securities, Notwithstanding Iho poS-
sihilitv of a continuation Of the present MONEY
market conditions
The chsnoes Of disturbance in the money
market however, are extremely renloIe' 1or 'A9
good reason that there is no underlying "o~N
ness in the financial situation ana no actua@
scarcity of funds IN this country. Money has
been stir at this centre, owing to the reductioh
IN bank reserves caused by the heavy demands
,-r accommodate alton in all lines Of trade, to the
reo,,,ren7ents of speculation and, perhaps IN
som. degree, to manipulation on the part OF
bankers who axe anxious to check the present
bull wave on the Stock Exchange DoUotless
+h.rs ars a number OF people who have sou
their stocks and who are anxious to bring ABOUT
a cheaper quotation level. and 1t must De eE-
+-en,eIv disappointing to these individuals to
sae prices advance in the face or hlgn rateS
for cali loans The reaction in securities which
5a,-.1one6 m Thursday was not due TO high
money rates but to a topheavy condition or
ejaculation which fell from its own weight The
time has arrived when sharp declines may De
expected but there signs in wall street
that the end Of the bull market IS apouC 10
develop The larger interests have not sold
their holdings they not in any ahecteu
nv the fluctuations in the call money market
as thew are well supplied with time funds, ana
thew see no good reason Tor taking their prof.
its At prevailing prices. Some Of the minor
pools and small individual traders may now
ever he compelled to nquidate their accounts
bapore the end OF the year. According to the
ad,-ioes received from commission houses. there
are not many weak accounts in the market, the
greater number of operators being men of
substantial fortunes
High rates for money and the presence in
the market of large amounts of finance bills
naturally tend to depress foreign exchange
but lust as soon money returns to a more
normal level there doubtless will be an ad-
vance in sterling rates, while it is not improb-
able that gold exports will be made from this
country in the new year. The supply Of cotton
bills is not large Later on there will be An
increase in the amount Of grain bills but it is
not likely that this source will yield enough
exchange to meet the active requirements for
remittance which will develop after the turn Of
the wear There is an active demand for
money abroad ara it is likely that London will
do all in it's power to shift the inquiry for gold
at that centre to New-York, and that this in
ouiry is growing is indicated by the position Of
| Paris exchange on the British capital Not
w4thstanding this country;s favorable trade
balance the United States is heavily in debt to
| Europe, owing to large borrowings Of local
banks in Europe and to other factors which
are too well known to need any notice It is
! quite probable that after the end of the year
! rates for money will decline, at that time
| currency will begin to move to this centre IN
volume. If an active demand for gold for
! foreign account should arise leading to ship
! ments from this side of the Atlantic the move
| ment will hardly have important influence
on money. inasmuch this country has an
/ enormous supply Of gold and is in position to
/ answer the call from abroad without causing
! disturbance IN the general financial situation.
Although in the eleven months of the current
| year there has been excess of merchandise
! exports over imports to the value of S34S. .742-
1S3, III the time the country has shipped
| SIS 3S6 .421 in gold than it has received
In the month of November exports of merchan-
! disc were heavier than in any month D, record
| with the exception of December, 1903 amount
ing in value TO size, ,297, ,sS5, compared with
S15S O68 657 IN the corresponding period a year
ago. while in the same month imports reached a
total value of $9S, ,620. .255, the best record for
any November in the history of the country The