New-York tribune., 1905-12-28
STOCK MARKET OPERATIONS.

a.o+ionarv tendency developed in yester-
davis stock market owing in great part to the
high rate for money loans advancing 10 30
ner cent hut declines in stocks generally were
not important while there was no fndlcatlon
of rneasiness among the SPECTATORS who are
still working for better quotations. Ordinarily
a rate of e5 per cent would bring about heavy
liouidations in securities, and the fact that
prices held I'D so remarkably well reflects the
presence in the market Of remarkably strong
interests who believe that the present move
nent of money will not continue for any ex-
tended length Of time. There are many good
reasons to believe that there will be material
relaxation in rates in the new year, but 1t ts
quite likely that quotations will rule at q. fairly
firm level for number of weeks to come. An
Increased demand for money has developed
abroad, yesterdays money market IN London
being extremely active and higher while sim
liar conditions prevailed in Paris and Berlin
The exchange rate at Paris London was
lower. but the foreign money market conditions
failed to exert material influence on securities
prices abroad, the greater number Of shares
closing above the level Of the preceding day, the
copper issues being exceptions, although in these
shares there was no important setback
In the local market the copper issues were
weak but not in proportion to the advances that
have recently taken place. In Anaconda there
was net decline Of per cent compared with
a net gain Of SO in the day before. while Anal
gamated, which ended at a net gain Of 6&
Der cent in Tuesdays market, closed yesterday
at a net loss Of 3az. The heaviest operations
were supplied by the copper shares. American
Smelling Sugar Refining, Brooklyn Rapid
Transit Metropolitan, Pennsylvania, Reading,
Union Pacific and the Steel shares In these
issues and in other parts Of the list declines as
a rule were more than per cent, the heaviest
net losses being furnished by copper issues,
St. Paul, Great Northern preferred, Metropoli
tan Securities. National Lead, Northern Pacific,
Tennessee Coal and Iron and Union Pacific. On
the decline an excellent demand developed for
the account Of the leading market interests,
many purchases being made for the men who
have been interested in the bull market for
so many months. Most of the liquidation rep
resented selling by commission house traders
who were afraid to risk further margins with
money at such an advanced level: also by the
smaller speculative pools which practically were
compelled to tighten their burdens. The move
ment of the Metropolitan stocks did not n
courage the idea that the merger plan, so far
as metropolitan is concerned. would meet with
the hearty Endorsement Of people who in
terested in the surface lines, it is not par
ticuIarly favorable either to the Metropolitan
Securities interests to the street railway
stock itself The shares Of the company
which will be formed to take over the present
Interborough and Metropolitan companies were
dealt in on the curb sales of the common being
made from 90 down to 5S 5-S. sales Of the pre-
ferred from 102 down to 100. while the collat-
eral trust bonds We're dealt IN at from 95 to
971z