New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-12-09
enlisted
c,os,rs nrtoes -of .ehief active bonds dealt in,
STOCK MARKET OPERATIONS.

.l+t,o,,l, "a money sin the active period
Of the loan business the Stock Exchange
ruled at a high level, quotations for the greater
number of securities showed decided fir1nness'
while in many shares considerable strength was
exhibited Absence of important liquidation
md nersisfent reports that the Secretary of the
Treasury would come to the relief Of the money
market naturally encouraged operations on
the bull side of the market, although IN
certain parts of the list quiet selling
movement was reported Stock market yaIues
show such an utter disregard OF the hlgh
rates for money that it hardly appears
necessary for an increase in government
deposits with the banks as far as the specula-
tive situation IS concerned. and it is not con-
sidered probable that the Secretary VIII increase
hank holdings merely for the purpose Of en-
couraging further the bull activity in stocks.
If action is taken by the department it VIII be
becense the actual needs of the country's bust
ness requires Federal Treasury assistance ID
a few shares realizing sales were heavy enough
to bring about lower prices, notaoiy N the
case of NationaI Lead. American Locomotive
and the Nickel Plate issues The Copper
shares were striking features OF strength
throughout the day. Amafgamated gaming :
points and Anaconda 9 points on large Voiutne
of dealings the operations doubtless represent
ing a campaign against the shorts. although IN
mand for the issue from people who are Wen
informed regarding the value of the property
If does not appear to be generally known mat
Anaconda is the largest copper and silver pro-
drcfng mine in the world and IN view OF thS
great value Of the property 1t would appear "'
g. tho shares of the company ought to sell at d
more advanced level. Cell money, Whlch "Cil'
as high as % per cent. ended the day at + Per
cent with the ruling rate 20 per cent. Sterling
and raf pS
quoted u per cent above the preceding DAY
final figure
According IN the known movement OF money
N the weak the local banks have lost Over
ss ono 600 in their cash holdings the oecie
be;ne due to transfers of funds through lhe 0uD
! Treasury and special operations not
with the regular course of currency. Inc Ple'
ont nosition= of the associated banks foreshaao"s
an active market for money in the baiaiiee oI 'ii
wear and unless there should De d oepoei' u
government funds by the Secretary of the Treas
| ,r1, in national banks, rates Tor loans u'"O
win continue to prevail at hign lever uiil
e.. ~. +,,., Of the year. In January there
| ao,,b+edl,y VIII be a good sized movement OF
funds IN New-Yerls. while the enormous interest
and dividend disbursements which WIZ he maue
| AZ thai time ought to serve TO de1fess ioai
r,,,+o+,ons Foreign exchange rates are now
| .7esr the point at which gold could be brought
;,,+o this country, but there is no acluo eceSsiS
Co. ,r,7,orss of the metal, while the chances are
that foreign banks would raise objections at this
| particular time 10 shipments 10 this side OF the
| Atlantic The local market, however is pelhs
telned Inv operations in foreign exchange, winch
40 rasu1ted in the creation of large amount
| of finance bills which. OF course. represent the
| ,,4,,za4ion Of foreign credits here This supply
| &c bius has been more effective in reducing
sts-lt,,, exchange rates than has the advance IN
| r,onev The larger. Wall Street interests are
| convinced that the present stringency IN the
/ money market is only temporary, ana they
therefore are not willing 10 admit that the uils
has come for big reaction in the stock nifAet L
| while as a matter of fact they are proceeding
=, their operations in the confidence that they
/ ,,-;u he able TO bring about much higher prices
,o- securities and that there will be no material
decline until they are ready to part with their
| ,o1aines Efforts have been made in the current
,,aely "a curb the speculative enthusiasm on the
| c,ocl Exchange, but there has been no I'M
| -orta,t response, despite the fact that money
/ roteS- have been advanced TO an almost prohbi-
| tive level Many small traders have been forced
n sall their stocks. but liquidation of this char
| a,tar has not been effective in bringing Oh a
| general selling movement
] 1t is quite apparent that while many OF the