New-York tribune., 1905-12-31
sUnusted
Closing prices of chief active bonds dealt in
STOCK MARKET OPERATIONS.

In the two hours of trading in yesterdays
stock market, prices, while showing consider
able irregularity were strong in many issues
with more net gains than losses at the close.
500" preferred, United States Steel stocks, the
copper shares and a number of other indus
trial securities were striking features OF the
DAVIS operations. notably United States Steel
common which was more actively dealt in than
any other stock the list. In the last
hour there was more or less reaction owing to
the desire of traders to settle up their contracts
on account Of the suspension of business for
two days, but there was no selling for the ac-
count OF the important market interests and no
sign from that quarter Of the market that there
viii be any change in the attitude of the big
men" in the new year. Sentiment was bullish at
the close and the greater number Of people in
the Street freely predicted higher prices In 1906
Bank statement figures showed unimportant
changes as a rule, the reserve above legal re-
quirements increasing S133175, this gain being
made in the face of a decrease ii. cash holdings
OF S1711.000. The expansion inShe reserve was
made possible by a decrease in loans of over
100000 which. with the decrease in cash.
brought about a reduction in deposits Of over
$7.o00o00, thus reducing the cash required
against deposits to an amount of over 81. 500 600.
Total reserve now stands $4292,575. compared
with s18689.425 in the same week last year and
s9.541,s75 in the corresponding time in 1904.
Anaconda. after early advance closed un-
changed from Friday. The activity in this issue
IN the last week has reflected an actual increase
in the value Of the Anaconda company through
the rich strike at the mine. which, it is esti-
mated has added more than s50,0000 600 to the
worth of the property, There is no doubt in the
minds of men in the copper mining business
that this new find Of copper ore body is the
greatest that ever was uncovered in the history
of the copper industry. Anaconda is the
greatest copper mine in the world, and when 1t
is borne in mind that. in addition to copper, the
mine is a great producer Of gold and silver, it
may readily be seen that there is good reason
for the rise in the price of Anaconda stock
The movement OF stocks in the last week of
1905 encouraged the expectation in speculative
circles that further Improvement would be rec
orded IN the new year despite the probability OF
high money rates for two weeks at least. The
fact that exorbitant figures for loans failed TO
depress prices last week naturally leads TO the
conclusion that the larger speculative interests
are in such strong financial position that their
operations IN no way affected by the adj
vance in money rates, while it is assumed that
even among the smaller operators resources are
large enough TO pay the high price demanded
for money. OF course the advance in money
rates has been offset by the advance in secur-
titles values, so that the operator who pays high
rates for accommodation makes 1t up by the
profits he secures from the appreciation in the
value OF his holdings. Nevertheless. it IS an
extraordinary thing TO see an active upward
market IN a period Of stringent money and II
this stringency should continue for any length
Of time there undoubtedly would be a material
change in the course OF stock market quotations
It is generally believed in Wall Street circles
that money will soon return TO a normal level,
but it may be well not 70 place too much con
- 49,, 49, +r@,,,,, -,
mediate recession in rates IN January. AS a
rule IN the past. money has been firm in the
early part OF the month. and as bank reserves
at present are unusually low. while there are
extraordinary demands for money throughout
! the country, il may happen that Wall Street Will