New-York tribune., 1905-12-29
STOCK MARKET OPERATIONS.

Notwithstanding the fact that rates for call
funds advanced to 125 per cent. the stock mar
ket was strong in the greater part Of the day
on an extremely active volume Of business, total
sales amounting to 1,516,672 shares In the
early trading there brief period of weak
ness but the development of large supporting
orders from the substantial market interest
served to check the decline, and before the noon
hour prices were advancing with considerable
rapidftys This was especially noteworthy IN
the case of the Copper shares. Anaconda, for In
stance, advancing to new high level closing
the day at a net gain Of p per cent The up
ward movement in Anaconda is based on the
rich new find of copper at the company's mines.
also on the fact that there is not large sup
ply Of stock available for speculative purposes
It is likely that the price of copper will be
maintained on strong level in the new year.
inasnuch as all indications in the trade point
TO an active demand for the metal both in this
country and Europe. The advance in money
was accompanied by calling of loans' the
strength In the loan market rejecting IN part
heavy Withdrawals by the trust companies OF
cash, this movement being due to the call for
trust companies statements on January l. After
January this cash doubtless will return 10
the banks.
The exhibition of strength in the stock mar
ixet IN the face of such high money rates was
York Stock Exchange. It indicated the enor-
nous financial resources of the larger Wall Street
interests and their absolute confidence in their
theory that notwithstanding fluctuations IN
money they will be able to carry quotations tor
securities to a much higher level. There are
some people who are brave enough to predict q
smash In values but their foreshadowings are
not seriously considered by the enthusiastic
onarators who believe that nothing outside OF
1A fF3f1I
tial enough to compel heavy liquidation IN
stocks The general list closed at net gains
which In many cases ran above 1 and per
cent and at the end sentiment continued bull
isb DESPITE the probability of further strength
in money to-day. In addition to the Copper
shares substantial improvement was recorded
nv Canadian Pacific Louisville and Nashville,
Metropolitan, National Lead, New-York Cen
trail Sloss- Sheffield and Union Pacthc. After
the greater part of the days borrowings had
been effected there was drop in money rates
from the high level to per cent at the close.
the ruling level being so per cent A loan at
125 per cent was reported, but it was not made
on the Stock Exchange.
Current excessive high rates for money will
not continue for any material length of time.
but it is quite likely that rates will be main
tanned at a firm level until the middle Of jan
uAry, at least. In the last two days call funds
have reached a higher level than reported az
any time since December. 1S99 and at these
quotations It means that borrowers are COM
PEELED TO pay an enormous interest on their
loans 80 per cent money, for instance, meaning
i $3.50 for one day a loan Of 100000. AS
! Stock Exchange loans run up into the millions
| II may readily be seen how expensive an opera
! ton It is to borrow money at present figures.
i Loans have been freely called by the banks in
/ order to make preparations for the enormous
January interest and dividend disbursements
and it IS possible that In to-day's market even
higher rates than any so far recorded will be
established. The high rates for funds have
/ failed to attract much money from the outside.
] Chicago funds being unavailable owing to the
| troubles WHICH that city has been having as a
result of the Walsh failures. while at other
| points the tendency for the moment appears TO
be in favor of maintaining tight grip on cur
rency.
After the turn OF the year, however there
doubtless win be material change in the
movement OF money. and IT is likely that cur
rency viii move TO this centre in volume al
though If speculation in securities is maintained
at the present speed the conservative bank ele-
! Tnent doubtless viii do all in Il spower TO pre-
serve high rate for loans. Efforts of this sort.
] however could hardly be successful IL large
sums OF money should how TO New York from
all parts OF the country.
Foreign exchange naturally is weak under
the influence of the high price for money. but
/ with q relaxation IN loan quotations sterling