New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-12-15
ENLISTED
closing prices of chief active bonds dealt IN
STOCK MARKET OPERATIONS.

Transactions IN yesterdays STOCK market "e1e
heavy IN volume movement OF values
which showed decided strength IN the morning
operations and weakness IN the afternoon, es-
pecialiy In the last hour when the general list
sold off under the influence OF heavy realizing
and bear pressure. The professional element
was inclined to operate for lower prices owing
to the overextended bull account and to the re-
ports that certain important market interests
were putting out stock The men who are
chiefly responsible for the recent bull activity IN
securities have not changed their position, but
It is not improbable that they are now willing to
encourage operations which will wipe out the
small accounts and strengthen the general tech
nical position Of speculation It fs generally
believed that the banking interests are anxious
for lower prices, but there is no good reason
for material fall in quotations at this time,
and If there should be a big decline it doubtless
would be succeeded by a movement which would
carry values to prices above the current level
Union Pacific was again an active strong
feature. advancing in the early dealings more
than per cent although losing most Of the
gain before the close. The late selling move
ment was responsible for a long list Of net de-
cIines of which the biggest losses were supplied
bv Sugar Refining, Anaconda, which lost Il per
cent: Atchison, Brooklyn Rapid Transit Colo
RADIO Fuel and Iron. Consolidated Gas, Metro
poIitan, Reading and Rock Island. The large
big advance which has taken place in this issue
in the last week and the losses in the general
list were not considered important Money mar
ket rates for call loans closed at II per cent the
highest figure Of the day, while quotations for
startling exchange were trife easier. The most
important development abroad was the drTner
tendency in money market quotations Although
the Bank Of England did not advance its dis
count rate, it borrowed money in the open mar
aFfye rat 2
higher level Paris exchange On London de-
clined 10 q. point below the French gold import
level rates being quoted lower than at any time
since the Boer War panic Of 1893. AS South
America is drawing gold from London de-
mand for Paris account in London at this time
would be unfortunate
That railroad officers are confident of e
further long period Of Industrial prosperity in
This country. which, of course. means large
earnings for the transportation companies, is
reflected In the decision of the prominent rail-
roads TO expend large amounts of money
new rails and on new equipment In the course
of the next two months there will be heavy
| increase in the steel rail business. while there
| also will be q large addition to the orders for
/ rolling stock, divided among the various large
| concerns which control the car and locomotive
/ building business in this country Traffic is so
heavy st the present time that the railroads
|
the large business which Is being offered to
/ them, and It therefore is necessary for them to
| increase their supply OF and locomotives,
which naturally will add to the prosperity OF
! the equipment companies. There has been an
excellent demand for the shares OF American
| Car and Foundry. American Locomotive and
Pressed Steel Car in the last few days. and it IS
not unlikely that these issues will work to a
! higher level especially as so far IN the current
| bull movement their prices have not advanced
in proportion with the quotations OF the greater
! number of securities. At the moment the roads
are experiencing great difficulty in meeting the
! heavy demand for grain and coal Earnings OF
railroads throughout the United. States are in
| cIeasing at a rapid rate, despite the fact that
comparison is made with a period year ago
| when traffic heavy. Growing earnings
naturally encouraged the hope Of better divi-
! dcnds for many companies and the establish
! ment on the dividend basis of railroad shares
/ which never have paid dividends or which in the
| past were compelled to suspend payments to
| TIE stockholders. While there has been much
manipulation in the stock market. 1t is believed
| that the sharp upward movements in number
| Of stocks foreshadoW important announcements