New-York tribune., 1905-12-25
THE WEEK IN WALL STREET.

| high record quotations were recoroeu, HO'aOi'
in the case of Union Pacific. In which dealings
were enormous. amounting in the six days 10
1.379,e7O shares The copper securities also were
/ features that attracted considerable attention
and again the prediction made that both
| Anaconda and Amalgamated would move to
higher level OF course. the leading feature OF
the week was the announcement regarding the
passing of the control of the Metropolitan COM
pany to the Belmont interests, an announcement
which was preceded and followed by great ac-
tivity and strength in the local transportation
issues The general trend Of developments
throughout the country was In favor Of the ad-
vocates of higher prices for securities. the only
important adverse factor being the failure Oh
three Chicago financial institutions. The down
fall of these banks was due to speculation on
the part of the head of the concerns, but rortu-
nately the Chicago Clearing House was able to
come to the assistance of the situation, thereby
preventing what might have become severe
manic. For a brief time the Chicago trouble was
reflected in our own market, but losses made
were soon recovered and the week ended with a
long LIST of net gains, People who are identined
with the present bull market continue to exhibit
great confidence in the long side or specuiauon'
believing that there VIII be no important set
back in values and that in the new year further
Improvement will be recorded in all parts OF the
list The markets chief danger lies in the pos
sibiIity OF an increase in public enthusiasm IN
stocks which may lead to a runaway specuia-
ton.
In the course of few weeks the movement
of money will be heavily in favor of New-York,
and as a consequence there will be a material
recession in rates in the loan market. 1t is not
expected however that quotations for loans will
decline to an important extent before the end of
the year owing to the financial operations in
connection with the preparations for the Janu-
ary interest and dividend disbursements. A
larger amount of money will be paid out on THIS
account in January than ever before recorded IN
the history of the country. number OF I'M
portant railroad and industrial corporations
have either resumed or increased their dividends
in the current year and this fact, of course VIII
tend TO enlarge the January payments II Is
estimated that the disbursements on interest ac-
count will amount to upward OF $looVVo'o"'
and it is believed that the greater part of this
sum will seek renvestment in the securities
markets and in the ordinary channels of trade
In the last week large shipments of funds were
made from New-York to Chicago. owing to the
hank troubles at that centre. but If it had not
been for this movement the course of money
would have been much in favor OF New
York The local banks received from the inte-
rior nearly SsOO0O00 while they shipped to OUT
of town points more than $13000O0O the latter
item including transfers through the Sub-Treas-
ury to Chicago and New-Orleans' ana nearly
So 100000 in national banknotes sent to WASH
ington for redemption. Upward of S5,oOO,OOo
was sent to Chicago.
The condition of the foreign exchange market
suggests the possibility of gold exports in the
new year. AS the United States is well sup
piled with the precious metal, such movement
will cause no distress in money circles in this
while it viii serve to ease the position
of money abroad, which at the moment shows
indications of further stringency. Just at pres
ent the actual position of the exchange market
as reflected in demand bills does not foreshadow
an outward movement of the metal, but, never
theless, reports from the other side of the At
lantic show that the expectation prevails there
that Paris will soon begin to draw gold from
New-York The position of exchange at the
French capital is in favor of that centre, and it
is not at all unlikely that there will be develop
ments in the new year which will call for ship
ments of gold from New-York
In local financial circles there is no uneasi-
ness exhibited over the present high rates for
money. There is reason why there should be
any disturbance in the money markets in the
United States, but of course, in the event of a
financial panic in Russia there would be enough
trouble abroad to cause some alarm in New
York Nevertheless, the remarkably strong in
dustrial and financial situation in this country
would serve to prevent acute disturbance in our
own markets. OF course there might be pass
ing furries in the price of stocks and money in
New-York and other cities in America but the
of such fluctuations would not be
detrimental to the general financial situation.
It is quite generally believed that there will be
a relatively easy market for loans by the mid
die of January at least, and il is owing to this
belief that the leading men in the financial COM
munity willing to maintain a strong position !
on the long side of the stock market The cur
rent offerings of cotton bills in the foreign ex-
change market are small, and it is not likely
that there will be material increase in the next
few months, but it is more than probable that
there will be large supply of grain bills, owing
to the large crops this year and to the require
ments Of foreign importers. The balance of for |
eign trade doubtless will continue to lean heavily
in favor Of the United States, but it should be |
borne in mind that. despite an excess of mer-
chandise exports over imports there are other |
factors in the international trade and financial |
situation which will offset the large exports as
far their influence on the foreign exchange /
market is concerned. In the eleven months of |
the current calendar year there has been a very |
large excess of exports over imports but in the |
same time shipments of gold from this country |
have been much greater than imports. up to |
December the total excess of gold exports over |
imports amounting to more than SIS. 100000
Conditions in the copper trade are steadily |
improving. and people who are well informed |
regarding the industry believe that the present |
price Of the metal will be well maintained |
throughout the next year, while there are some !
authorities who are willing to go on record as
believers ypf, will