New-York tribune., 1905-11-16
unlisted
Closing prices yesterday of active bonds dealt
,z;+r, follow:
STOCK MARKET OPERATIONS.

S.oots z,ere strong In the greater part of the
a.,, on an active volume of business, with the
heaviest transactions in a number of the so
called specialties Brooklyn Rapid Transit 81.
Paul Louisville and Nashville, missouri Kan
sas and Texas Reading Tennessee Coal and
Iron Union Pacific, United States steel issues
and Amalgamated Copper. Advances of per
cent and more were recorded In many OF tho
leading securities. and although heavy reahzins
sales were reported in the afternoon the greater
number of stocks showed substantial net gains
at the close. The advance apparently was
chiefly at the expense of the snort interest,"
Money eased off after the larger part OF the
days requirements had been met and this fact
naturally. induced firmer tone in the STOCK
market, although it failed to attract an irnpor-
tant outside demand for securities the public
evidently preferring to stay out of the specu-
iative whirlpool until the monetary situation
becomes more settled. Recently inactive shares
were features in the trading, notably Hooking
Valley Kanawha and Michigan. Knickerbocker
Ice and Central Leather, in which advances
were large Hooking Valley, for instance. being
pushed up over II points. The movement in the
specialties not altogether liked by many
market followers but it failed TO provoke lfqu1-
dation in other parts Of the list. the selling that
did take place being nothing more than realiz-
ing operations All the leading issues were in
general
local and foreign financial markets presented
enough variety to please the tastes OF market
cranks the days results briefly summarized
being: A drop in call money to an average of
10 per cent an advance in sterling exchange Of
over 60 points, higher discounts in Berlin. weak
ness in stocks in Paris and Berlin, and strength
on the local and London Stock Exchanges.
It is generally believed that the weekly bank
statement which will be published Saturday
will show large reduction in loans and an in
crease in the reserve above legal requirements
Although money rates do not foTeshadow a large
gain in bank holdings, sentiment in the finan-
cial community is optimistic the outlook
in the money market. and the larger speculative
interests in Wall Street certainly are confident
that nothing VIII develop in the loan situation
that will bring about heavy liquidation of Sc
curities. Money is coming to this centre from
Canadian banks to take advantage of the high
rates now prevailing, bankers are drawing on
their European credits to a large extent. and in
the of few weeks there doubtless will
be a large return flow of money from the in
terror to New-York. There is nothing in the
money market that warrants the uneasiness
that is exhibited in some circles of Wall Street.
as far as the general situation in the United
States is concerned. bat, Of course, the current
high quotations for loans ought to induce con-
servatism in stock market operations. If tie
business and financial affairs of the country
were in the condition that prevailed in the
ranicky days of 1893 and the few succeeding
years then high rates for money would indeed
be serious. but business rests on a solid
foundation, while the general financial situa-
ton of the United States shows no underlying
weakness. the present movement in money does
not disturb the equanimity of the intelligent
n:en who are interested I'm the growth and prog
| ress of the country's ira de and the expansion
of Wall Streets activities. Stocks are holding
up in a manner that ought TO convince al
doubters that the current advancing tendency
in the money market will not bring panic TO
| Wall Street. If the situation affecting money
and business were intrinsically weak there
would be an instant reflection OF it In the stock
i msrket.
Sterling exchange advanced yesterday. de-
| spite the high rates for money. and as conse-
| quence of the movement talk OF gold imports
ceased. Conditions in the foreign exchange
market 60 not favo: gold imports at this par
| ticular period, and unless there should be acute
| no shipments of the metal from the other side
of the Atlantic AS pointed out in this column
! a few days ago. real conditions do not warrant
| gold imports AS a matter OF fact. gold would be
leaving New-York if the money market were in
q normal position. and If the supply of money
at this centre increases in the near future
outward flow of the precious metal will be
London in connection with the settlement at