New-York tribune., 1905-12-23
ENLISTED.
Closing prices of chief active bonds dealt in
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market
amounted to over one million shares, with the
heaviest operations in the local traction stocks,
PENNSYLVANIA, Reading, Southern Pacific, Union
Pacific, Ama1gamated Copper and the United
States Steel issues. Announcement OF the pur-
chase by the Interborough interests Of the
Metropolitan company naturally served to i'm
part strength to the shares Of the local trans
portation concerns, Metropolitan securities ad
vancing for the day nearly five points, Metro
poIitan Street Railway over two points and
Manhattan two points. On the curb Inter-
borough shares closed five points above the
final figure OF the preceding day. Although the
foreign markets as a rule were weak, owing to
the serious position Of affairs in Russia prices
on the New York exchange moved in the di-
rection of higher quotations in the greater part
of the day, net gains of per cent and more
being common at the close Union Pacific made
a new high record at 1495s, ending at net ad-
vance of per cent. Most Of the prominent
railway shares were strong on an active buying
movement, purchases representing the opera
tions OF substantial public traders and the i'm
portant speculative interests who for SO many
months have been aggressively active on the
long side OF the market Although call money
rates again ruled at g high level there was no
indication of uneasiness in financial circles over
the condition of the money market, and as far
as the Stock Exchange was concerned there
was a total disregard for the position Of the
loan market Among the industrial shares
there was g, noteworthy reduction in the volume
of trading especially in such stocks as Ten
nessee Coal and Iron and Anaconda, in which
there recently has been great activity. Appar-
entity the bull movement in Tennessee Coal and
Iron is over for the present. 1t is generally be-
lfeved that Anaconda and Arnalgamated will go
to a materially higher level, and the pause in
f+,a Of kna %Tr5aV N
sidered significant
Current high rates for money will not last for
any length of time. although the chances are
that there will be no material recession in quo
tations until after the first week in January.
Believing that there will be no disturbance in
the money market, and fully realizing the sig
nificance Of the factors which are responsible
for stiff rates for funds. the leading operators
in securities are quite confident that there will
be no development in the loan market which
will upset their plans for higher prices for Sc
curities Even the serious situation pre-
vailing in Russia does not alarm Wall Street.
Tt is conceivable. however. that in the event Of
a prolonged unsettled position OF affairs III
Russia there might be disturbance in the finan-
cial markets of Europe which might lead to
trouble at this centre. Fortunately the United
States is IN strong financial condition. and
any disturbance which may develop result
the growth of industrial prosperity in this coun-
try According to the opinions of the best in
formed foreign bankers, there is no general ex-
pectation in financial circles abroad OF serious
disaster to the financial markets as a conse-
Quence of the revolutionary tendency which now
prevails in the Cars country.
Market movements are such to suggest
great confidence on the part of 1nanciers over
the future of the money and investment situa-
ton while ordinary spectators bullish
enough to place their funds in all classes of
securities at present high quotations. Indus
trial shares are becoming more popular, both on
the exchange and on the curb, but In the latter
market there are many issues which are being
advanced wholly on manipulation, without any
of fact, there are a number Of curb stocks which
have little intrinsic merit, but which are being
bought by people who believe that an advance
in prices always means gain in actual value.
This is especially true in the case OF number
of copper shares. Some of the curb copper
shares are selling at prices relatively higher
than such a representative stock as Anaconda
on the Stock Exchange.
According to the known movement of money
in the week the local banks have lost over
100000. In the course Of few weeks there
viii be large return flow of funds to this
centre, unless there should be some unexpected
developments requiring the presence at interior
points of the large sums which have been sent
there IN the last three months in connection
with the financing the croDs.