New-York tribune., 1905-12-30
STOCK MARKET OPERATIONS.

Notwithstanding high rates for money, stock
market values were strong in the greater part
of the day with the chief advances in the cop
per shares, St Paul. Union Pacific American
Locomotive and United States Steel, of the ac
tive list The upward movement in the copper
issues was resumed with considerable vigor,
especially in Anaconda, which advanced to
new high record, closing the day at a net gain
of 21 points. Union Pacific also made new
high record selling above 150, while the char
acter of trading in United States Steel common
suggested that that stock might also soon move
TO higher prices than any ever before recorded
history of the Steel corporation. Part Of the
strength in the last named issue was due TO
heavy buying for foreign account. Foreign pur-
chases were heavy throughout the list of inter
national issues, amounting to more than fifty
thousand shares while in the London market
prices for American securities were strong on
an active volume Of trading. Foreign markets,
as a rule, were steady without material feature
traders apparently not being inclined to make
large commitments until more definite
has been received of the exact position of af-
fairs with Russia. Notwithstanding the strin-
gency in the loan market, commission house
traders were fair buyers of stocks. while it was
quite evident that the strong financial interests
which hava been behind the bull market for
many months were energetically working for
better quotations. doubtless on the theory that
after the turn of the year the price of money
will return to a normal level and that the
public will be glad to take securities despite
the high quotations prevailing. At one time in
the day for a brief period there We're REACTIONS
but the appearance of large supporting orders
soon brought about speedy recovery, and at
the close the greater number of shares were at
or near the best prices of the day.
According TO the known movement of money
IN the week, the local banks have lost
s., S,20o,00o and therefore unless there has been
a large decrease in loans and deposits there
will not be much of surplus reserve left in
to-day's bank statement There have been.
however so many remarkable movements in
stocks and money in the week that it is i'm
possible to make a trustworthy prediction to
what the bank statement will show. Moreover,
as the bank statement is compiled the an
tiquated average system the exhibit may show
results far different from actual conditions. The
banks lost on their movement with the interior
nearly 1000. 900. due to large shipments of
rency to the West and South. in addition to
transfers through the Sub-Treasury to New
Orleans The high rate for call money yesterday
was rs per cent while at the close the ruling
rate was so per cent the continued strength in
the afternoon being due to the fact that the
entire demand had not been satisfied earlier in
garding the actual position of affairs throughout
the country do not look for material ease in
rates in the early part of the year, al
though they do not believe that there will be
repetition of this weeks abnormal quotations
People who are expecting 1 or per cent
money market in the new year doubtless will
be disappointed. but the stock market has
shown utter disregard and contempt for ex-
orbitant rates for funds it is not likely that
6 per cent or even a higher rate will worry the
bull operators until after they have disposed of
their stocks. when doubtless they will suddenly
believe that the money market is in grave
and serious condition
Trade reports received last night covering all
parts of the United States were extremely fa-
vorable showing unusual activity for this sea
son OF the year in most lines of business The
iron and steel industry is moving along AT
most prosperous rate, and it is generally ex
pected by the men who are closely identified
with the trade that in the year all records for
activity will be broken. Conditions of this sort
naturally increase the confidence Of speculators
in stocks. who maintain that with such splendid
conditions in the world of business there can
be important setback in securities specula-
tion. This theory often has been put forward
before and quite often has been upset. Stocks