New-York tribune., 1905-12-12
sUnlisted. TEX dividend.
Closing prices of chief active bonds dealt il
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
heavy in volume on a, movement OF values that
generally tended in the direction of higher quo
tations. Notwithstanding high money rates
there was an active speculative inquiry for Sc
cur1ties throughout the five hours of trading,
the heaviest dealings being reported in the cop
per shares, Reading. st. Paul, Union Pacific
Tennessee Coal and Iron, Kansas City Southern
New York Central. United States Steel issues
Chicago Great Western. Pennsylvania, and Erie
Dealings were heavy throughout the list, total
operations amounting to 1,775739 shares. At
the close the majority of stocks showed net
gains as compared with Saturdays final figures
with the greatest improvement in the active
shares in Anaconda, St Paul. New-York Cen
trail, Reading, Southern Pacific, Tennessee Coal
and Iron Erie. Union Pacific. United States
Rubber and the United States Steel issues. On
a small volume of business striking gains were
made by Consolidated Gas Pacific Coast and
the st. Joseph and Grand Island shares. Last
quotations were near the best Of the day, while
sentiment at the close of business appeared to
be intensely bulsh.
The marked activity and strength which
companied the operations in Union Pacific were
not based developments affecting the prop
erty, but the presence in the stock of a large
short interest and the determination the part
of bull leaders to bring about higher quotation
HNii'N
making striking gains over the corresponding
period a year ago. when, it may be recalled
traffic receipts were heavy, and it is therefore
probable that in the cOmpanys current fiscal
year the II per cent earned on the stock last
year will be largely exceeded. It is expected that
Union Pacific common eventually will be placed
on a higher dividend basis, and it is owing in
part to this belief that many careful buyers are
picking up the security. Further strength was
.-.-l,,, aIIxr A,,r,
conda which opened at a sensational advance
and closed at a net gain of over points. Buy
ing of the issue comes from an excellent class
of traders and the fact that there is little Of
the stock available for speculative purposes
makes it an easy matter for the people behind
the bull speculation in it to advance its price.
But the advance is based more on the actual
worth of the property than on speculative con-
ditions. Anaconda is the greatest copper mine
in the world, and apparently there is no limit 10
its production. AS Analgamated holds large
amount of Anaconda stock the worth of ANAL
eamated naturally is increased by the rising
,-alue of Anaconda. In Canadian Pacific further
accumulation was noted for the account OF
active local and London interests This issue
will if is said move to a materially higher
range under the influence of buying by the peo-
ple who have been accommodating the stock for
MANY months and under the influence of buying
.
the issue is one of the cheapest Of the high
grade investment shares.
While Wall Street has not worried at all over
the stringent money rates brought about by the
low bank reserves. it naturally feels consider
able relief over the announcement that the
Secretary of the Treasury has decided to an
ticipate January interest payments on govern
ment bonds due in January by putting out the
money next week. In addition to this amount
of money which viii come into the market
there doubtless will be a further increase in
funds at this centre through the expected pas
sage of the Panama Canal Emergency bill,
which will throw SS,0O0,000 more into the
hands of the Panama Canal Commission, most
of which amount VIII be disbursed in this city.
While the relief from these two sources viii
not become effective until next week, the money
market win have no difficulty in meeting the
requirements of borrowers just as long as bor-
rowers willing to pay high rates for ac-
commodation. Foreign bankers doubtless will
continue TO lend freely in the local. market and
the fact that there is deficit in the bank re-
serves will not he noticed by government Of
hcers, inasmuch the government never has
taken steps TO enforce the law which requires
national banks maintain cash reserve equal
TO 20 per cent of their deposits. The deficit