New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-12-06
Closing prices of chief active bonds deait-1n
: STOCK MARKET OPERATIONS.

Although call money rates advanced to 10 per
I cent stocks were strong throughout the day,
the higher rate for money having no effect on
speculative sentiment, while it failed to cause
uneasiness IN part Of the financial com
rnunity The upward move in money was offset
TO certain extent by decline in foreign
change rates to level which suggested the pos
sibiity Of gold imports. Strength IN the local
stock market was helped by the better condition
of affairs in the European money centres but the
chief factor IN the days advance in values was
the activity of the larger speculative interests
which for many months have been operating
on the bull side of the market In many issues
advances amounted TO , per cent and more the
heaviest gains being recorded by the so-called
junior Vanderbilt shares. National Lead. Pressed
Steel Car. Soss-Sheffleld Cast Iron Pipe the
Copper shares. Brooklyn Rapid Transit st Paul
and Onion Pacific. Activity in National Lead
which was accompanied by a maximum advance
OF nearly seven points. apparently based on
the belief that the long deferred merger Of the
company with the Union Lead Company would
become accomplished fact while per-
haPs, some of the buying due to the report
that the Ma tonal Lead Company would be abb
sorbed by thu American Smelling and Refining
Company. The advances of the day included
most of the standard railway shares. but never
theless, the greater part OF the activity and the
calties. Last quotations were not far from the
best Of the day. The street paid little attention
to the Presidents message as 1t was believed in
advance that all the recommendations would he
of conservative character. as they so turned
out.
In the month OF December the return flow Of
currency 70 New-York generally is light, owing
10 the preparations Of out Of town points for the
January disbursements and for the holiday re-
quirements. Current rates of domestic exchange
on New-York Indicate that there will not be a
heavy movement Of funds toward this centre
III the course Of the next few weeks and the
chances therefore are that rates for money IN
New-York will rule al firm level throughout
the balance of the year. Conditions favor The
lending Of foreign capital IN New-York mas
much as rates Tor money here higher than
they are In London thus making this point an
attractive place for putting out money through
the channels of the foreign exchange p,arka,
st the moment there is large outstanding
short interest in the foreign exchange market
which Spectator in exchange hope to cover at
profitable figures later on i'm the season u,ba,
It IS expected cotton and grain exports will ba
large enough in volume to supply the market
with a sufficient supply Of bills to force down
sterling quotations. The actual amount of money
in New-York is large enough for all ordinary
requirements, despite the fact that the so-called
ated banks is small, and the fact that large op-
erations in stocks are being conducted at pres
ent rates for money Indicates sa tisfacton on the
part of the larger Wall Street institutions and |
reflects confidence in the theory that there will
be disturbance in the local financial situation
Il is not unlikely that the reserve OF the Clear
ing House nstitutions-that is the reserve above |
the - per cent limit which the banks are sup |
posed 10 hold under the law-wil again he u-inad |
out but this possibility does not WORRY Wall |
Street for the good reason that IT is known that
the decline in ba TX holdings to a point under |
the legal limit does not indicate weakness in |
the country's general finances. There lis an annie |
supply of funds In the United States for all |
the Legitimate requirements Of business and II |
is not likelv that the present low position or |
hank reserves al this centre will prevail for
an extended length of time. Money is in GOOD !
demand in all parts of the country, owing to the
activity i'll the industrial fields.
Stock market values in New-York show re-
markabe strength in the face OF the serious de-
velopments I'm Russia, which have brought about
great uneasness in the foreign markets. The
decline, except ordinary speculative reactions.
business and political conditions I'm the United
States ard the Arm belief on the part of Wall