New-York tribune., 1905-12-14
Closing prices OF chief active bonds dealt In,
STOCK MARKET OPERATIONS.

Stock market values moved IN the direction Of
higher prices in the greater part of the day,
many substantial gains being recorded both in
the industrial and railway lists. The general
character Of trading showed little change from
that of the preceding day, dealings being
made UP Of the operations OF large speculative
pools and further buying for ordinary commits
sion house accounts. with the heaviest trading IN
the industrial shares. notably in Colorado Fuel
and Iron the copper securities and the United
States Steel issues, the local traction stocks
Atchison, Reading Southern Pacific and Union
Pacific In the last named stock a new high
record was made, the upward movement being
made on enormous dealings the total transac-
tions in the issue amounting to over 260OOO
shares, which represented the covering Of a large
short interest and aggressive buying for the ac-
count of important speculative and investment
interests. It was reported that the People identi-
fed with the so-called Morgan crowd were active
buyers. In the afternoon trading there was great
activity throughout the list and at the close the
ma jority of securities were at the best figures OF
the day, showing in many instances net gains of
2 per cent and The local traction shares
were helped by the decision of the Court Of APP
peals denying the application Of the Municipal
Ownership League to open the ballot boxes Of
the last city election. Brooklyn Rapid Transit
gained nearly per cent. while Metropolitan
closed at a net gain of nearly per cent. Money
market rates for call loans ruled at 8 per cent,
while sterling exchange was again strong, quota
tions advancing from 10 to - points. Foreign
markets rule were heavy, and the only in
teresting development abroad was tee announce
ment that more gold had been sent from st.
Petersburg to Berlin. It is quite likely that the
shipment of the metal from Russia represents
the transfer of money for the account of Russian
capitalists who uneasy over the financial sit
IN he E2TS
movement continues the financial position in
Russia will be seriously weakened. Canadian
Pacific was IN fair demand here and active in
London, and it was intimated in quarters where
information is trustworthy that there would be
a further upward move in the. issue in the near
future. It is understood that certain interests
who sold their holdings at lower price have
been endeavoring to depress its quotation, but
that they have received absolutely no encourage
rent from the people who actually control the
market position Of the stock.
All the leading commission houses in Wall
Street are advising their customers to exercise
extreme caution In their operattons on the
Stock Exchange at present prices. It is sug
gested by many of the well Informed houses
that the time may not be far distant when
there viii be reaction in stocks large enough
10 wipe out the traders who trust to small mar
gins At this particular juncture 1t doubtless
is wise for the commission houses to impress
upon their customers the advisability of great
care in speculative transactions, for the good
reason that there has been no material set
back in quotations for many weeks which
naturally encourages the idea that there soon
will be decline in values great enough to
bring distress TO many people who believe
that they make a fortune by buying Sc
curities at the prevailing level Of prices. The
larger speculative interests, however. not
worrying over the probability of a speculative
reaction. and they not willing to part with
their holdings at current quotations. owing to
their confidence in their own financial power
and their confidence in the belief that the fa-
vorable conditions existing in the United States
win remain in force for many months to come
The men who are working for higher quota
tons would not be affected by a speculative
slump in values; indeed many OF them would
welcome such movement, it would enable
them 10 add to their present lines OF stocks at
cheaper figures. Ali great bull movements on
| the Stock Exchange interrupted at times
| by substantial declines and there is no reason
| TO suppose that the present market will not he
| affected by the developments which have
| operated in past bull speculations to carry
quotations to a lower level. OF course the
current speculation is based much stronger
foundations than ever before have been noted
in the history Of Wall Street and some time
may yet elapse before there will be an impor-