New-York tribune., 1905-11-18
Closing prices yesterday of active bonds dealt
in with net changes follow:
STOCK MARKET OPERATIONS.

Following the lead of the London market,
where prices were strong opening quotations
the local exchange showed marked improve
ment the closing Of the preceding day,
while throughout the greater part Of the five
hours of business the tendency in the direc-
ton of higher figures. The upward movement
was not accompanied by q noteworthy increase
in commission house business but the character
of the trading, nevertheless, was good, repre-
senting the operations of the substantial inter
ests which for SO many weeks have been be
hind the bull speculation. The Improvement in
the foreign markets, the favorable statement
by the Imperial Bank of Germany and the more
reassuring advices from ST Petersburg naturally
served to create bull sentiment here. but the
chief factor in the advance doubtless the
relative ease In the money market, in which
call loans did not go above Z per cent. ruling at
per cent and closing at per cent. Pool
work was active throughout the list, with par
ticular activity in the copper shares, American
Smelling, Reading Soss-Sheffield, Tennessee
Coal and Iron and Union Pacific. In these
issues net gains from "a per cent in Union
Pacific to 8 per cent in Tennessee Coal and Iron,
with last prices at or the best of the day.
There was unmistakable evidence of important
buying in all the active shares, notably in the
copper stocks, while at the close predictions
we're made of further improvement in to-day's
market. although some operators were somewhat
frightened the rapidity with which prices
advanced in the day, and not disposed to
make commitments the bull side. Wall
Street as whole, is optimistic and believes that
the country's great prosperity has not yet been
measured by market values.
Prosperity breeds high prices for everything.
Stocks are high and probably will go higher, the
general cost of living is greater than be-
fore in the history of the country; It costs US
more to eat, more to clothe ourselves and even
more to seep-the last named factor being due
to high rentals demanded by our landlords-than
the oldest inhabitant recall; yet nearly every
one in all lines of business is bull on prices for
stocks commodities and about everything for
which there is a market Many people would
like to know how such situation will end.
Some people believe that there will be deluge,
but the greater number of business believe
that at no distant time there will be orderly
readjustment in prices. a check to speculation
and an easy elimination of the stimulation
that is recorded in lines of business If
common sense rules in the world of money and
business there will be trouble but if spec
ulative riot is permitted then there will be dis
turbance which will affect general business
well the stock market Fortunately the sit
uation is being ably handled at the moment.
The larger banking interests are endeavoring to
induce conservatism in all departments of the
country's activities, and the fact that the Sec
retary of the Treasury, after careful survey of
the outlook on his part. fortified with the
opinions and advice of leading inanciers has
fused to throw government money into Wall
Street indicates that the spirit of conservatism
prevails in high places. If the business situa-
ton in the United States requires the assistance
of government funds the present administration
will act accordingly. but the function of the
government does not involve the lending of pub
lie money to spectators who may be hard
pressed for accommodation.
The United States Treasury now holds in
available cash upward of $134 100000 of which
nearly S65,0O0,O00 is in the national banks COM
pared with government deposits at this time
year ago of more than $1t3 100000 According
to the known movement of money in the week
the local banks have lost over So. 100000 but
it IS quite probable that the Clearing House
institutions have handled their loan accounts
S to bring about d reduction in the cash re-
qured against deposits to an extent that will
wipe out last weeks deficit in the reserve
in the balance of the year. This possibility does
not worry the who are behind the current
speculation in securities for the good reason
that they are we'll supplied with time funds and
feel absolutely confident of their ability to main
tain stock market values high level They
naturally are doing everything to keep prices I'D.
because they would like to part with their hold
public has shown no great desire to accommo-