New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-12-13
STOCK MARKET OPERATIONS.

! Transactions in yesterdays stock market We're
! heavy in the industrial department. while In
! the railroad list there were only a few shares
! which showed marked activity. Price movements
a rule in the direction of higher quo
| tations, with many sensational advances in the
/ industrial issues. notably in Anaconda, which
! advanced over II points: American Smelling,
/ American Sugar Refining, Colorado Fuel and
! Iron and National Lead, in which net gains We're
/ above = per cent. American Locomotive was
also a strong feature in the industrial list; like
/ wise Tennessee Coal and Iron, while in some OF
! the railway shares more or less heaviness was
| reported. especially in st. Paul. Rock Island,
! Southern Pacific and Union Pacific. There were
no news developments accompanying the upward
movement in the industrial securities, and the
fact that bull speculation was so aggressive in
! these shares encouraged sales of the railway is
sues for the account of the more conservative in
terests although the men in control Of the mar
ket expressed the utmost confidence in their
theory that quotations for all stocks will go
to a materially higher range Anaconda's adj
vance in line with the expectations Of the
! people who have been bullish the copper
shares for long time past, and in circles where
| information was supposed to be trustworthy re-
garding these issues it freely predicted that
| further Improvement would be recorded. Copper
stocks were also strong on the curb. The cop
the heavy local and foreign demand for the
metal, which already has caused higher price
| for it in London and New-York and which en-
| courages the hope of a still further advance. At
the close the industrial issues were at or the
/ best figures of the day. but many of the active
railroad stocks heavy. Foreign markets
showed little life. The most interesting develop
ment abroad was the announcement in Berlin
that gold for the payment of the January in
terest on the Russian bonds arrived there yes
terday from St. Petersburg. AS Russia already
has a large credit balance in Berlin and Paris,
this caused considerable comment. Money ruled
at per cent while sterling exchange was strong.
While high rates for money and the presence
in the market of large amounts of finance bills
naturally tend to depress foreign exchange quo
tations the price of sterling doubtless will move
to a much higher level just soon as relaxa-
ton develops in money, while it is not improb-
able that Europe will call on this centre for
gold later on in the season. The current supply
of cotton bills, while fairly large, is not big
enough to supply the demands of a normal mar
ket and according TO the information received
from foreign exchange houses there will he
decided falling off in offerings of this class Of
bills at the end OF December. The greater part
OF so-called contract cotton has been exported,
and as European powers are unwilling to pay
the present high prices for the product further
large shipments are 1mprODaDle. Of course
there will be large grain exports but 1t is hardly
likely that the amount of bills from this source
will be sufficient to the active requirements
for remittance which will develop at the begin
ming of the year. This country is heavily
IN debt Europe. and when an easier condition /
is brought about in the local money market the !
demand from abroad in connection with this !
Indebtedness will be a powerful factor in ad-
vancirg foreign exchange quotations. In Lon
don the price of bar gold has been advanced. /
and Berlin, also owing to the belief that there /
soon VIII be an active inquiry for a large /
amount Of the metal from South America It /
is not unlikely, therefore. that London will do
all in its power to shift to New-York the burden
Of the demand from the centres just named
Fortunately, the United States is well supplied
with gold, and when the present abnormal (
money market conditions have been succeeded /
by decline in rates for funds New-York will. |
be in a position to fill the requirements Of
Europe without causing disturbance in the home |
money market.
length Of time. It is likely that after the turn
Of the year a more normal position of affairs /
will prevail in the local monetary situation and
II is owing to the belief that such a development
will take place that stock market Spectators /
are willing to operate for higher prices rrespec-
tive of the present unfavorable conditions in the
loan market. There various indications that