New-York tribune., 1906-12-13
Closing prices of active bonds dealt in. with
net changes, follow
STOCK MARKET OPERATIONS.
changes. follow:

While there was a fair degree Of strength IN
the early dealings. the movement Of values in
the greater part of the day exhibited great
irregularty. with a declining tendency IN the
last two hours which left the majority Of issues
at the close at declines as compared with Tues
days final figures. A large short interest was
settled in Tuesdays dealings. and trading
yesterday was almost entirely OF the board room
variety. the market was without the support of
covering operations, which always prove an i'm
portant element Of strength in professional
dealings. Commission houses were not active
either side Of the account, far as public
transactions were concerned. but on the decline
there were reported buying orders by some Of
the mora substantial Wall Street interests who
believe that prices soon will move to g. higher
level. despite high rates for money. Call loans
averaged 10 per cent. while time funds re-
nained at a stiff level, with no indication of an
easier situation in the near future. Although
another Great Northern melon" was an
nounced. the price of the stock failed to re-
spond to the news. doubtless for the good reason
that traders believed in acting on the old prin-
ciple Of selling favorable developments that
already have been reflected in market values.
Great Northern stockholders are proflting hand
somely by the careful manner in which their
property has been managed for years and by
the Industrial expansion along the lines of their
road-an expansion which has practically
swarnped the company with traffic and which
makes necessary the issuance of additional stock
for the purpose Of increasing the physical eff
cheney Of the conpany's lines. The market
whole was decidedly weak at the close. with
especial pressure in the Hill shares.
Expectations of easy money after the turn Of
the year are not popular in well informed quar-
ters in the banking community, though it is
believed that lower rates than those now pre-
vaiiing will develop. In the month OF January
funds as n rule accumulate in the banks but il
should be borne in mind that the present
traOrdinary position of the country's Industries
may make the coming January an exception in
this regard. and it also should be borne in mind
that on January 20 one-half Of the $1OOOO00O
government deposits with banks just announced
must be returned to the Treasury, while be-
ginning about February the remainder, to say
nothing Of the S27.OOO.O0O of special United
States deposits distributed early in October.
must he paid back to the government. And then
there is no reason 10 suppose that in the new
year the banks will not continue to lose cash
on their operations with the Sub-Treasury ow-
Ing 10 government excess Of receipts over eX-
penditures. Government deposits to the amount
Of S31 100000 viii be withdrawn from the banks
between January 90 and February l. and it is
not unlikely therefore that the Secretary Of the
Treasury. in order to offset this movement. will
make further purchases of government bonds
which mature next July. This he can We'll
afford to do. as the government vaults will
hold large amount Of money doing no good 10
the government and Interfering with business
by fits absence from the channels Of trade All
things considered there appears to he little
chance Of the easy money early in the new year.
which some people are now counting upon but
on the other hand the outlook does not promise
the development Of disturbance in the money
market, unless speculation in stocks should he
carried 10 extreme limits.
Many Wall Street operators believe that not
withstanding money market conditions, the fut-
ure IS sufficiently clear TO warrant active trans
actions for higher prices from the current level
Of values. and the course Of the market in the
last two days suggests the presence in brokers'
offices Of large buying orders by substantial
speculative and banking interests No matter
what money does in the future the chief
financial interests which identified with our
large banking houses and transportation COM
panies have too much at stake TO permit bear
campaign in the securities market at present
ana they are counting on the announcement of
various favorable plans affecting many of the
railroad systems to whet the public appetite for
stocks to an extent that will permit them to
carry their deals through successfully and TO
dispose Of their holdings at prices many points
above the prevailing level There are some con-
serFaiiVe interests who urging delay In
bun operations. They believe that the market
VIII he better IN the end if It is allowed to move
slowly until the middle end OF January. and
they predlct big fail in values before that time
IT speculation becomes active just now. These
views however, are not indorsed by the ma
loTlty or wall stree. operators, who assert that
they nave been patient long enough thai the
crisis u the money market has passed ana THAI
The present Is the time 10 buv securities T.
iiifi 3e 'ftuii"d that Wall street has exhibited
great a;oIe ration in SIS transactions for many
months. and that as lar speculation is CON
r. -,E-