New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-01
HT1 Wall Streets Highly Active and Spectacular Year

In the last year securities prices on the New
York Stock Exchange enjoyed wonderful I'M
provement- The splendid condition of business
IN the country. the large crops, heavy railroad
earnings big bank clearfngs and record break
ing activity in the iron and steel trade served 10
offset various unfavorable factors, which In
ordinary times might tend to bring about weak
ness in the market quotations of stocks anu
bonds Even high money rates In the closing
months of the year failed to create disturbance
on the Stock Exchange. Although In the early
part of the year movements in STOCKS shoWeo
great irregulartty, the tendency beginning with
the second half of the year was distinctly in
favor Of higher quotations. values advancing
without important interruption, notwithstanding
the energetic efforts of some sold out bulls anu
conservative bankers to check the enthusiastic
wave which carried prices for many issues to
the best level ever recorded, which attracted
interest to the market from all parts of the
country, and which at the close of the year
Showed no signs of wearing itself out The fact
that prices enjoyed such q continuous rise In
the face Of high money rates throughout the
world the disturbances in Russia and the grave
scandals In life insurance circles reflected the
presence in the market of men of vast financial
resources-men who were confident that the
material prosperity Of the country would more
than offset the unfavorable passing incidents
as an influence the market value Of American
railway and Industrial securities
When a nation is blessed with record break
ing crops especially when that nations greatest
wealth depends its agricultural products and
when, at the time, that nation is able to
report record breaking output in iron, large
expansion In its manufacturing pursuits and
enormous production of gold and other valuable
metals there is indeed good reason for optimism
among the holders and operators in that ma
lions securities In 1905 pig iron production
was heavier than ever before recorded in the
htstory of the country. The demand in many
lines for consumption was heavier than produc-
lion, and In all departments of the nations IN
dustrial activities there an expansion which
added untold wealth to the individuals and cor
porations of the United States. Business was SO
active that there at times, especially In the
latter part of the year, str1ngency OF money at
the leading financial centres, but this fact had
practically no effect on speculation in Wall
Street either in stocks or commodities
A retrospect OF the year just closed in Wall
Street would not be complete without mention
OF of the remarkable movements which
took place in many issues the Exchange. In
the active list the most striking gains were re-
corded by Amalgamated Copper, American Lo-
connective, American Smelling, Anaconda, the
latter issue advancing over 200 per cent: Allan
tie Coast Line, Brooklyn Rapid Transit. cana
dian Pacific, Jersey Central. Chicago and North
western, Delaware and Hudson, Minneapolis, 81.
Paul and Sault Ste Marie, National Lead, Read
ing Sloss- Sheffield, Tennessee Coal and Iron and
Union Pacific. The advances made in the year
were particularly significant, as they followed
great appreciation in values In the preceding
year In the stocks named gains, as rule, were
above SO per cent, and despite the extensive i'm
movement it was freely predicted by many oper-
ators at the close of the year that much
higher level would be recorded in 1905. There
are some people, however, who believe that the
time Is not far distant when the bull market
which practically has lasted for the last eighteen
months win eliminate in a big crash in values
Such an event, of course, would be welcomed by
the bargain hunters, but at the moment there Is
no SIGN which would lead one to believe that con-
ditions are ripe for collapse in bull operations
conservative men naturally are advising ex-
IRENE caution, particularly In the early part Oh
the year.