New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-07
*Ex dividend.
Closing prices of chief active bonds dealt in
STOCK MARKET OPERATIONS.
changes. foMoW

In two hours of trading in yesterdays short
session of the stock market prices advanced In
the greater number of issues. with especial
strength in the copper shares. Union Pacific.
Tennessee Coal and St. Paul. Notwithstanding
the publication of a bank statement which
showed a decrease in the reserve above legal re-
Guirements of So. T21. 900. there was no material
reaction in the general list of quotations, closing
prices being near the best figures of the day. :
Contrary to general expectation. there was
material decrease in the cash holdings of the
associated banks. amounting to over S2o0oOoo
as against an estimated increase of $2040000
while loans expanded over S3,6O0O0O and de-
posits over 100000. In view of the decrease in
cash and the increase in loans. which naturally
should have brought about only small increase
in deposits. the large gain in the latter item was
somewhat remarkable. Bank statements, how
ever, are noted for their peculiar results. Re
serve above legal requirement stands at
only S571 600 compared with 81 .60S $50 at this
time year ago and S14,6S6,975 in 1904. A
large number Of the banks are below the legal
reserve limit. Actual bank conditions, how
ever, undoubtedly are much better than indi-
Gated by the Clearing House statement, a
Election of which is presented in the easier
tendency in money rates. In the last week ster-
ling exchange advanced sixty points for de-
mand, and the chances are that with growing
in the money market there will be a move
ment in sterling which will carry rates to the
gold exporting level There is still a great
scarcity of cotton bills. and even with an in
creased supply, both of grain and cotton offer
ings, there is little chance of low rates for ex-
change after the money market returns to a
more normal position In some well informed
quarters it is believed that large shipments Of
gold will be made in the course of the next few
months.
Trade reports received yesterday, while show
ing quieter conditions in many lines of industry,
owing to the usual holiday 6ulness, presented no
indications of weakness in the general business
situation throughout the country reflection
of the large volume of trade which actually is
being handled is in the report of bank
cIearings for the week ended January 6, which
shows an increase, as compared with the same
week a year ago, of 5000 ,96s,656, these figures
covering the entire country. Activity in the
metal trades IS a prominent feature of the pres
ent time, proof of which may be had by
ferring to the course of the steel and copper
shares the Stock Exchange. There is
cellent demand at present for all the first class
metal issues which traded in the Stock
Exchange notably Amalgamated. Anaconda and
the United States Steel shares, in which deal
ings in the last few weeks have been enormous
on a rising level of values. The exceedingly
rich discoveries OF new ore in the Montana cop
per district naturally have attracted attention
Amalgamated and Anaconda, and in the case of
Anaconda the great scarcity of the stock en-
courages the expectation that this issue will go
to a much higher level. Its par value is $25.
and, although it is quoted the exchange on
the percentage basis, which makes the present
quotation above 1910. ;ts actual price is about
$40 There appear to be good reasons why stock
market operators ought not 10 take position on
the short side Of the copper and steel shares this
year except for quick turns. In Thursdays
market number of prominent traders who went
short of Anaconda had their accounts severely
damaged by the big jump in the stock the
close of the week. In the iron and steel trade
| energetic efforts have been made to prevent
runaway market. while the same thing may be
said of most lines of industry.