New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-16
STOCK MARKET OPERATIONS.

Although there was considerable frreguiarlty
In the movements of values in yesterdays STOCK
market owing TO heavy realizing sales the gen
erel tendency was in the direction of higher quo
tations. last figures showing net gains in the
greater number of securities. Among the active
shares the only important exceptions to the
higher prices at the end of the day were the
copper issues, Brooklyn Rapid Transit and Union
Pacific. Sharp gains were reported in various
parts Of the list, notably in American Smelling,
Chicago Northwestern Erie first preferred, Long
Island, the last named advancing more than
points; National Lead. Northern Pacific Pressed
Steel Car and the United States Rubber issues.
Trading throughout the list was heavy and
there cared to be a further active demand
from commission houses and continued heavy
buying by the leading speculative interests. who
for many weeks have been prominent on the bull
side Of the market. Heaviness in the European
markets was without effect local prices. nor
did the sales here for foreign account exert any
influence on quotations. In the late dealings
stocks for a time showed greater strength than
at any other period in the day, while in the last
few minutes of business recessons were general
throughout the list In the bond department
large amount of business transacted. espe-
cialy in the lower priced issues, including the
Mexican Central incomes and the Green Bay and
Western Bs. The demand for low priced mort
gage issues is improving. the buying represent
ing in great part speculative purchases. 1t Is
generally believed that all the low priced bonds
and low priced stocks will become prominent
market features IN the course Of the next few
months, especially as in the bull speculation Of
the last year this class of securities received lit
tie attention.
Money market conditions are working lower in
all parts Of the world and the prospects favor
relatively easy quotations for loans in the next
few months, especially in New-York. 1t is quite
likely that foreign discounts will rule above the
level at this centre, and 1t is therefore probable
that there will be some shipments of gold from
this side Of the Atlantic Ocean. The large
ceipts from the interior last week-larger than
in any preceding week in the history Of the coun-
try-have restored the greater number of bank
reserves to q point above the legal limit, while
it is likely that the few institutions which are
well under the legal point will have their re-
serves made good in this weeks banking opera
lions. Pension payments Will be large in the
next two weeks there will be heavy expend-
lures on Panama Canal account and there Will
be a continuation Of the usual January flow Of
funds to this centre. II will be seen from this
that factors now governing the money market
unexpected adverse developments affecting the
country's money and business, there will not be
repetition of the excessively high rates for loans
which prevailed in the closing month of last
year. The exorbitant loan quotations at that
time did not indicate scarcity of money in this
country, while the shipments OF currency
being received in this city do not reflect
actual lessening IN the mercantile demand for
accommodation nor quieter tendency in the
world Of business. Money sent 10 the West to
move the crops is returning TO tie financial CEN
tres outside of New-York. and these cities in
turn RENTING TO the country's chief finan
cial centre, the local market presents better
opportunities for the profitable employment of
funds.
No change of Importance is reported in the for
eign exchange market. The tendency is TOWARD
higher figures. notwithstanding the increase
which is reported in the amount Of cotton and
grain 5jlls which being offered. The
demand Cor remittance is active, and the matur-
ing OF American obligations abroad naturally
will throw IN additional burden on the exchange
market in the next few months. Fortunately,
our export trade IS large, but the big gain IN i'm