New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-03

Transactions In yesterdays stock market were
active in volume on a movement Of values that
showed great irregularity, with net gains and
declines about equally divided at the close. In
the opening dealings sharp advances We're made
throughout the list, but the development Of re-
alizing sales soon brought about a decided re-
action and as a rule in the rest OF the day
quotations were confined within narrow limits,
prices moving alternately up and down. There
were however q few issues which maintained q
fair degree of strength throughout, notably
American Ice, Atchison. Erie, Louisville and
Nashville $500 preferred. Peoples Gas, South
ern Railway and Reading the last named en-
Toying q net gain OF over three points on an
enormous volume Of business. The upward
movement in this issue was not accompanied by
news developments affecting the property. The
steel shares, Union Pacific and the copper stocks
were weak, under the influence Of realizing sales,
but their declines were not important, and the
substantial interests who are identified with
the bull speculation in these shares were not at
all alarmed over the reaction in the quotations
Of the various issues. In view Of the extensive
advances that took place last week in the cop
per stocks a period Of irregulartty would not be
considered unnatural but any great slump in
the quotations is wholly unexpected. The Won
derfully rich strikes in the Montana copper
mining district are beginning to attract greater
attention TO the copper shares. both in this
country and Europe. and it would not be at all
surprfsing If many Of the European operators
who are so heavily interested in South African
mining stocks would soon taken an active in
terest in the attractive copper shares IN this
country In the last hour the whole market
weakened the declines being accompanied by
heavy nquIdatIons in number Of issues The
selling apparently was due to the continued
coli closing q
per cent, decline OF only ten points from the
high figure OF the day.
The new year In the money market opened
with rates at high figures for call loans, and
It was the opinion Of the best Informed men
IN the financial community that there would
not be return Of quotations TO an easy level
in the course Of the next few weeks. After the
close Of business last Saturday the local banks
transferred through the Sub-Treasury 100000
to San Francisco, and this shipment In connec-
ton with the fact that active movement Of
CURRENCY from the interior TO this centre has
not vet developed naturally discourages the
idea of an important downward movement IN
the price Of money for some little time to come.
Last week the banks lost in their operations
with the Sub-Treasury nearly SIO0OOOO, COM
nared with gain in the same time in the pre-
ceding year of over S5.500OOO. while cash re-
sArves showed a decrease of over S1,7OO,OOO, as
-
81 OnO 600 Bank conditions. while not salts
factory at the moment not likely to have
an important influence on stock market spec
r1a+ion unless the important speculative in
+arasts have difficulty in renewing time loans
u.bicb soon will mature There ought to de-
-aio,, in the course of a few weeks an active
,o,,a-,ant of money to New-York. although
o,ditions are so different this year from what
+b,, have been IN the past that it &c not at all
sofs n count on anything in Wall Street until
- oc+,,aIIv has taken place. In 19Oo-that is.
-, r. closing rnonths-stock market values ad-
,aroad violently. despite the high money rate
a,4 co Wall Street believes that continuation
80 evorbitant quotations for money Will not
,,r,se+ the speculative operations of the big
49,, II, the financial community.
Money naturally ought 10 be moving TO New
-, 81 this time while exchange rates ought
= - advancing Just as rates for
1s,- decline sterling VIII go up. and IL foreign
il-.ss,itiae ra0t1ire more gold shipments of the
~ ygiII he made from this centre. The de-
oS,J FOR gold ct Paris was less urgent yester-
5a-, q reAscrion OF which was presented in the
e c,.v,enf Of Paris exchange on London; while
i~.iIar conditions prevailed in Berlin AT all
So f1rafo,1 capitals bankers were anxious To
IL GOOD end Of the year showing. and as
coY,aenIlence there was an active inquiry for
80 ~ the closing days of 1905. but now that
So ecAsstv no longer exists for the so-called
t,-;rdo,y dressing It IL not unlikely that there
Iii he a relaxation IN foreign money rates al
thanefl IL Is not expected that there 51 caYeaeR