New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-04
STOCK MARKET OPERATIONS.

Stock market values moved in an Irregular
manner throughout the day. with more net
losses in the active shares at the close than net
gains Further strength in the money market
tended to discourage active operations for
higher figures but the fact that quotations Tor
loans ruled at stiff level failed TO create alarm
in speculative circles or to bring about liqufda-
ton by the important market interests Not
vithstanding the failure of the market to record
in any Of the active issues. with the exception
of American Eoeomotfve Sugar Refining and
Reading, important advances, there was no ap-
parent change, in the attitude OF the who
for so many months have been active on the bull
side of speculation. Under the influence Of
profit taking sales the greater number Of indus
trial securities closed at net declines, the
heaviest loss being made by Anaconda which
closed at a net decline of 1712 per cent. 1t
should be borne in mind, however that the par
value Of this stock is %, while the New
York Stock Exchange it is quoted the basis
of 100. SO that the actual loss was under six
points In view Of the recent large apprecia-
ton in the value of this security a temporary
setback In its price is not at all surprising.
Well Informed market interests who are holding
the issue for a better figure are predicting
price much higher than the best recorded in
1905. which was within two points of 800 which,
on the basis Of par value of % is equivalent to
SIS a share. Among the railroad shares Reading
was the only important strong feature. advanc-
ing to a new high record price at 145A The
general railway list showed great irregularity,
with a tendency, as a rule in the direction of
lower quotations. although losses when made
were not important. The close heavy, but
not weak Call money touched so per cent in
the afternoon, but Immediately afterward there
was a large supply of funds at 50 per cent.
Money rates continue 70 rule at stiff level.
although there are indications that before many
days go by there will be material decline in
the quotations for loans It is not expected. how
ever that rates will return to easy level for
a long time to come-that is, loans on basis
of from l to . per cent in the call department OF
the manufacturing to the great activity in bust
ness throughout the country, which involves the
extensive use of bank credits. IN January and
February the movement of money in the past has
always been in the direction of New York, and
while the receipts this --ear may rot be so large
as in former years, it is quite probable that the
return flow will be large enough to bring about
a material increase in local bank holdings. At
interesting feature of the current money market
is the excellent inquiry for commercial paper by
the banks on account, however. of the ease with
which merchants are able to collect payment on
goods sold the offerings Of commercial paper are
light but with the expected further expansion
of the country's Industrial activities the
number of merchants in the market seeking
accommodation on mercantile paper doubt
less will increase. Collections are good all
over the country. This. of course. indicates
that buyers are well supplied with funds, while
81 is a direct reflection of the increase that has
taken place in the country's wealth in the last
wear That the United States is rapidly growing
in material prosperity IS shown by the large
gain in the earnings of industrial and railway
COMBINATIONS and If further evidence of the
country's increase in wealth is desired it is only
necessary to turn to the figures of the gold pro-
duction in the United States in the last calendar
wear The output OF the precious metal has been
remarkably heavy in the last twelve months, and
there is every reason to believe that in the
rent year the production will be even heavier. A
constant addition to the amount OF GOLD in the
world naturally is an argument faYortnE higher
prices for everything.
A large amount of money will he disbursed
this week on the Panama Canal account the
money market will receive the benefit of the
payment in advance Of February interest
government bonds and the general supply Of
money in circulation ought TO be increased ma
teraily through the regular operations Of the
federal Treasury. In the month OF December
government receipts were considerably heavier
than government expenditures. but 1t is thought
TIA. in the present month the movement will run
the other way New-YoTk bankers believe that
much better conditions viii prevail in the money
market after the January disbursements have
been distributed, ard the fact that they
are willing TO buy commercial paper indicates
that they are confident that there will be
fayora Bile turn In the general situation affecting
the financial markets. London discounts were