New-York tribune., 1906-12-05
unlisted.
Closing prices Of active bonds dealt in. with
STOCK MARKET OPERATIONS.

On a moderately large volume OF business
stock market values moved IN the direction of
higher quotations in the early dealings while in
the subsequent operations the course of prices
developed irregularity which ended in net de-
clines in many of the active issues In the last
two hours Of trading sharp losses were recorded.
selling evidently being for the account OF in
siders. who took advantage of the mornings
advance to put out long stock this movement
being particularly heavy in the copper shares
American Smelters Reading. Union Pacific and
St Paul. Fairly large sales also were made in
New York Central. which in the forenoon trans
actions enjoyed marked improvement. the ad-
vance being based on the report that at the
directors meeting to-day increase in the divi-
dend rate would be made. This idea was
4, strengthened by the announcement of an In
crease in the Michigan Central and Lake Shore
dividends. and by the heavy purchases OF the
stock for the account of a broker who is SUD-
posed TO represent Vanderbilt and Morgan in
terests. While the afternoon decline coin
cident with the publication of the Presidents
upset over the recommendations made TO Con-
gress. even the suggestion of an income tax
failing to cause uneasiness In circles which a
few years ago seriously disturbed over the
passage OF an income tax law which subsequent
ly was declared unconstitutional by the Supreme
Court. Doubtless continued strength in call
money, accompanied by further shipments Of
currency to the South and far West. a
factor OF some Importance IN checking the early
bull movement. and 1t is quite certain that the
action Of of the prominent trust companie
in not renewing its loans until after the noon
hour. and then at rate Of 20 cent. was
effective in encouraging activity the bear side
of the market. Calling Of loans quite gen.
eral throughout the day A feature Of the late
trading which was well received by the advo-
tes of higher prices was the absence OF out
side liquidation and the development OF dulness
the decline In the industrial list decided
strength shown by American Sugar Re-
fning. which closed at net gain of 31a per cent.
Consolidated Gas also was strong. Call moneys
high rate was % per cent
Rates for call money continue to rule at
high level, and there is little prospect of easy
quotations until after the of the year whils
IT is quite probable that in 1907 rates will be
quoted at moderately firm figures. owing gen.
eral trade activity. So far in the current week
the local banks have lost their operations
with the Sub-Treasury more than So. 600 900 and
unless the Clearing House institutions receive
large sums of money from the interior Satur-
days statement of averages undoubtedly will
show a deficit compared with a reserve Of
S1449 125 in the statement OF December l. The
strength in call and time funds is responsible
for slightly easier tendency in the foreign ex-
change market, but there is not the slightest
chance Of imports Of gold long as the Bank
of England's minimum discount rate remains at
6 per cent. II therefore may become necessary
In order to prevent acute stringency at this cen
tire. for the Secretary of the Treasury to adopt
further measures by which government funds
VIII nnd their way into the channels OF trade
either through additional deposits with national
banks or through the payment in advance of n
part OF the governments bonded debt which ma
lures next July Money is most actively en-
ployed I'm the country's Industries. a reflection
of which is presented In the high rates for funds
in the face of a large Increase in the amount OF
money in circulation compared with this time
a year ago.
According to the official Treasury statement
as OF December the total amount of money IN
the country. exclusive of that held In the federal
Treasury is S2.S60. $50. 7S6 an increase Of $780,
S39Il6 over the amount on December l. 1905
Compared with the time when specie payments
were resumed there has been an increase in the
amount or money in this country OF 81 OJO616-
ooo due in great part to the increase In our gold
producuon On December l, 1906, gold holdings
OF the United States Treasury amounted to
S262S6462l in coin and $50 OS7. $50 in gold GER
tincates' while in circulation there was $685.
914.422 in gold coin and S5729721l9 in gold
certifcates compared with 500 262S $50 in coin
and S21.1s9.2S0 in certificates on January l.
1873 Government receipts continue 10 exceed
government expenditures and so far In the
fiscal year the excess of receipts amounts to
slo22oioo Since July !. however, a large
amount Of government money has been placed al
the disposal OF the banks through increased de-