New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-06
STOCK MARKET OPERATIONS.

There we're no traces in yesterdays stock
market Of any of the uneasiness which devel-
oped among traders in the dealings Of the PEE
ceding day following the publication of the
remarks of Mr.. Schif the monetary situation
Wall Street has a short memory. and it there
fore was not considered surprising that the
decline which developed Thursday was followed
by a sharp upward movement yesterday. The
chief reason for the advance. however was the
development of a distinctly easier tendency in
the money market. which brought about an
active covering movement and induced renewed
purchases for commission house interests In
the leading active issues gains of per cent and
more were recorded, with the most conspicu-
Gus advance in the copper stocks, American
Locomotive. American Smelling, Canadian Pa
cifc. General Electric Northern Pacific, Read
ing and Union Pacific. In the last named stock
a new high record was recorded at 1885, on
volume of business which was heavier than in
any other security dealt in, While next TO this
issue in point of activity came Amalgamated
Copper, in which transactions amounted to
over 100000 shares at a net gain for the day of
as The Improvement in the price of the cop
per shares was helped by the advance in the
price of the metal, which reached the highest
level since 1899 There were no important
cessions from the best quotations Of the day.
while in the late trading the highest figures were
u
near the record. Sentiment was bullish at the
close and higher quotations We're freely pre-
dicted The more important speculative inter-
est5 We're active throughout, their opera tons
being based on the theory that the season for
high money rates had passed and that the mar
Eet was about to enter a new period of bull
enthusiasm.
Call loan rates were easier than in several
weeks and there was more effort by lenders to
rate on the exchange was no more than 10 per
cent, while the ruling rate was only s per cent
with a low quotation of 3 per cent These rates
were especially low. since loans made Yesterday
carry over until Monday. The greater ease in
discounts properly. reflected the large inflow Of
money to this centre. According to the known
noven ents of money in the last week the ca sh
holdings OF the banks have increases net over
81, 900 600. In this calculation are included
$2.00o.000 transfer to san Francisco and a with
drawal Of like sum for export 10 Mexico and
South America. In al probability the bank
statement to-day will not reflect to its full ex-
tent the large receipt or funds from the interior
and the redeposit Of moneys which had been en-
pioyed in the Christmas trade As the statement
is made uiron rising average for cash holdings
The real condition Of the banks as to reserve
held will be better than the statement shows
Domestic exchange rates indicate a rapid inflow
Of funds from nearly every interior city. New
York exchange at principal points having risen
70 premium Even Chicago. where recent
bank troubles temporarily increased the demand
for funds. reports an abundant supply Of loan-
able capital. IN the corresponding season last
year the surplus reserve Of The NeU-Yorll banks
doubled in the first four weeks in January and
II IS likely this year. the outflow Of money
has been larger the inflow viii be correspond
n.Gly greater. and especially IS such likely he
rs - hqN hoe o.
ger and he prices of agricultural staples higher
than in the preceding year Last years gain
In cash by the banks in the first four weeks was
follows: Week ended January :, net gain,
$J:}31 500; January IA S9.S49,400: January n
81 9J41oo and January Is $j327 500 The
surplus reserve from December II to January
IS about double rising from S13.GS3. 425 at the
close of 1904 to S2G.919,150, week ended Janu-
arg -. 1865