New-York tribune., 1906-12-28
'Unlistsd. tEz dividend.
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS.
changes, follow:

There was a good speculative demand for So
curites IN the greater part Of the five hours OF
business, and as a consequence prices were
strong throughout the list with sharp gains in
many Of the active issues. High grade stocks
were features Great Northern advanced for the
day points; Northern Pacific. 5A; Union Pa
cihc, pa; Delaware & Hudson. Az; Chicago s.
Northwestern 3, and Canadian Pacific. Sh,
while net improvement OF per cent was COM
mon among active and inactive shares. Wall
Street sentiment was favorably impressed over
the absence Of disturbance IN the money market,
by the disposition OF the substantial interests to
take an active part in speculation and by evil
dence of d better commission house demand, the
latter evidently being based on the theory that
there will be a January boom the Stock
Exchange and that on this assumption prices
are cheap at the present level. Stocks are cheap
If people can afford to buy them at ruling figures
10 hold for the improvement which doubtless will
develop in the new year. but they are not as
rule bargains for investors. The short interest
made a general retreat in all parts of the list
and apparently received some bruises in Amer
ican Ice, the Hill shares, Union Pacific and
Reading. particularly in the last named. which
advanced 4 points, and Canadian Pacific. Buy
ing Of Canadian Pacific again for the ac-
count Of interests who have been identified with
its price eventually will sell as high as Great
Northern ever has sold. owing to the company's
great resources including vast possessions of
lands Of wonderful intrinsic value. The early
strength was well maintained IN the afternoon.
with further active buying in the last half hour
by prominent interests
Call money was frmer yesterday and It is
not unlikely that it VIII advance to a higher
level to-day. incident TO the preparations for
the January interest and dividend disburse-
ments. The strength in the loan market was
reflected I'm further weakness in sterling ex-
change, rates ruling at a point which. under
ordinary conditions, would have resulted in en-
gagements OF gold in Europe for shipment to
the United States and even with the 8 per
cent. Bank of England figure the metal could
be brought in If our bankers thought the needs
OF the situation sufficiently urgent to warrant
imports Our bankers are not anxious to force
gold shipments. owing to the fear Of disturb
ance abroad, and II is quite certain that If we
should begin TO take the metal the Bank OF
England would advance its discount rate again.
Although that institution made poor showing
In its weekly return yesterday, the minimum
rate was left at per cent, but open market
quotations were irmer, while at Paris exchange
on London was lower. The outlook for easy
money in the first month of the new year is not
favorable at the moment, and unless there
shJ uld be a large return flow of currency from
the interior loans doubtless will rule at fairly
stiff figures for a number Of weeks TO come In
the first week OF January OF the current year
call money averaged % per cent, but In the
balance Of the month there was a much easier
level. owing to normal receipts Of funds from
out of town, which IN the first two weeks
amounted 20 more than $12.OOO.OO0. The re-
turn movement far has been light. and It is
feared that the great activity in trade through
out the country will be effective IN decreasing
receipts In January as compared with the
ceipts Of corresponding months