New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-09
Closing prices of chief active bonds dealt in
STOCK MARKET OPERATIONS.

In the early dealings in yesterdays stock
market prices were strong in the greater number
of issues but part of the improvement was lost
in the afternoon when moderately heavy SELL
ing movement developed. In number of shares
the mornings advances were entirely lost. al
though the majority Of securities showed small
net gains at the close. There were few impor-
tant selling operations and no indication of the
beginning of an extensive movement the
down side of the market. The copper shares
Union Pacific Tennessee Coal and Iron and
number of the specialtes such as Central
Leather and National Lead, were strong features
in the initial trading. but generally declined with
the rest of the list in the afternoon, closing in
most cases under the best figures. After the
close Of business sentiment was not at all bear
ish and the leading operators predicted further
Improvement in quotations Notwithstanding the
probability of large shipments of gold from
New-York. Commission houses were moderately
active buyers in the forenoon market, parting
with their holdings, however, as soon as prices
began to sell off, their offerings being taken by
stronger people, who are quite confident thar
there Will be no great decline from the present
quotation level If gold exports should reach
important proportions the movement would be
automatically checked by another rise in the
money market Rates for call funds were rela<-
lively easy. ruling at per cent
Greater ease in the money market than has
been recorded in many weeks indicates that Sat
ureay.s bank statement. showing an apparent
large loss in reserve, was not an accurate reiec-
ton of the actual position of money at this CEN
ire From now the flow of currency ought To
he in favor of New-Yorl, and the chances are
that there will be a notable addition TO bank
holdings in the course of the next six weeks,
but it is not considered probable that call money
rates will decline to / or 2 per cent level AS
Wall Street has prospered under money rates at
from 30 to 100 per cent it is not likely that quo
tations ruling between > and 10 per cent or even
more will cause any distress in speculative cir
cIes In the South and West crop funds
somewhat slow in returning, but just as soon
money put out for the handling of the crops
turns to the interior cities, the NewYork bank
balances of Chicago. St. Louis and other places
Immediately will be increased The accounts Of
out of town banks with the Ne~s-York institu-
tons have been light in the last few weeks, and
naturally the local banks will feel easier when
| these accounts begin to expand. There is no
difficulty in obtaining loans good collateral
| The banks have enjoyed heavy profits in the last
| few weeks owing to the big demand for funds
! at high rates. and there is every prospect of
an active year in business and stocks the finan-
cial institutions ought to end the twelve months
in better condition than ever before in their his
| tory.
! There is still a good demand in London for
| gold and Paris is taking all the metal that is
offered in the open market. The French capital
| is anxious to secure as much gold as it possibly
| can and as a consequence there may soon be
shipments of the metal from Newly ork-that is,
! if London is able shift the demand to this
centre. This will he easy matter if money
! rites decline enough to admit higher quotations
for sterling exchange The tendency in the ex
! change market is toward higher figures. and if
! 1t had not been for the excessively high rates
! for money I'm December. shipments of gold
! might have been made in that month. Foreign
| discount rates a trife easier yesterday
but exchange at Paris and Berlin London
declined. indicating the probability of further
| shipments Of gold from London To the two Con-
tinentaI cities The refusal of France to float a
Russian loan at this time has caused no appre-
hension in foreign centres over Russias financial
outlook as it is generally understood that later
on i'm the year Paris bankers will be willing TO
handle a large Russian bond issue And in the
mean time France will doubtless he willing
advance funds if Russia actually needs the
money. The very fact that France is Russias