New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-12
STOCK MARKET OPERATIONS.

Trading IN stocks was heavy in volume on a
movement OF values that generally tended IN
the direction Of higher quotations. In a num-
Der Of shares marked improvement was re-
corded, notably in the case of Northern PACING,
Union Pacific, Colorado Southern North Amer
can, Amalgamated and Anaconda In these
stocks the demand came from an excellent class
of buyers while throughout the list there was
an active inquiry from commission houses. es-
pecially for the account Of operators who dealt
in large share lots Although there were periods
of heavy profit taking sales. there were no i'm
portant recessions from the high prices of the
day last quota ions showing as rule net gains
which in many cases represented new high rec
ord figures At the moment Wall Street is filled
with information from various sources re-
garding the future of securities, and it is note
worthy fact that in almost every instance the
so-called information is in line with the dearest
hopes of the bull element. Higher prices are
predicted for almost every security on the list.
and there are few people in the Street who
have the courage to go on record as believers in
the idea that there will be a speedy end to the
current upward wave on the Stock Exchange.
It is dangerous work to attempt TO go against
the tide in Wall Street, even though ones judg-
nent may induce market opinions different from
those held by the big operators who control
stock market movements The important specu-
Iative interests assert that they have not yet
parted with any of their securities. but. of
course the time will come when they will find
it profitable to reduce their holdings and to en-
courage a movement in the other direction.
There is no good reason, however, why there
should be a protracted period of bear activity
that is. as long as conditions in this country
remain in their present prosperous position.
Anaconda advanced over S per cent, which,
the basis OF the stocks par value. would he a
little over two points. Accumulation of this
issue was reported for Standard Oil account,
while the important local and London interests
which have been active in the issue for many
weeks are still operating in the market for
better quotation. The remarkable extent and
the great value Of the new finds Of copper
in the Butte district naturally are attracting in
creased attention TO the Montana copper shares.
The 500 issues were again strong features,
while most Of the first class stocks were in de-
nand for investment and speculative account.
The greatest activity in the day was supplied
by Union Pacific, which made a new high record
price. This stock is being bought by we'll known
capitalists, who are convinced that it is one of
the most intrinsically valuable of the American
railway issues.
There was no material change in the rates for
sterling yesterday. but in Paris a further de-
cline in exchange on London was reported, thus
bringing the chances Of gold exports from the
United States much nearer than they we're
few days ago, While we may have no ship
nents of the metal this week. the chances are
that an outward movement will begin next
week. barring. of course. some unexpected de-
velopnent in the international monetary situa-
ton. There is an active demand for gold in
London for Argentine account. and naturally
London bankers would be glad to shift the bur
den of this demand to the American market It
is interesting to note that bank conditions in the
British capital stronger than they were
week ago, the weekly return of the Bank of
England showing the proportion Of reserve 10
liabilities at $3.50 per cent. against 2aS7 per
cent week ago. Compared. however. with the
period Of last year. the present
reserve shows a material decrease. last years
being ASP. The idea that by trans
ferring the Argentine demand for gold in Lon
don To New-York the first named centre win be
able to handle the Paris demand for the metal
without assistance from New-York is not seri-
ously considered. and to close observers of the
situation il appears difficult TO see how gold ex-
ports can be avoided II money rules at "A rela-
lively easy level in New-York If rates for
money at this centre make 1t profitable for for