New-York tribune., 1906-12-27
enlisted.
Closing prices of active bonds dealt IN. with
net changes follow:
STOCK MARKET OPERATIONS.
changes. follow;

In the greater number Of stocks prices were
strong in yesterdays early market but the vol
OF business small. transactions repre-
senting little beyond the operations of the board
room element. There was a good speculative
demand for the copper shares, Reading. Ameri-
can Ice and Union Pacific. and active selling in
the so-called Hill shares. the latter movement
resulting in a decline of more than I points IN
Northern Pacific and points in Great North
ern, sales coming from speculative interests
rather than from genuine holders Of the issues.
Strength in the copper shares was based upon
the remarkably strong position of the copper
market. which is bringing TO producers of the
metal the biggest profits in the history Of the
trade. with all indications pointing toward even
better results IN the year II is predicted
by well Informed copper trade interests that the
price for copper IN 1907 will go above 80 cents.
and It is worth noting that at present 1t is prac-
ucally impossible to get the metal In large
amounts. irrespective Of the f'.ct that buyers
are willing TO pay high prices. Large or
ders at "a cents a pound have been turned
down in the last few days for the good reason
that producers simply have been unable to sup
ply requirements of the consumers. Earnings
Of the copper companies are enormous. a refec-
ton Of which is presented in the advance in the
price Of the Rio Tinto shares in the London
market and in the refusal Of the local copper
issues TO respond to the efforts OF traders who
are anxious to establish stocks on g. cheaper
level Selling of the Great Northern and North
ern Pacific shares in the afternoon unsettled the
entire list. st. Paul for instance declining from
high point OF 100 to 147, though recovering
some Of the loss before the close. Great North
ern lost for the day 4sl and Northern Pacific f.
the late decline being due 10 bear pressure on the
announcement Of the beginning Of the suit
against the Great Northern's new stock issue by
n
hausted margin accounts which were established
several weeks ago on the expectation that the
new issue OF stock and the financing OF the ore
deal would be followed by great appreciation in
the market value Of Great Northern and North
ern Pacific securities Market gossip which
comes from sources where information is likely
TO be correct, says that many OF Mr.. HiIps
| friends have been seriously affected bv the
| slump IN Great Northern stock and that in some
cases the accounts have been taken over by the
philanthropist of the Northwest Notwithstand
ing the weakness in the Hill shares. the major
! ity Of issues showed net gains at the close
though final figures were well under the hest ~
the DAY.
Call money rates in the greater mar. oP cha
day were al a relatively easy level. due To tba
absence Of speculative demand more tha, N
any great increase in the amount Of funds -
this centre. Further shipments OF curreno1, 70
New Orleans were made but banks reported n
fair movement Of money from the Middle West
ana eooluonal deposits representing purchases
| by the government Of bonds under the Secra-
tary Of the Treasury's recent offer to nav In ad-
vance SlOOO0000 Of United States bonds which
mature next July. There are reasons for the
oeNef that in the event Of further strineency in
the money market Mr.. SHAW viii be willing 10
redeem more Of the bonds Of 1907 but local
! oankeFs at present see nothing IN the situation
that calls for additional relief measures by the
! federal Treasury, especially as the period is
| rapidly approaching when a considerable
| amount OF money ought 10 return to this city
| from the interior. OF course. the activity I'm
trade VIII prevent large receipts of money st
| New York from the West and other points
While bank conditions abroad will interfere
with plans for imports OF gold. but neverthe-
| less bank holdings in January ought to i'm
prove barring the development OF great specu-
| lative activity in securities Market Judges
VINO are well Informed regarding the intentions
| OF The more substantial Wall Street interests
are looking forward to a quiet bull market in
| the new year. with transactions based on the
private capital OF large operators rather than on
| marginal dealings dependent upon bank loans
| Ihere has been extensive liquidation in the
High Bfaoe Issues In the last few weeks and
| pI4ces OF lhese securities approaching a
| level which doubtless will appeal TO men Of
money though they still a level which
Goes not suggest investment purchases.
! Great Northern IS not a good investment
proposition ct It's present price but II NAV
prove profitable for speculators of large means
While the same thing may be said of Northern
| Pacific and st. Paul II Union Pacific were n
| guaranteed 10 Per cent stock it's present quota
| ton would attract investors but there ia no
certainty OF the company paying 10 Der cent IN
definitely; indeed. the chances are that at GONE
future period il will be compelled TO lowsr it's