New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-05
STOCK MARKET OPERATIONS.

Stock market values We're weak at the open
ing but subsequently recovered in the greater
number of issues, although in the last hour re-
newed selling pressure carried the majority of
issues under the final figures Of the preceding
dav The decline in the afternoon apparently
was due to the remarks Of we'll known banker
at the meeting of the Chamber of Commerce
in which he referred to the necessity OF some
reform in our currency laws which would make
exorbitant rates for money impossible. He also
said that if present conditions continued any
great length of time there might be serious
trouble not only IN Wall Street, but In the
business world at large. Naturally these re-
marks were not considered bullish, but there
was, however little important liquidation ana
no evidence Of heavy selling for the account OF
the larger speculative interests. In the active
list the heaviest decline was made by Ana
conda, the selling representing realizing sales
more than anything else The weakness in this
security brought out a number Of good buying
orders for the stock, and as a consequence OF Its
decline the issue became more strongly in
trenched in the hands of the people who have
been behind the bull speculation in this and
other securities In the general railway list
small net losses were recorded in most shares,
while similar weakness was reported in the In
dustriaI department Of the market. The de-
clinas in the copper shares amounted TO over
three points IN Amalgamated and 34l3 per cent
in Anaconda the decline in the latter, on the
basis of its par value. being equivalent to
loss of oyer eight points. St. Paul, Delaware
and Hudson Louisville and Nashville. Northern
Pacific Peoples Gas. United States Rubber ana
Reading were among the chief weak features IN
the final dealings. Although Reading was
strong earlier in the day il ended at a net loss
- no noints Sentiment was somewhat bear
d traders
thought that there would be further declines in
+o-days market There was q distinctly easier
+ooe IN the call money market, rates not advanc-
inc above % PEI cent while they closed at 9
per cent
Domestic exchange at interior points on New
york begins to give some indication that money
soon will be moving 70 this centre IN consider
able volume In yesterdays domestic exchange
market at some of the Western cities there was
a distinct change in rates in favor Of New-York'
and despite the fact that there have been I'M
portant shipments of money from the East 10
san Francisco and exports of gold TO South
America, it is believed that this weeks bank
Statement viii not show a material reduction in
reserve. while It IS possible that there will be
an actual gain. Call money rates, while firm
Yesterday. ruled under the level Of the last few
business days and well Informed bankers were
of the opinion that there would soon be a ma
terial relaxation in the quotation for call loans.
If there should not be an important movement
Of currency TO this centre and If the money
market should be maintained at current high
figures then the Secretary of the Treasury I'M
doubtedly would deposit a large amount or
money in national bank repositories, especially
If the high rates for funds should begin TO
exert an unfavora Bile influence on the general
business situation Conditions in the business
world however are so sound that IL is con-
sidered improbable that the necessity will arise
of Increasing government deposits in the banks
solely for the purpose Of helping the countrys
industries Naturally Wall Street would be
pleased to see the Secretary hand over some OF
the government funds IN order to increase the
supply of money available for speculative pur-
poses but from what the Secretary already has
that he will consider the question Of increas-
ing government deposits unless he receives an
urgent call TO Go from the business men Of
the country. There is nothing in the monetary
situation TO worry about, although 1t is easy
to imagine what the effect may be on securities
ff money should be maintained for an indefinite
period at exorbitant figures
Never before in the history OF Wall Street has
there been such an extended period OF abnormal
money rates as has been recorded in the last
four weeks. And 1t is probable that never be-
fore in the history OF the world has there been
such unusual conditions in money in all the
large financial cacitals those which are now
i,