New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-10
~Unintsd
closlng prices 81 ch.ef aetlve bonds dealt 81
STOCK MARKET OPERATIONS.


In the early dealings in yesterdays stock
market there displayed feeling Of hesita-
ton, and throughout the day there were alter
nate periods of weakness and strength but the
tone of the market as a whole bullish. and
at the close there were many more net gains
than losses The uncertainty at the opening
was a logical sequence to the sharp reaction
which took place late on Monday afternoon. It
was late on Monday when the sharp advance
in sterling exchange rates impressed upon
traders the probability OF early gold exports.
The strength IN the foreign exchange rate yes
terday, which held firm at Mondays high quo
tations confirmed the conclusion that gold soon
would be exported. This prospect Offset the
favorable influence of the comparative ease in
the call rates for money, and as a result the
market for shares was active but irregular at
the opening. There was. however. no selling
pressure and Londons offerings were inconse-
quenttaL Moreover. while there were not as
many commission house buying orders IN the
market as on the previous day there was no
liquidation for the outside account. These cir
cumstances furnished the opportunity TO the
bull faction, which holds such complete dom
nation to push up quotations. Under the lead
ershp Of Tennessee Coal and Iron which ad-
vanced almost points. the market began TO
move up soon after the opening of business.
Many OF the OlneT inQuSIrldI BLOCKS also enjoyed
Material advances among them being Anal
gamated Copper. American Sugar Refining.
Central Leather, Colorado Fuel and Iron. Re
public Iron and Steel issues and other stocks of
this class of minor Importance. Shares of
standard railroads also moved up easily with
Union Pacific as the leader. There were heavy
dealings in Chicago and Northwestern. which
enjoyed net gain OF points. Canadian Pa
cifc was active but closed only fracdonally
higher after a gross gain OF about per cent
while Indianapolis, St. Paul and SauIt Ste
Marie common enjoyed net gain Of s points
on light dealings It was noteworthy that
during this advances which eliminated at the
delivery hour In the afternoon there was
material increase in the buying for the outside
accounts It appeared evident that all the pub
lie required was a little encouragement to In
duce it to take vigorous hold of the market
but the weight OF profit taking sales changed the
markets aspect in the last hour of trading and
many Of the early gains were wiped out. The
late reaction also was helped by the advance In
call money TO per cent although the bulk of
the days business was on a per cent basis
Time money was distinctly easier At the close
the losses and gains among the active stocks
were about evenly divided and the tone OF the
trading, while uncertain to fluctuations was
far from weak
ern cities there is little prospect Of the Western
banks being heavy lenders OF money in the local
market IN the course OF the next few months
This Will be account OF the fact that home
demands will call for large sums for use in the
channels of trade. which are expected TO de-
velop Increased activity in the current year.
There Will be. however. a fair sized movement
OF money TO New-York. Indeed. this movement
already is under way. indication of which
is presented by the relative ease in loan quota
tons. The fact that the interior banks may
not send much money as usual to New-York
ought TO be bull rather than a bear argument
on the stock market. for the good reason that
IT viii prove that there is an active inquiry for
accommodation in connection with the expansion
Of the country's industrial activities. Easier
money rates at this centre are assured for some
time to come. although il is not likely that
stock market borrowers will be able TO
funds at the low level which generally IN the
past has prevailed in the first few months OF
the calendar year. Wall Street. however. Is not
weeping over the probability of firm money
market this year, especially IL has passed
through a period of extremely high rates with
out suffering hardships which often have at
tended a time of abnormal quotations in the
foam market There is still active demand
for money abroad. It is likely that this demand