New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-01-02
HEAVY DEALINGS IN STOCKS
@ENhhAL DOENWARD TENDENCY FOR THE List
FEW MONTHS OF THE YEAR
Longest Nerod OF High Money EUer Recorded Situation Much
strained-4 citation for Currency Reform

Transactions in stocks in 1906 were eavier
an volume than IN any preceding year in the his
tory Of the Stock Exchange but in the bond
department there a material falling off
from the record Of 1865 the relative inactivity
in mortgage issues being due TO the high price
OF money. And money market conditions and
congestion in the stock market were responsible
flor the general downward movement that char
acterized the course of trading in shares In the
last few months of the year-a movement which
carried the greater number of high priced issues
under the closing quotations of the preceding
year. while leaving the general list with more
net declines than gains the years opera
lions. Weakness In the month of December also
was encouraged by the pressure of new stock
Itssues and the expectation of the emission OF an
enormous amount Of new securities in 1907. In
1906 upward of 81. 800, 10000 of additional Sc
curities We're authorized. representing in great
part the needs of the railroad and industrial
corporations for extra facilities 10 handle the
Qurements OF rapidly expanding industrial ac-
tivity-an expansion never before equalled in
the history Of the country. and which from all
Indications will continue 10 develop In the new
year. In the early part OF 1906 the general
Icourse Of stock market values was IN the drec-
ton Of higher quotations, substantial improve
nent being recorded IN the first month OF the
year, while until the development of high money
rates IN the spring incident 10 the San Fran
cisco disaster the movement OF values favored
The operators who were anxious to make profits
on the long side OF speculation Following tho
earthquake and fire. Secretary Shaw adopted
measures by which gold imports were facili-
tated. and as a consequence upward OF $4,000
600 of the precious metal brought to this
counrrS the result of which temporary
lief n the money market and better quotations
for stocks
~ time however. after the development OF
e creme quotations for loans IN the spring did
ne prevailing rate for money reach low level.
while early IN September the tendency was again
howard frner figures resulting in an extreme
tprice in the last months OF the year. Notwith-
standing the position Of the money market pow
erful financial interests were able TO advance
quotations fo- securities in the summer months
and III the early fall but the movement was not
accompanied by an active public demand for
StG<-ks, ana in the last of 1905 many OF
the larger interests whose accounts had become
hs3Tily expanded at time OF stringent money
vgere compelled TO reduce their commitments,
g'nd IN several cases bankruptcy was prevented
fnlw ny the timely aid of bankers who control
many millions Of dollars. As a consequence Of
rlis liquidation. particularly IN the gilt edged
securities, prices steadily declined tho close
~ the year. and from their high level such
losses as 40 points were shown in Great North
en- - points N Northern Pacific 13 points IN
81 Paul. 30 points IN Reading. II points In
Union Pacific and 70 points in Chicago & North
western Out Of forty-hNe Of the leading active
securities. prices at the end Of the year showed
for twenty-seven stocks net declines and for eigh
teen stocks net advances. the chief Improvement
fas compared with a year ago being reported
'Sn Atchison. Canadian Pacific. Delaware Lacka-
wanna & Western Southern Pacific, Union Pa
"ihc American Ice, Anaconda. Tennessee Coal
e Iron and United States Steel. As far as the
ordinary commission houses were concerned the
year was most Improbable the only houses
Thlch enjoyed prosperity being those which
banded the accounts OF the large capital inter
sHstS which the chief factors in the financial
'Transa ctions in the twelve months Of business.
Money was TOO high Cor ordinary public par
"icipstion In speculative transactions. and then
the public TOO bUstly engaged in legitimate
trade 10 concern itself with stock market opera