The Washington herald., 1906-12-15
MARKET IN REBOUND
Violent Rally in Everything
but the Hill Stocks.
CALL MONEY IS STILL HIGH
Street Unable to Explain Rise in
Prices, as Foreign Reports Were
Bank Statement Likewise Lacking.
Increase in November Exports.


has so often within the last four months
attested its power to rapidly reverse its
daily movement that the impetuOus turn
about face in its course to-day really
caused very little surprise. What hap
pened was violent rally in the price Of
the leading stocks, aside from the Great
Northern and Northern Pacific shares,
which carried their price so far upward
as to wipe out in a majority Of instances
all the losses made in them yesterday,
and some instances caused gains to be
recorded in view of the closing quotations
Of Wednesday.
The only feature of the movement that
was at all curious was the failure of the
so-called Hill stocks to sympathize with
il in any notable degree. These stocks,
although they climbed higher than they
did on the preceding day. stin only rose
but slightly in comparison with their
recent heavy decline.
1t was at least evident. however, that
there was no resumption to-day of the
liquidation in these issues, and Wall
street after its usual fashion, ceased to
trouble is mind with inquiries as TO the
exact causes Of the heavy selling of the
stocks in the last two days.
on the other hand. definite reasons for
the rise in the general market to-day
were just as hard To find. There is no
doubt that speculative operations for the
fan played a considerable part in yes
terday's decline, and commitments Of this
character are not, in such market as
has been in progress during the latter
half of the year, apt TO be left very long
outstanding. Presumably, whatever short
interest there was in the market made
quick haste 10 cover
Money Rates Are High.
Money rates, certainly, We're not such
as 70 clearly betoken an approaching re-
taxation of the money situation. Call
rates were even higher than they were
yesterday. bank renewals standing at lG
per cent and the high rate for the day
being 10 per cent. In the afternoon the
bid for call funds on the floor Of the
stock exchange was lowered, the rate at
one time being per cent. but it was
raised again with the advance in the
stock market, and closed at l. per cent
Time funds were as strongly held as
ever. and certain small loans We're made
at s per cent for six months.
News from the foreign financial markets
was unimportant being. If anything
rather TO the effect that the drain OF
money from England TO South America
was likely to be larger in the remaining
weeks of the year than had been calcu-
lated upon.
Indications for to-mOrrOws bank state
ment were. too If not quite as unpleasant
as they seemed earlier in the week, still
hardly such as to suggest any particular
improvement in the condition of the clear
ing house institutions. Estimates were
that the banks had sustained cash loss
varying between $1.500.O00 and S3,50l Goo, ans
the most optimistic hopes that seemed L
be entertained in the matter were tina
owing to a possible reduction in the banl
loan account the large deficit in bank sur
plus shown last week might be reduced.
The security market was. Of course, par
ticularly helped during the day by TIT
extreme strength of the St Paul common
shares. Dealings in this stock were yer!
large, and the price Of the security made
a further net gain OF IS points Reason
for the movement was. beyond any ques
ton. the approach of an issue Of $4,000.
coo preferred stock of the St. Paul Com
pany at par to stockholders. as announce
this morning
Shaw's Relief Is Felt.
For one thing, the conviction was gen
orally entertained among spectators tha
by the beginning Of next week the meas
ures taken by the Treasury Department j.
aid Of the market would begin to be effec
tive On Monday. the holders Of govern
ment bonds viii be in receipt Of S12,OO0,0t
interest money disbursed in advance b
the Treasury. and within a few days, pre-
sumably. the bank reserves at this Cente
should feel the relief Of the enlargement
Of bank cash the country over, which tn
Treasury Department has in other way
recently brought about
Csntrariwise, the local banks viii b
the end OF next week begin to max
preparation for the end-of-the-year Sc
Elements so that whatever the gener;
future has i'm store. the prospect does ne
seem TO be bright for anything more tha
slight or temporary let-up in none
rates.
Announcements of interest from
financial point of view to-day we're thO'
relating to the transfer OF the control I
the Greene Consolidated Copper COmpan
and of the statements regarding a COZ
ClusiOn of negotiations BY the govern
ment of Mexico looking forward TO Il
consolidation Of the Mexican Centr
Railway Company and the National Raj
road Company of Mexico, and the acqu
sitiOn by the government Of the consol
dation of these companies.
Attention was also excited by the go
ernment's report of the value of dOmest
products exported for November, whic
although il did not make as favorable
showing as that Of the preceding mont
still bore witness to an increase for q
month Of $3.50. 600 The value Of colt,
exported increased SO, SIS, ,95S, its tot
making almost a record volume; but the
was a falling off for the month in shi
ments of breadstuffs. meat and dai
products, and other commodities.