New-York tribune., 1906-11-22

STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
heavy in volume. while the movement of values
generally tended in the direction of higher quo
tations, decided strength being shown at the
close. Notwithstanding the fact that rates for
money were firm commission houses were mod
erately active buyers, and large operations were
conducted for the account of substantial inter
ests which already are heavy holders of securi-
ties After the greater part of the days loans
had been made there was a reaction in the call
rate to per cent, which was accompanied by
an increase in dealings. especially in Union Pa
cific. Reading. the Hill shares and the local trac-
ton issues in which net gains ran from seven
eighths of 1 per cent in Union Pacific to 3k in
Great Northern The only important weak feat
ure IN the active list was supplied by St Paul.
which closed we'll under its final figure OF the
preceding day. Sales Of this issue appeared TO
be due to the desire of recent buyers to take
profits and disappointment on the part of traders
over the failure of last weeks reports regarding
the property materialize into definite develop
rnents The upward movement in Delaware &
Hudson. amounting to gain Of more than 4
points. was followed by a rumor that the stock
would be placed on 10 per cent dividend basis.
while the strength in Pacific Mail, which for
long time has been inactive. in line with
the general tendency Of the Hartman issues.
Last quotations as a rule at or near the
best of the day. Call money rates averaged
per cent while time funds were firm at un-
changed quotations
The best informed bankers in this city be-
lieve that rates for money will rule at a hrIn
level in the rest of the year, notwithstanding
the fact that currency has begun TO return |"
this centre from the interior. TINS OPINION Is
based on current low bank reserves. on the
great activity prevailing in all lines OF traoe-
which necessarily impose heavy burden on the
money market, on the stringent monetary con-
ditions abroad and on the overextenslon OF
credits which is a. matter of common knowledge
and concern There is no chance OF furtheT
gold imports. but 1t is believed that in the course
of the next two months there will be an easing
In rates abroad to an extent which will permit
domestic bankers to resume the placing OF
finance bills, which. of course. will tend mate
rally to lessen the strain upon our local tnst-
+utions Foreign loans for American account
now coming due are being paid Off with eN-
change created by heavy purchases OF Amerl-
can securities for European account. ptt the
erroneous impression still appears TO prevail
that foreign loans are being transferred TO the
United States a result of the per cent BANK
OF England rate despite the reduction IN New
York City bank loans in the last four weeks OF
over S4000G.000. The strength of the local po-
sition is reflected in the foreign exchange mar
ket which is running IN favor of this country;
in the relatively high prices for securities,
though call money is averaging per cent; in
the willingness of foreign capitalists TO place
their money in our investments, and in the in
crease in the country's exports Of merchandise:
which means a great addition to our national
wealth. Prudence and monetary conditions
doubtless will play an important part IN the
stock market in the remaining weeks of the year.
The public is exhibiting d most conservative at
titude toward stock speculation. while the larger
Wall Street interests are not at all inclined to
encourage aggressive bull operations at this
period, believing that quiet speculation just
now Will strengthen the chances of an advanc-
ing price level in the new year.
Mr. Hartman and Mr.. Hill believe that rail-
road stocks will sell higher, though they do not
agree with Secretary Root that closer govern
ment scrutiny of our great transportation indus
try will be for the best interests Of all con-
cerned. Mr Hartman wants government re-
strictions affecting American railroads. Mr.. Root
breaches the doctrine that our railroads are our
servants rather than masters, and that the
welfare of the whole people is vltally dependent
upon the proper management Of the companies.
Mr. Root and the people at large do not desire
government ownership, but they do require that
there shall be some government supervision of
the vast corporate interests which daily are be-
coming more concentrated in the hands of the
few The Hartman railroads may be subjected
to the official probe in the next year, for the
purpose OF determining whether or not the
Union Pacific and the companies IL controls
living within the law. Union Pacific is a Won
derfully strong railroad company and its stock
undoubtedly will sell above 200 before long. as
IL ought 10 as n 10 per cent issue, and any gov
ernment investigation of the Hartman proper
ties need not alarm holders Of Union Pacific
shares. inasmuch as the governments purpose
is 10 correct abuses and eliminate the evils
"hlcn nave been so strikingly reflected in the
verdlcts brought against the New York Central
the American Sugar Refining Company, the
STANDARD on Company and other concerns In
the matter OF rebating. Wiping out the bad
spots IN our corporations will not upset values.
wall street appreciates this fact now. and shows
an Inclination 10 huy rather than sell stocks on
announcements of decisions against corporations
ana lhe institution of new suits against con-
Germs which disohey tEa Jaw 1t is a good sign
OF me t'HtsA "heh guilty corporations are