New-York tribune., 1906-12-04
STOCK MARKET OPERATIONS.

In the early dealings II yesterdays stock
market prices We're strong throughout the list
notwithstanding the fact that call money ruled
in the neighborhood OF u per cent. A further
advance in loan quotations In the afternoon 10
% per cent. while encouraging some realizing
and bear pressure failed 10 bring forth i'm
portaut liquidation a reflection OF which was
presented in the final quotation level, which
showed net gains in the greater number of Sc
curities as compared with the last figures ia
Saturdays market. There was good demand
for many Of the low priced stocks, including
Chesapeake & Ohio. which enjoyed substantial
Improvement, the movement in the issue being
accompanied by a report that absolute control
o. the property soon would pass TO Vanderbilt
interests. Pennsylvania holdings Of Chega-
peake & Ohio have been sold 10 Kuhn Loeb &
Co. and 1t is generally supposed that this stock
eventually will be taken over by one Of the So
called Vanderbilt companies. which already has
an important ownership in the Chesapeake &
Ohio property. An active market developed for
the copper shares, particularly Anaconda, while
there also were heavy dealings IN Reading.
Brooklyn Rapid Transit. St Paul. New York
Central, Union Pacific. American Smering.
North American. and Canadian Pacific, The
last named issue advanced more than 5 per
cent, its price reaching the best figure ever
recorded The market for Canadian Pacific IN
london also was active under the influence OF
buying by the London and American interests.
who for a long time have been accommodating
the stock. a further decline in Nipissine on the
Curb was without influence on the Stock EX-
change. Notwithstanding the fact that many
Stock Exchange houses have been heavy oper-
ators In this issue. IN other markets the most
important development was the heavy selling OF
cotton on declining scale Of values, due TO a
number of large crop estimates.
There are good reasons for the belief that
money market movements in the current week
win be against the New York banks, and that
next Saturdays Clearing House statement will
he distinctly unfavorable. unless the associated
institutions are able TO bring about material
reduction in their loan accounts In last weeks 3
bank statement twenty-five banks showed def
iCits IN their legal reserve tteu while tha total
reserve for all institutions amounted TO figures
which indicated firm rates for funds throughout
the week, with the probability OF a strong mar
ket for money In the rest Of the year. Interest
and dividend disbursements in January viii he
unusually heavy-larger than ever before re-
| corded in the history Of the country, and. as
consequence. the preparations for meeting these
payments viii impose burden on the money
market which doubtless will serve to discourage
activity in stock market operations. though the
chief holders Of stocks do not anticipate i'm
portant declines in values nor are they at all
I anxious over the outlook in the loan market.
II is generally believed that after the turn OF the
year the return flow Of currency from the West
and South viii be heavy enough 10 bring about
| q substantial increase in bank holdings but,
Notwithstanding this prospect ii should be
borne in mind that expansion in trade will keep
funds in active employment and doubtless will
serve TO prevent the development OF really easy
rates for loans Fortunately. stocks are in
strong hands and present owners VIII not part
with their possessions OF the development II
manipulation for lower quotations believing
that in the first half Of 1907 speudid oppor-
tunities viii be presented for the liquidation OF
their accounts AT large profits over current quo
tations
Business conditions throughout the country
are so promising that conservative holders Of
American investment securities see no reason 10
sell their stocks and bonds, and the unwilling
ness Of these people 70 dispose Of their secur4-
ties VIII prove important element Of strength
in any disturbance which may develop as a re-
suit of extreme rates for money in the present
month Railroad earnings now coming TO hand
for the month of October show. ALMOST without
exception, large gains over the corresponding
period a year ago. and these results, in counec-
ton with other known factors representing trade
expansion. naturally are effective arguments in
encouraging the expectation that IN the new
year prices the Stock Exchange will move
10 materially higher level. despite The fact that
In many instances quotations already fully
measure the worth of the issues as represented
by their investment return. II IS quite generally
believed that the United states steel stocks and
the shara of asl Irop and steel car pauiea viii
be praIn.aent 1Gel1 n tac market operation
OF Is I. alle Il is lssdsht taal the iow urlr J
railway issues viii be actively bought and ad-