New-York tribune., 1906-11-16
Closing prices of active bonds dealt in wit
STOCK MARKET OPERATIONS.

While stock market values showed irregular
ity at times, the general course OF prices was III
the direction of higher quotations. net gains
being recorded in most parts of the list at the
close. Higher prices for American stocks IN
London active buying for foreign account in the
local market, an easier tendency in money ana
a favorable return by the Bank of England were
factors which encouraged operations on the long
side both for professional and commission
house account. The governments action against
the Standard Oil Company failed to exert an ad-
Verse influence on the movement OF quotations.
except in the case Of Standard Oil stock on the
curb where the issue experienced a further de-
cline After the initial advance realizing sales
were executed In volume, resulting in reactions
from the early high figures, but in the last hour
increased buying orders developed, carrying val
ues we'll above the low points made on the
MONDAY decline In some of the active issues
slight recessions were reported in the last 1e"
minutes of trading. but the general market
held strong, while buying came from number
of substantial interests. st. Paul made new
high record for the current movement, while
decided strength was shown by Union Pacific
and Southern Pacific: also in some of the low
priced shares including Rock Island, the latter
gaining more than / per cent 1t is generally
understood that a newly formed pool is working
in Rock Island. Total dealings for the first
| time in many days in excess of a million
shares with the heaviest operations in Anal
gamated Copper. st. Paul, Northern Pacific,
Pennsylvania. Reading, Rock Island, Southern
Pacific Union Pacific and United States Steel.
A loss of l point in Northern Pacific was due
10 realizing sales.
In we'll informed Wall Street quarters the i'm
preston is growing that in the future there
Will be important announcements affecting the
Hartman properties, and the strength and ac-
tivity in Union Pacific appear to bear out the
theory that something more than ordinary spec
uIative considerations is governing the course of
the stock. There IS some reason to believe that
! a holding securities company for the Hartman
| investments will be formed. One thing is quite
certain. and that is that the Union Pacific is
making phenomenal earnings and Is receiving
! large income from its holdings in other COM
panies. warranting for the present at least, the
/ 10 per cent dividend level recently established
| for the common stock The most encouraging
| development yesterday in the international
money market was the statement of the Bank of
! England showing marked improvement in its
proportion of to liabilities, the result of
the banks recent action in placing the minimum
rate of discount per cent basis. Unless
| foreign exchange market conditions should
change to a material degree there will be no
American demand for gold in London in the
near future, and in consequence there is little
probability of a further advance in the Bank of
| England's discount rate, especially as Paris is
| beginning TO exhibit a more generous attitude
toward the London market. After the turn of
The year. if money returns to a normal basis at
! this centre gold doubtless will be exported from
! New York
While an easier tendency is noted in the call
department of the money market, there is no
suggestion of much cheaper rates in time funds
and no indication that in the balance of the year
will he q uerod Of for loo,,
| accommodation. Even with a return movement
Of money from the interior, the local banks will
| not be able to reduce their loan rates to a ma
terial extent in the last two months of the
/ year calls for funds for various requirements
are heavy. while the banks also have to make
| preparations for enormous January interest and
dividend disbursements Last year from No
Clearing House institutions did not go above
! 50 100000 while in the greater part Of that
period ii was under 81 100000 with deficits in
/ the weeks ended November II and December @
In the same time call money from 61a to 10
per cent, averaging about 12k per cent. the
/ nigh rate Of p per cent in the week ended De-
cember 8 and 10 per cent in the last week Of
From the first week in November TO the end OF
| the year the banks reduced their loans and de-
! posits to a considerable extent, and a similar
movement is under way present. which prom
ises 10 help the situation unless bull specula ton
J should increase in activity