New-York tribune., 1906-11-14
Closing prices Of active bonds dealt in. WITH
STOCK MARKET OPERATIONS.

A frner tone in the London market for Amer
,can securities helped local prices at the open
ing, while the presence of Secretary Shaw in
town heavy railroad earnings and a somewhat
easier tendency in money also proved influential
factors in carrying values TO a higher level
Wall Street assumed that Secretary Shaw's visit
TO the Sub-Treasury would be followed by an
nouncement Of Treasury assistance TO the none
tary situation. but Mr.. Shaw took measures
to increase the amount of money in circulation
reiterating his belief that there had not been
sufficient change In the position of the banks to
warrant further government relief. Perhaps,
after this statement. the decision of the Secre-
tary considered bull argument. on the the
ory that II the chief executive officer of the fed
eral Treasury had fear regarding the future
of money there certainly was no reason for Wall
Street to become alarmed current high
rates for funds The volume of trading was not
heavy, except in few shares. notably Amalga-
mated Copper. Reading. Union Pacific and St
Paul. in which strength was shown on sub
stantial volume Of business. A sharp advance
in St. Paul not accompanied by news de-
veopments affecting the property. but the old
stories connecting the future of the company
with that of the Union Pacific and of rights to
stockholders were revived. A more reassuring
outlook on the railroads regarding the labor
situation induced some covering of shorts IN
Erie and New York Central. while the talk of
government investigation of the Hartman
properties and action against the Standard Oil
Company under the Sherman Antitrust law
were without effect on Stock Exchange senti-
ment, though on the curb considerable weakness
developed in Standard Oil stock Last prices
lea he hac- $50
Vanced II per cent and time funds were frner
than reported on Monday
While the local banks continue to toss r,onav
on their operations with the Sub-Treasurv and
with the interior, the chances are that befora
many weeks there will be a return flow of
currency from the interior in volume large
! enough 10 bring about more nearly normal sit
uaton IN the loan market. Shipments of funds
this year from New York to the West and Sou+b
nave been unusually heavy. and compared with
| most years the movement has extended over q
longer period and naturally has served IN hiring
about conditions which at present are distinctly
opposed to activity the Stock Exchange
Fortunately there is nothing intrinsically weak
In the position of money and local bankers ex-
press no uneasiness over the outlook believing
That, even If Secretary Shaw doeS not decide 10
increase government deposits or redeem some of
the bonds which mature next year thers will
De an ample supply of funds after the turn of
the year for all the legitimate requirements of
trade and speculation Just at present high
rates for accommodation interfering with
business operations a small extent hut
| the temporary period Of stringency will not he
influential enough TO bring about material
| setback in the country's business which in all
lines continues 10 show remarks BILE strength and
which will not be paralyzed by money market
conditions or discomfort in labor circles There
is every reason to believe that the peo-oIa
who are in control of the American railroad in
dustry Will not permit the development of wide
! spread labor disturbance, even though in order
10 prevent II they will be compelled to grant
the demands Of employees for higher wages
There are such tremendous interests involved
financially and commercially in the transporta
ton business in the United States that the men
upon whom rests the burden Of conducting this
great industry cannot AFFORD, especially at this
time, to act on lines which would involve the
country in great between labor and can
itaL
There has been an almost steady decline in
stocks since the high level reached in Septem-
Der, which showed for twenty active railway
issues an average price of 1877 81, recorded Sep
ternber H. and for industrials an average Of
95.S9, September Il These figures compare
with a present level of about 131 30 for rail-
roads and 92-3S for industrials yet the latter
prices we'll above the low points made in
the early summer and do not give 10 Investment
buyers large return their money. Money
rates are so high that there is good chance
OF further readjustment between the price Of
funds and the price Of stocks. and at the cur
rent rates Of loans there is incentive TO
lend money, IL one has IT, than TO place it in
high grade securities. Big holders OF stocks are
confident that there will be a period of easy
money early in the new year. and they also be-
lieve that, barring adverse changes in the posi-
ton of the country's business there will be
most active upward movement the Stock