The Washington herald., 1906-11-17

New York. Nov 16.-WhiIe to-day's Sc
cUriry market was strong. betokeri1E "a
sentiment shat has u0oUestiona5ly be
come general that financial conditions
during the week nave decidedly improved,
it sgas yet most of the time iIrcr rl.ar. and
plainly reflected considerable degree OF
liquidation naturally consequent upon he
recent sharp advarce IN prices.
Up to the last half hour of business. ths
tendency of the market was. in fact.
either To remain stationary or to recede.
and if tie trading had not stopped,
prices for the majority OF stocks would
have shown net declines. At this time,
however. a sharp upward movement be
gan in the Great Northern preferred and
Northern Pacific stocks. so that prices
Of these rose on large transactions 81
and 514 points respectively
RumOrs Help Hill Stocks.
The movement also embraced, particu-
iarly the United States Steel common
shares. and stimulated a sympathetic ad-
vance throughout the rest of the securi-
ties. that resulted in an exhibition Of
final gains in prices. a rather notable
exception 70 the movement was afforded
by St. Paul common stock. and profit TAX
ing sales therein kept heavy till the close
Of business.
The rise in the Hill stocks was attend
ed with rumors which were thought 10
have rather more substantial foundation
than they have had recently, that the
time was near at hand when there would
be issued to the shareholders Of the
Great Northern Railway stock repre-
senting their due participation in the
lease Of ore lands recently negotiated by
the Great Northern Company TO the
United States Steel Corporation. The
extra distribution and other advantages,
which will assume definite form as re-
CARDS the Northern Pacific stockholders,
will not, according TO the current i'm
preston to-day, be Immediately an
nounced, but viii succeed in point Of time
the issue Of stock by the Great Northern
Company.
Nevertheless. the fact that these trans
actions, which. from a stock market point
of view. are so important. can fairly be
said 10 be impending was sufficient to-
day TO cause no small amount of genuine
buying of the securities concerned. It is
expected, of course, that only a relatively
small number Of people operating in the
market through commission houses can
afford 10 buy stocks of the class stated.
Commission houses themselves do not for
obvious reasons. encourage purchases OF
the sort. The influence on the general
market. however, of a rise in the price Of
stocks is unquestionable.
Foreign Advices Cheerful.
The day in Wall street was marked by
very little noteworthy developments. The
growing optimism regarding the market
was encouraged by further purchases of
stocks for London account. and by the
receipt of cable dispatches stating that a
more cheerful feeling is ruling on all the
foreign bourses, and particularly by that
section OF the estimates concerning to-
morrow's bank statement which inti-
mated a net gain, for the first time since
last August. Of between $150,G0O and Sl.00o.-
900 by the local banks in their transactions
at interior financial institutions. This has
been plainly foreshadOwed I'm the disap-
pearance. recently. Of the discount upon
New York exchange In the interior cities.
and the advance in these rates in Chicago
and the most important Western financial
centers to q premium
There is very little doubt that the return
movement of money from the agricUl-
tural districts To the large cities has be
bearing upon the stock market. that al
though "a movement Of this kind often
sets in about the middle of November,
Il generally attainS no great headway
until later in the year. and that the high
est rates for money in the year usually
prevail i'm December. Whether therefore,
the situation is such as TO win any eX-
cited outburst of strength in the stock
market at this time is TO be questioned,
great as the feeling of relief may he in
banking and speculative circles over the
Improvement in the money situation that
has occurred
Figuring on Bank Estimates.
No one could be found rash enough to
express an opinion to-day regarding the
showing likely to be made in to-morrow's
bank statement. regarding either bank
loans or the amount Of bank cash.
According to the data furnished. a slight
enlargement of cash has actually oc-
CURED, and as prices Of stocks are de-
ciGedly higher than they were at the be
ginning Of the week. a reasonable suppO-
sition Is that bank loans are also larger
than they were a week ago; but the pos
sibilities of a transfer of loans to pri-
vate or out of town lenders have by no
means been exhausted, and Wall street
would be more or less surprised If on the
face Of returns the credits Of institu-
tions in the clearing house did not appear
as reduced.
The feature Of the curb market to-day
was a further decline in Standard Oil
stock. presumably owing to the news of
the formidable civil prosecution begun
by the government. This matter, how
ever, seemed TO be wholly without in