New-York tribune., 1906-12-12
net changes, follow:
STOCK MARKET OPERATIONS.

From the course Of the stock market in the
greater part of the day the conclusion may be
drawn IN some circles that the action of the
Secretary of the Treasury in placing further
amounts of government money at the disposal
Of the banks means the immediate development
Of easy rates for loans, but the facts of the
situation warrant no such deduction. 1t is true
that the severe strain 10 which the market for
money has been subjected in the last fortnight
will be relieved and for this there is much rea-
son for congratulation, while It may come 10
pass that in the event of further acute stress in
loans more Of the Treasurys surplus win be
used 10 prevent disturbance in Wall Street and
mercantile circles Low money, however, is
practically out Of the question IN the remainder
Of the year. especially as the requirements of the
interior viii prevent an active return flow Of
currency to the East and as the government
viii continue to draw funds from the banks in
excess Of Treasury expenditures. Customs and
internal revenue receipts are heavy. but the
deposits Of government funds with banks in
cities throughout the country viii serve to re-
duce the demand on New York for accommo-
dation in connection with the nations expanding
trade and cotton crop requirements in the
South The cotton crop of 1906 according 10
government estimates is unusually heavy and
its financing has taken q large sum Of money
from this point and viii involve additional ship
ments before the end of the season for New
/ orleans account. The break in the cotton mar
ket yesterday was without influence on the
stock market the latter ruling strong on an in
creased volume Of business as compared with
the operations Of the preceding day. Total
sales were more than 100000 shares.
London prices for American stocks were strong
and the local list failed reach the standard
established abroad, though in a few issues great
improvement was recorded. notably in Canadian
Pacific and ST. Paul. the latter selling at an ad-
vance Of points over Mondays last quotation
! There We're no DEVELOPMENTS in the news line
accounting FOR the upward movement in this
stock the gain doubtless being due in great part
to the retreat Of a large short interest and buy
I ing by substantial interests who have stock 20
/ distribute at a higher level. In London as well
/ as in New York Canadian Pacific active
strong feature on the same sort OF buying that
| has characterized the operations in the security
! for many months-namely, buying for powerful
! financial interests who are well informed re-
/ garding the position Of the Canadian Pacific
property, financially and physically, and the
company's plans for future financing which will
! become necessary as the result Of the great ex-
pansion which is going on in the country through
/ which the lines Of the Canadian Pacific run.
/ There has been a remarkable development Of
/ Industrial growth in the Dominion in the last
! two years d reflection OF which is presented
| in the earnings Of the Canadian Pacific Com
pany which from July show an increase over
| the same time in the preceding year Of s., ,S27,-
! 900. and an increase over the corresponding
period Of 1904 Of 100000. In addition TO the
company's large receipts from traffic It receives
q large income from land sales. which are not
| included in the published earnings
| Pool activity was reported in Reading, Union
| Pacific and the copper shares. the advance IN
! Reading being accompanied by heavy covering
| of shorts. based on the rumor that at the meet
| ing OF the directors next week the dividend will
| be increased. Many issues which have been
! neglected for a number Of weeks were taken In
! hand by the larger operators and easily ad-
| vanced, notably Chicago. Great Western. St
| Paul preferred Duluth. South shore & Atlantic,
! 500" common, Ontario & Western and Peoples
| Gas. While there were realizing sales in the
| last hour the final level showed net gains
throughout the list Call money eased off from
the high rates Of the preceding day, but aver
aged in the neighborhood of 8 per cent. while
there change OF Importance in the time
department Of the market in which per cent
and per cent quoted for short periods
Sterling exchange advanced. rejecting the de-
cline IN call money. Foreign houses were nc
tive buyers OF stocks IN the local market