New-York tribune., 1906-11-21
STOCK MARKET OPERATIONS.

Stock market values moved in an irregular
manner throughout the day on a large volume
Of business final prices IN the active list show
ing more net losses than gains. In the early
dealings the greater number Of issues were
strong. but subsequent realizing sales ef-
feotive in bringing about reactions. while ad-
vance in call money to IL per cent in the after
noon encouraged pressure from the room trad
A number of sharp advances were recorded
in issues which recently have not been active.
notably Illinois Central General Electric and
Louisville & Nashville. while ST. Paul, for
time. again moved under the influence OF as
gressive buying. which apparently was based
on the expectation Of some development in the
Northwestern railway situation favorably af-
fectng the st. Paul company. Though commits
sion houses were fair buyers Of stock until
money rates moved higher, the more important
speculative interests evidently disposed
IN the greater part of the day to take profits
stocks which selling many points above
the level recorded fortnight ago. In the shares
in which striking gains were made in the early
dealings. much of the improvement lost in
the last hour. and in the general list of active
issues net losses were recorded by Atchison
New York Central, Northern Pacific Reading
and Union Pacific running from p of l per
cent to 1Ts per cent, the latter decline being
reported IN Northern Pacific. Louisville & Nash
vile. Illinois Central. Mexican Central and Rock
Island closed at net gains. the last named issue
apparently being bought for the account of in
siders who recently have been heavy operators
in this stock. A prominent Western house ap-
peared to be responsible for the movement in
Louisville & Nashville the strength Of which at
tracted light buying of Nashville & Chatta-
nooga, which enjoyed net gain of more than <
points. St Paul closed well under its best price
unchanged from Mondays last quotation.
Currency movements are now running In favor
of New York. and in the course Of the next four
months cash holdings of the Clearing House in
sttutions ought gradually to improve through
the receipts of funds from out of town points
The shipments of money TO New York however
in the remainder OF the year will not be heavy
enough TO increase local bank reserves to an
extent warranting an easy level for money and
If stock market speculation continues at its
present rate there may be some serious times
in the loan market before the end OF 1906. Local
banks are gaining on Sub-Treasury operations
for the first time since early IN October the
excess of receipts being due to the fact that in
terror banks no longer transferring collec-
tions of internal revenue 10 the Treasury by
drafts upon their New York correspondents
tivity in the stock market by lowering rates for
loans: indeed. the tendency of the loan market
in the last two days has been IN the direction
of higher level, with indications pointing tow
ard stiff quotations for number Of weeks to
come. Notwithstanding the fact that money is
returning TO the East from the West. II
loans were offered freely at low figures there
would be immediate demand for gold for
London account, and as local bank holdings are
not strong enough to permit shipments of the
precious metal without causing serious disturb
ance at this point, 1t is not all likely that loan
quotations will be permitted TO go 10 an easy
basis The Bank of England is slowly replen
fishing its holdings. but under current conditions
Il will not be abe to secure any assistance fro,,
New York, the local market being protectsd
against gold exports at present not only by high
rates for money but by large outward move
nlent OF merchandise TO European centres 10
tober results in the countrys foreign con,n,arca
were better than ever recorded in a correspond
ing period the excess of merchandise exports
amounting to more than $S9oO0OOO
The chief financial interests In Wall S,rao. ~
anxious TO prevent at this period great specuIa
tive activity. believing that a ouiat r,a,,o. -
will insure healthful expansion in ,alnas With
the return of a normal money market situation
The resumption of bull activity. which deveIopad
last week. has carried prices materially abovs
the low figures recorded in October. and this
ADVANCE has been too rapid according To the
views OF interests which believe that bull markets
are not warranted in time of high money quo
fortunately stocks are in strong hands
nut IL Is 10 be hoped that prudence and COZ
servatism will be exercised az nressrt as o+bn
wise 'he chances of a big bull boom In 1907 NAV
DC materially lessened. Operators who are
"A,chlhs carefully the character of the aeon
"uiauon OF st Pau. Union Pacific. soutb.r,