New-York tribune., 1906-11-06
STOCK MARKET OPERATIONS.

Trading in yesterdays stock market was light
in volume on a movement Of values which car
ried prices TO higher quotations in the greater
number Of issues. While there was no DISPOSE
ton on the part of active traders and the public
TO make large commitments on either side of the
account pending the outcome Of the election,
sentiment was bulish over the outlook for the
success of Mr.. Hughes. a reflection of which
was presented in the general course of quota
tons, especially in the Of the local traction
shares, which naturally would be picked out
by traders as good sales in the event of Dem
ocratic victory. In Northern Pacific. Reading
Union Pacific American Smelling, Southern Pa
ciic, United States Steel and Pennsylvania trad
ing moderately heavy. particularly IN Read
ing, which led the list in point of activity and
in point Of strength. dealings which We're for
the account of the interests who for many weeks
have been actively identified with this issue
Strength in Union Pacific apparently was helped
by the general belief that Illinois Central will
pass to the control of the Hartman people, but
the expectation OF such transfer was not pop
ularly received in conservative Wall Street cir
cles, inasmuch the Fish management Of the
road always has been satisfactory to the leading
banking and railroad interests and certainly the
management Of the property always has been
for the best welfare of the stockholders Illinois
Central is Of the oldtime companies which
under the presidency of Mr.. Fish has become one
Of the most highly valued investment properties
among the American railroads. and the retire
ment of its present chief officer will be a cause
for regret among people who are opposed to
certain features Of present day railroad manage
ment and railroad financing. Pennsylvania was
quoted ex-dividend, closing with a small net
gain, buying coming from good sources. In the
last half hour trading became active under
the lead OF Reading Union Pacific and Steel
shares. and at the close quotations were at or
near the best figures of the day Strength in the
money market and an advance in sterling ex-
change were without effect on stock values
The reduction in last weeks bank holdings.
bringing the reserve above legal requirements
to $3,o49 775. does not encourage the expectation
that money rates will return to an easy level in
the immediate future. Domestic exchange con-
tinues against New York. and while the larger
part Of the crop requirements has been met the
chances are that the local institutions will lose
further amounts Of money to the West and
South before an active return flow begins The
extraordinary demand for money throughout
the country in connection with the expansion
in Industrial activity may delay the reshipment
Of currency 90 this centre. while it also may
serve 10 keep at interior points a large propor-
tion of the money which has been sent from
New York in the course Of the last two months
national bank note circulation there has been
! an increase in the amount of money in crcua-
tion in this country in the last four weeks of
about S00OOOO0o. but in that time there has
been actual decrease in the cash holdings Of
the New York banks, while reserve above legal
requirements has fallen from $12.O00OOO to less
than 100000. and It therefore can readily
be seen that the action OF the Secretary of the
Treasury in facilitating gold imports was a
measure which prevented the development of
most serious conditions in this city. as well as
throughout the country.
While there is no reason to predict disturbance
in the money market in the rest Of the year.
there is ample reason for the expectation OF a
firm level of loans. with the possibility of pass
ing stringency IN the call department of the
market. Time funds now ruling at @ per
cent and in addition a commission is asked
which practically places the rate on a 61s or
Z per cent level: rate. however, which is not
causing material hardship among borrowers