The Washington herald., 1906-11-27
RISE, THEN DECLINE
Market at Closing Loses All
the Gains Made Earlier.
ORE CERTIFICATES GO DOWN
Union Pacific and st. Paul Common
Also DrOP-Great Northern in ViO-
lent ReactiOR-Wan street Begins
tn Show Interest in Presidents
Forthcoming Message to Congress-.


New York, Nov. 26.-As is not infre-
quently the case, the movement of prices
on the stock exchange to-day was divid-
ed into two distinct halves. Up to mid
day quotations for the stocks, usually the
cl:ief subjects Of speculation, showed a
uniformly higher tendency, gains in the
majority Of these issues running a point
or more above Saturdays final quota
tiOns.
Afterward the market became dull and
decline set in which. in many instances.
wiped out previous advances and substi-
tuted losses in their place. Net advances
were, however. about as numerously ex-
hibited as declines at the close of bust
ness, and the market in the last hour of
the trading fell from the high prices
made earlier in the day.
Aside from the particular strength in
Missouri, Kansas and Texas stocks there
was no special feature of the market to-
day worthy Of comment. The liquidation
in the afternoon was perhaps most note
worthy in the case of the Union Pacific
and St Paul common shares, but this was
regarded as only natural, inasmuch as
these stocks were those that led the
market in the sharp upward movement OF
last week and the week before.
Ore Certifieats In Drop.
Especial attention was attracted on the
curb market by a further violent drop in
the price of the Great Northern ore
certificates when issued" carrying their
quotations down TO a level nearly thir-
teen ecints lower than that made Just
previously to the Official announcement o.
the date on which they We're to be given
to the Great Northern Company. Doubt
as to the exact value Of these certificates.
or, a; least, an idea that the current
market valuation was high. for a secur-
ity yielding. as d matter Of certainty, but
: Il per cent interest seemed TO be the
chief reason for the selling of the certifi-
Gates to-day.
There appears to be no basis. however.
for the adverse criticism that has been
passed upon the certificates that they
are not likely to be accepted by the banks
IN place of Great Northern stock as col
lateral for loans. At various leading
banks to-day. where an expression of
opinion was sought upon the subject. II
was that If the new certificates were
readily marketable in dealings On ihe
curb. as they undoubtedly would be, they
would be accepted as collateral under tho
usual regulations regarding margins. ami
50 forth, the same as Great Northern
Securities stock has been under similar
circumstances. It viii, no doubt, hold
IN this as in other instances 1f the kind
~ 1f# a.
upon the certificates viii be an important
factor in determining the action Of bank
officials in each case. What seemed 10
figure most prominently In the discussion
Of spectators in the financial district 90
day-whO always, Of course. regard the
stock market from short range Of view
was the continual weakness in the Hill
group Of stocks and the Great Northern
Railways ore certificates. the selling Of
the St. Paul shares, which Indicated. ap-
parently, that the present rise in the price
of the security betOkened no substantial
favorable development concerning the
property, and rumors that the Union Pa
cidc Railroad Companys annual report,
which WILL it is expected, be issued to-
morrow morning. will not prove to be
document calculated to excite as much
enthusiasm as has been supposed.
No New Facts in Report.
An impression was current that the .fg-
ures Of the company's earnings in the last
financial year. revealed in the report,
would be practically the same rs those
set forth in the preliminary statement
issued by the company last August al
though it was held that the companys
income from investments might be shown
TO be somewhat larger than was originally
stated.
The rumOr circulated that the COM
pany's net revenue applicable 10 dividends
on its common shares. from both the
operation OF the system and from the
income from investments, would be more
than IA per cent, whereas it has been
thought recently that the company's
earnings from the operation of the
system alone would reach this figure. It
will be very surprising, however, If the
report does not exhibit a large quantity
of unmortgaged or free" assets in the
cOmpany's treasury
There was much talk in Wall street
to-day about the approaching session Of
Congress and the possible unfavOrable
character in q stock market sense of the
Presidents annual message. and of the
fact that the end of the month financial
settlements were approaching, requiring
the calling in and reimbursement by the
banks Of 50, 100000 together with the in
Cidence of the annual settlement day of
the Canadian banks on November 60
This week. too, will be broken by the
Thanksgiving holiday, while the London
fOrtnghtly financial settlement is in
progress. which always operates to cause
hesitation to some extent in financial
ventures. Further, the local banks must,
during the week. make preparation for
the payment of the first installment of
the New York Central and Hudson River
Railroads S3OOO0.OO0 stock issue.
On the other hand, there was nothing
doing in the course of money rates to-
day to indicate any disturbance in the
money situation in the near future There
WAS no tightening of time money, and an
actual sOftening Of call funds. the bulk of
the money lent for stock exchange uses on
call during the day ruling at 51s per cent.
One million dollars was sent from this
city to Canada and San Francisco, and
rates of exchange on New York in the
interior cities were not quite so favor
able as they have been.
The Bank Of England, however, to-day
made another great strike toward the
building up of its reserve. receiving into
its Golfers over S5000,000 in gold from
Paris and in bullion bought in the open
London market. Toward the end of the
week a further sum Of S2,5O00O0 in gold
is also due 10 arrive in London from
South Africa.
NEW YORK MONEY.