New-York tribune., 1906-11-13
sCnlisted
Closing prices of active bonds dealt in, wit
STOCK MARKET OPERATIONS.

High rates for money and strike talk among
some railroad employees were responsible for
sharp declines in stock market values in early
trading in yesterdays market. Losses in many
issues amounted TO more than per cent. nota-
bly, in Reading, which suffered a maximum de-
cline Of 25s but in the later dealings there were
some recoveries. with a generally better feeling
al the close. Call money advanced 10 20 per cent,
and this movement was accompanied by liquida-
ton of loans which in turn was effective in
bringing about sales Of securities, the heaviest
dealings being recorded in Analgamated Cop
per Erie Pennsylvania. Reading. Union Pacific,
St. Paul, Brooklyn Rapid Transit and United
States Steel While there was some commission
house liquidation, there little selling by the
substantial interests. a large part of the trans
actions originating on the floor of the exchange.
Call money was higher than at any time since
September 6, when loans were made at % per
cent. comparing with a similar quotation at this
time a year ago. In the foreign markets the
general tone of speculation showed improve
ment, being helped by better monetary out
look in London, including the improbability Of a
further advance in the Bank of England's mini
mum rate Of discount. In the American depart
ment however abroad prices were heavy. the
decline in London contributing TO the early
weakness here. There was little disposition in
local speculative quarters to predict important
Improvement in stock market values in the near
future. but rule the Street exhibited no un-
easiness over the money market situation not
withstanding the weakened condition Of the
lending institutions. The market closed dull
with net losses throughout the list.
Money market conditions at this centre do not
encourage the expectation Of easy rates for loa MS
| for many weeks 10 come. The bank statement
last week showed that for the third time this
year the reserve had been wiped out and such
an exhibit naturally induces the belief tina
unless there should be an immediate heavy re-
! turn movement OF currency from the interior it
| Will be absolutely necessary for the Clea ring
| House institutions to reduce their loans to a
: large extent else for the Secretary of the
/ Treasury TO place additional amount of gov
! ernment money in the channels of trade. Sec
/ retary Shaw has expressed his willingness 10
| come TO the relief Of the situation in the event
| Of real disturbance in business circles, but it
| is quite easy that the head of the Treasury
| Department believes that the interests of the
/ local situation would be served better by rad
! ical contraction of loans than by the increase
! Of government deposits with national banks
/ Further deposits Of federal funds in the banks
naturally would encourage speculation. and ex-
| pansion in speculation would be accompanied
| by increase in loans. Loans already are
| enormous and as II is impossible at present to
| secure gold in Europe borrowing for speculative
| purposes ought to be discoura ged It is not
! generally believed in financial circles that the
present position of the money market will lead
to acute disturbance IN the business world. while
we'll protected holders of securities are not wor-
rying over the outlook. inasmuch as. they fee
assured that current money ra will not con-
tinue for any length of time, and that after the
turn Of the year currency viii begin to return
10 the financial centres in volume large enougH
10 bring about material improvement in bank
reserves Since .... LAY the local bank
have lost more than SI0A000 on their opera
,ions with the Sub Treasury, while domestit eN
change al interior points on New York does not
suggest the proba bity Of large shipments a
funds from the West and South to the East this
week though il is not unlikely that the out-of
town demand from now on will decrease. Money
rates in London were frmer yesterday. and IL
foreign exchange circles sentiment favored tht
idea that with return Of normal money mar
ket conditions at this centre London would 10
able TO draw gold from New York.
In view Of the position of the money market
the demands Of railroad employees for increased
wages. with the possibility of strikes in case o
a refusal on thu part of employers TO grant th'
demands OF labor, and the unfavorable i'm
preston created by the passing Of the contro
OF the Illinois Central to Hartman interests
securities prices not likely 20 enjoy mate
rial gains at present The labor situation L
not at all promising in the case OF a numbe
OF railroads. but. considering the vast vestet
interests concerned in the railroad Industry II
this country II does not appear probable ina
The men who control the greater part OF GU
railroad mileage will be willing at this time +
engage in 4 "ar based on the labor's belle
in railroad earning
warrants higher payments 10 the employees 0