The Washington herald., 1906-11-22
Security Market Still Irreg-
ular. But Stronger.
FRANCE CONES TO THE RESCUE
Transfer of Funds 20 Bank OF Eng
land Relieves Situation in New
YoFk-SpeculatOrs Take Courage
from the Release of Large
Quantity of Cold In London.


day was again characterized by irregu-
larity and was in no sense a resumption
of the confident buying for the rise noted
last week the course Of the market re-
fected less uncertainty on the part Of the
speculative contingent than IL did yester-
day. and quotations for the principal
stocks generally advanced.
The state Of the money market was once
more the chief influence affecting values.
The fact that yesterday call money rates
ruled at a fairly high level and held firmly
UP TO the close Of business at almost the
highest figures touched, operated. natur-
ally. this morning to produce anxiety re-
garding a possible recurrence Of money
stringency, and money on call on the
stock exchange did quickly rise from its
opening price Of s per cent to 10 per cent.
bank renewals being generally made at
per cent.
The stock market at this time was hesi-
tant and weak. quotations of the active
issues falling, as a rule, below their final
price Of yesterday afternoon. But the
rates for call money referred 10 proved
10 be the highest Of the day. After their
opeuing strength they relaxed slowly
throughout the entire morning portion OF
the stock exchange session and feil as low
as 1 per cent before the end OF business
Spectators for the rise not only took
courage from this development. but from
the news from Europe that the Bank Of
France had released another large guam
titv Of gold for the use Of the Bank Of
England.
Three million. five hundred thousand
dollars was withdrawn from the English
bank to-day, as was expected yesterday.
for shipment to Brazil. in connection, pre-
sumably, with financial necessities incl
dent to the moving of the coffee crop;
but the Bank Of England purchased, in
the oDen market in London. S995.000 in bar
gold. and $1,000 in American coin, and
received from Paris Sl.075.CoO in gold. 50
that its net loss for the day was little
more than 10000
Although II seemed to be expected in
London that further shipments Of money
10 south America must be made. the ac-
ton OF the Bank Of France. in coming TO
the relief of the situation there, was re-
garded as very cheering circumstance.
The indications were said 10 be strcng
that the Bank Of EngIands weekly return
of condition tomorrow would be favor
able
Domestic exchange in the interior cities
here is still held at a premium. testifyins
10 a continual even as yet not very
large. movement Of money TO this city
on the other hand. the local banks to-
day shipped 10 san Francisco, through
the sub-treasury. s750,UG0 for the purpose
Of facilitating financial operation in con-
nection with the sale by producers Of the
Pacific Coast OF the seasons citrus crop
there Il is estimated that demands Of
/ this character from California for East
/ ern money viii amount 10 about S6.O0),00
before the year is out
The security market gathered vigOr TO-
day as s0Op as money rates began TO
/ decline There was d renewal Of activ-
ity in the familiar leading speculative ia
vorites, Amalgamated Copper, Union Pa
cific, Reading, and the Great Northern
I preferred and Northern Pacific shares
Tntimations were forthcoming from
/ sources usually trustworthy that the
/ long talked-of Great Northern Railways
new "Ore land stock issue would be
made within a very short time.
Rather large declines than usual in
I Delaware and Hudson stock. and a net
/ advance of "a points in the price Of Sc
curities were due to the impression that
/ has now become general in the financial
district that the dividend rate on Della
ware and Hudson shares, which viii be
/ fixed next month for the year to come by
/ the directors Of the company. will be 10
/ per cent, an advance of 3 per cent over
/ the rate now paid.
/ There were gains. too, varying from
/ / to 81, points IN such inactive stocks as
/ Columbus and Hooking Coal and Iron.
! Virginia Iron, Coal and Coke, Colorado
/ Fuel and Iron. Pacific Mail ana Union Bag
/ and Paper common and preferred Brook
/ lyu Rapid Transit rose ~ points with
out any other reason being heard there
/ for than the old one that the earnings of
/ the company warranted a distribution Of
/ a dividend upon its stocks; and features
/ cific. and Missouri, Kansas and Texas
stocks
/ Buying of the latter stocks revived ru-
mOrs that interests connected with the
/ Great Northern Railway Company were
/ enlarging their holdings Of the company's
/ securities. Another stock in which a Per
! sistent buying movement has been going
I on for several days, and was again to-
day prominently in evidence. was Rock
/ Island common.
i Generally speaking. there were no spe-
/ cific developments to-day. If the fuctua-
| tious IN money rates be excepted, bearing
upon the stock market. The decline in
call money did not affect in the least
rates for time funds, which were as firm
/ ~ held as they have been at any time.