The Washington herald., 1906-11-15
MARKET ENJOYS BOOM
Practical Settlement of Wage
Question Gives Impetus.
MONEY AGAIN FLOWING EAST
CrOp-mOving Season About over and
New York Can Get Cash from West.
Advances ia stocks are Generally
Distributed and Volume of Trans
actions Is Quite Heavy.

New York, Nov 1.-THE volume Of
transactions in stocks was about the same
to-day as il was yesterday. but advances
~ prices were much larger and more
Eeneraly distributed. The main cOnsid-
eratious affecting the market IN the
earlier part Of the days dealings were,
"a the first place, indications that the re-
cent money squeeze was over or, at least,
that no such higher rates for funds on
call were likely to be asked In the near
future IS were on Monday last, and IN
the second, that the threatened labor
troubles on various railway lines We're
III in the way OF clearing up satisfac-
torily
During the day several announcements
were made OF an agreement on wage
questions between many railway man
ayers and their employees, and there were
rather definite rumors that various rail-
way systems that have not up 20 the
present time figured In the movement to
Increase wages were about to enlarge the
pay 10 ali their employees receiving less
than q cetraIn minimum amount
day in time money rates, although on i'm
preston seemed to prevail that lenders
actually procured with dificulty the high
rates commonly reported as ruling Tor
time funds. It IS no doubt true that
many OF these rates as quoted have been
fictitious; that Is to say. that they have
not been thoroughly representative Of the
money situation
Houses in good condition and Offering
SO security for their loans the usual
mixture Of railway and industrial collat-
eral do not have 70 pay as high Tor
their money as firms not so well known
who eRdeavOr to borrow upon Industrial
stocks OF securities Of the sO-CaIled cat
and-dog class.
Money Coming TO the East.
one matter that added to the rather
more favorable aspect presented by the
money situation to-day was the rise TO
premium in the Chicago rate OF exchange
on this city, clearly Indicating return
movement OF money to this center; and
= was stated in banking circles that their
correspondents over the West reported
tAat there was daily evidence that
money was once more moving from the
farming districts to the large Western
cities
This return IS, OF course, greatly accei-
Grated by the high price paid for money
here. Call money to-day for stock ex-
change uses ranged between . and 9, with
r,.cre loans made at : per cent as against
% prevailing rate Of I2 per cent yesterday,
and this nearly encourages the hope that
Saturdays bank statement Will make
re5re. pleasant reading than Il cd week
ago. and that the local monetary strain
is over for the time being, anyway.
Added to force Of arguments rs reasons
for the purchase OF securities was more
cheerful feeling in the English market.
owing TO the conclusion without trouble
Of the London fcrtnightly financial state
raent settlement. The fear that has dis
tressed London that the Bank Of England
discount rate might be advanced before
the year was out 10 per cent seems 10
have definitely passed.
No doubt. however, the greatest tuftu-
erce exercised for a rise in stocks to-day
was that afforded by the sensational I'D
ward movement in St. Paul common stock
which began yesterday. In the decline
IN the market on the first ddE OF the
week the quotation for the s.. Paul COM
mon shares fell TO the price Of i55 5-S-
4eqterday these shares rose 60 JIG Ia, and
Today 10 1S4- the final price OF the stock
to-day being IS2 81 This makes an ex-
tTerne rise in three days of almost j.
points in quotations for the stock and
the. move eu7ent has become the mOst-Caibed-
~ m2rJer in the financial district
Expect New stock Issue.
yesterday tie common explanation Of
She advance was that an issue was 90 be
announced OF the whole or a part Of the
S-5U0e.ll0 new stock recently authorized
by The ST. Paul company for the purpose
Of building its Pacific Coast extension:
out that this issue OF stock was not at
hand was denied in high quarters, nor
did II seem likely that new stock would
De put out by the company so soon fol-
loving It's issue, briefly, Of S7,oo00o0 worth
OF common shares.
To-day the urgency of the buying Of the
stock seemed 10 indicate that an out
standing short interest in The security
was being rapidly driven to cover or thai
some deal affecting the property was
impending. Yet gossip could account IL
10 other way fOV the movement than by
a repetition OF the old stories regarding
prospective rights on the stock. its
supposed purchase by Southern Pacific.
and 50 forth.
The rise n st. Paul did not assume vio-
lence to-day until the afternoon, nor did
Il until this time cause any sympathetic
advance IN the rest Of the market. IL
was, however. finally effective in causing
the retraction OF short interest ell along
yhe line. The general market vas quiet,
little new buying Tor the advance general
y. so that AnRlgamated Copper made a
net gain OF = point: Anaconda points.
American Smelling and Refining II
Reading 2es, Louisville and Nashville 815.
Northern Pacific 81. Great Northern. pre-
Ierred. / Pennsylvania Ia. Southern Pa
cifc e3s. Union Pacific 2 Is An excep-
tional gain OF ~ points in United States
Realty and Improvement stock was also
noticed.