New-York tribune., 1906-10-23
Enlisted.
Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.

Evidence Of better conditions IN the London
market and the extravagant idea that the Bank
of France would lend the Bank of England any
aid required were responsible for better feel
ing the local exchange, and higher prices in
all the active issues. In the greater number Of
securities Saturdays losses were recovered and
at the close the majority of active shares showed
advances of from l to 8 per cent. as compared
with the final figures last week. Trading
heavy in volume. and the improvement which
began with the first transaction was well main-
tanned throughout the day, the distribution of
stock taken in Saturdays market to support
prices falling to exert any especial influence on
quotations. OF course, the extent OF the gains
recorded reflected covering Of short contracts
more than active public inquiry for stocks.
Nevertheless, there was buying by sub
stant'" interests. especially in the shares which
recently have been popular favorites as for in
stance Union Pacific. Reading, Analgamated
Copper American Smelling, Atchison, Pennsyl-
Yania, Southern Pacific and Canadian Pacific.
Londons selling was less urgent than it was in
the closing days Of the preceding week. while
in the London market there was none of the
Generalization which marked the course of trad
ing Friday and Saturday. Closing prices were
strong and practically at the best Of the day,
last hour strength being helped by purchases
by houses which usually associated with the
larger financial interests. Buying of Union Pa
cifc and Amalgamated Copper particularly
good. and the improved sentiment over London
financial conditions naturally exerted consider
able influence Canadian Pacific, which is
largely held abroad and which was heavily sold
in the London market last week. A noteworthy
incident of the day the early strength In
sterling exchange, demand rates advancing 80
points, making gain since Friday Of 40 points.
a Of ha
mornings Improvement was lost.
The advance in the Bank Of Englands rate of
discount to per cent already has been effective
IN improving the financial situation in the Brit
ish capital and It is not expected that the gov
ernors OF the bank will find it necessary to make
further increase in the minimum quotation A
large amount of loans have been transferred
from London to New York, and London's Con-
tnental capital is being called in. as reflected in
Paris exchange the British capital London.
Paris and Berlin open market rates were higher
yesterday. while In the local market call and
time funds continued to rule at firm level with
the prospects favoring a stiff quotation through
out the week. 1t is not unlikely that there will
be further increase in bank loans in New York
this week. owing to the nproba bility of the re-
newal Of maturing finance bills under present
strained conditions in London, but fortunately
| the burden of carrying heavy loans transferred
| inasmuch the trust companies may be de-
pended upon to accept part Of the responsibility
| in order to prevent too unfavorable bank state
| ments. AS London is now prepared to pay
| higher price for gold than New York, there is
little chance of this country being able to secure
| more Of the precious metal abroad, but fortu-
nately the time is not far distant when currency
| will begin to return to this centre, and in con-
| sequence local bankers not alarmed at all
over the present low position of the Clearing
| House reserves And If acute stringency should
| develop here further help may be extended by
the Secretary of the Treasury especially as there
| is a large amount Of idle money In the federal
| vaults which easily could be transferred to the
| national banks for emergency, but not stock
| market, purposes. Secretary Shaw may be
| counted to provide additional funds if the
necessities of the situation demand help from
| this source
| While the development of sustained active up
| ward market in securities is not looked for at
present. ii is well to note that there has been a
| large amount of liquidation which has materially
| improved the speculative position and has placed
| stocks In stronger hands, thereby providing 1t
| is thought obstacles to further severe declines
| barring of course the development of condI-
tions which might even force present substantial
holders TO convert their securities into cash The
| outlook is promising in the business world
that it is extremely difficult for any careful OH
server TO be bearish the future of the stool,
market, Notwithstanding the present stiff rate,
for money throughout the world and the high
prices at which many securities are selling If
conditions We're not strong as they are tbA
decline Friday and Saturday would have b,
| far more extensive. 1t is not unlikely that nand
ing the outcome of the election the ma rl,et y, II
De more or less OF seesaW affair with the