New-York tribune., 1906-11-20
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market
heavy in volume on movement of values which
showed decided strength until the last hour,
when reactions developed as a result OF an ad-
vance in call money rates In view Of the small
reserve above legal requirements held by the
associated banks and the increased activity in
stock market dealings the jump in loan quota
tions not considered al all surprising by
people who are carefully watching the situation.
st. Paul again the leading feature of inter
est in the days dealings its price enjoying
maximum advance OF 55s points and a net gain
Of Az. on buying which represented both cover
ing of shorts and purchases for the account OF
substantial Wall Street interests. The improve
ment in the price of this stock responsible
for further talk regarding the possibility of Har
rnnan interests securing control of the company.
but nothing definite regarding the possible pass
ing Of the ownership OF the property to new
hands was learned in official quarters Heavy
realizing sales in Union Pacific were responsible
for the failure OF that stock to move TO a higher
level, but offerings of the issue taken by
representative buyers, while the same thing may
be said of the character of buying in other parts
of the list where stocks were placed on sale.
Many Of the usually inactive issues enjoyed
marked strength, and further interest developed
in low priced shares in which equities are rapid
ly increasing in value as, for instance, Missouri,
Kansas & Texas and Colorado & Southern. The
chief net gains made by Atchison, Cana
dian Pacific, St Paul, Louisville & Nashville and
New York Central. AmaIgamated Copper, Amer
ican Smelling. Reading and Union Pacific, of the
active list, showed small net declines Good
buying was reported in Canadian Pacific both
In this market and in London
In money market circles 1t IS generally be-
leved that rates for loans will rule at moder
ately firm level for the rest Of the year. notwith
standing the return flow Of currency from the in
terror and the reduction of loans by the assocat-
| ed banks Of this city in the last four weeks Of
over $4,000, 600. The banks practically have been
compelled to reduce loans in order to protect re-
serves and IT is thought likely that the financial
institutions will have bring about further
| traction in the next few weeks, inasmuch the
| receipts of money at this centre in excess OF
| shipments doubtless will not be heavy enough
| TO carry cash holdings materially higher. Not
withstanding the fact that the banks able
| last week to restore the reserve to point more
than 81, 100000 above the legal limit, against
deficit in the preceding week. there twenty
seven institutions out Of a total of f1fty-four
which reported less than the % per cent reserve
required by law. The general monetary outlook,
however. is far more promising than it was a
| few weeks ago, and the prospects. according to
stock market spectators ideas. fully warrant
the purchase OF securities at present quotations
to hold for higher prices. Powerful financial
interests are heavy holders Of securities which
they anxious to distribute at better figures
and apparently every effort is being made
to advance quotations throughout the list with
the expectation Of the development of an active
| public demand
Excellent buying is reported in st. Paul and
| Union Pacific and the chances apparently favor
! higher prices for both issues. Union Pacific Is
| making bigger earnings at present than ever be-
| fore in the history Of the road and the current
| returns especially significant. as they COM
pare with period year ago when traffic re-
ceipts broke all preceding records. Union Pa
cific is 10 per cent stock. Union Pacific is .
/ Hartman stock, and Mr. Hartman is now
| backed by the most powerful capitalists in the
| country-men who interested in the expan-
| sion Of American railroads and American in
dustries in general. These interests believe that
Union Pacific will be able to maintain its
mon stock on a 10 per cent basis; they believe
that Southern Pacific is a permanent
dividend basis, and they look for material price
| improvement in all the called Hartman
curities Rockefeller money is helping the cam
| paign in the Hartman issues. and a large
amount OF Rockefeller money is going into st.
Paul stock an oldtime Rockefeller company.
| The most important interests in Wall Street are
| espoused to the ball side Of the market and
! they believe that the chief rise may come in the
! early part Of the new year
AMERICAN SECURITIES ABROAD.
| London' Nov l9 p. m,-The market for Amer:-