The Washington herald., 1906-11-24
BIG BUYING CEASES
Market Misses Operations of
Large Interests.
HEAVY BUYING IN H., K. & T.
Shares Believed to Be Bought for
CreUt Northern Account at High
Southern Section Help Hooking
Valley and Other Coal stocks.

New York. Nov. e3.-Less interest at
tached to the dealings in stocks to-day
than at any session Of the Stock EX-
change since the declining movement in
the market, arising out of the money
stringency cUlmiDated nearly two weeks
agO. The volume Of transactions was
largely reduced f-Om yesterday, and net
changes in prices. except in the case OF
the inactive stocks, were in few cases
more than fractional
The days market, indeed. was almost
wholly a drifting one. and indicated ap-
parently that the large financial interests
that have recently been buying stocks
have for the time being suspended opera
tions Many times during the day the
market became utterly stagnant. and
there We're few. if any, developments cal
culated to produce either speculative buy
ing or selling of stocks.
Foreign Markets UuinterestIng.
Much the same state OF affairs seemed
to prevail in the London market where,
although rates for the use of money con-
tinued easy, and hopefulness concerning
the general financial situation remained
unabated. there was only a desultory
movement underway in seCUrity prices.
Practically the only financial occurrence
Of Importance abroad was q rather sharp
fall in the price Of silver. caused by a
decision Of the English government
which was recently arrived at by our
own Treasury officials. not to buy any
more silver for coinage purposes at eur
rent high prices Cor the metal.
Throughout the day here there was
continued liquidation, although not on SO
large a scale as yesterday, in the Great
Northern preferred. Northern Pacific
stocks. and Great Northern "ore land
certificates. This selling seemed TO be,
as it was on the preceding day. partly III
the nature of realizing by small holders
OF these stocks. either in cousonaace
with the old-fashi0ned maxim in W All
street TO take profits ON good news, ana
partly because of disappointment over
the fact that the value of the new cerllu-
Gates Of distribution 10y the Great North
crn Railway in connection with the ore
land lease could not be more accurately
calculated.
Buving of NJ. =. * 7. Heavy.
The market on account of this. how
ever was counterbalanced by q vigorous
renewal of buying in the Missouri. kan
s7s and Texas common and preferred
stocks. which was generally accounted as
being for the Great northern Railway
interest. The two stocks named rose 10
the highest price recorded for them in a
long time.
Strength was also exhibited in Coium-
bus and Hooking Coal and Iron. Sloss-
Sheffield. and one or two other stocks or
similar character, which was accom-
panied 10y vague stories regarding the
proposed formation Of a merger OF coal
and iron properties. located near the
Southern section Of the country.
Dealings were also comparatively ami
mated NJ one time in the stocks of the
National Lead, Corn Products, and other
Industrial companies, I'll OF these stocks
being jeait in usually at advancing prices.
on the other hand. "a decline of -
points in Standard oil stock In the curb
market carried the price Of this pr0mi-
uent security down TO a lower level than
auv recently touched by il. and 10 the
lowest level recorded III several years.
The suit brought by the government in
the Federal courts 70 test the legality of
the c0mpauy's existence seems to he the
explanation for the fall in tho price OF
the stock
little Attention to Bank Estimate.
Very little attention appears 70 De paid
In the financial district TO the estimate
Of to-morrow's bank statement which
agreed in a forecast Of a gain in cash by
the local clearing house institutions of
about a half million dollars The move
meut of money iB and out Of the banks
during the week has been subject 10 many
cFoss-currents. and there was really no
certainty felt to-day whether the cash of
The banks would be exhibited tomorrow
as increasing or decreasing in either a
large or q small sum. The supposition
was this week that large amounts of
money were received in the city from the
West by private shipment. but the trans
actions OF the banks. as they were col
lated. did not exhibit this. 1t is doubtful.
too, as TO the extent to which the trans
frrs made during the week Of Sl.g50.01J TO
san Francisco viii figure I'm the bank
return.
People in Wall street have long given
zap any effort TO determine in advance ta.
probabilities regarding the State Of bank
loans as shown i'm the end OF the week
exhibits. Supposedly these loans have in-
creased this week owing 10 the gen
orally rising movement i'm the stock mar
ket and the necessity which has still
weighed upon banking interest here of
taking up the stocks returned TO this side
from Europe AS bank loans have to
d large extent been shifted 10 the ac-
count of private leaders and interior in
stitutions during the past month, there is
no reason for the supposition that Oh,
same process has not been continued this
week as well.
WEEKLY BANK CIEARINGC