The Washington herald., 1906-11-18
Market at High Tidea Week
Comes to an End.
BANK STATEMENT PLEASING
Union Pacific a Leader, with London
Buying HeavIIy-PrOfit-taki Fails
TO Force Down Prices-Bank of
EnEIand's Position Is Considered
FavOrabIe-Nevs and Comment.

of the stock exchange was the scene OF
general and continuous strength. Deal
ings in stocks rose to high total for a
Saturday half holiday. and prices closed
in nearly all instances at or near the high
est points Of the day.
There was practically only one matter OF
news bearing upon the market, and that
was the weekly bank statement, which IN
every way came up to the pleasant antici-
pati0ns concerning it that prevailed yes
terday
The clearing house institutions reported
a decrease in loans Of s61O0. 400 which was
generally. and no doubt. properly, attrib-
uted 70 a further transfer Of credits from
the banks TO out-Of-town or private lend
ers
The cash held by the banks increased
S2,17S, 800. a sum nearly three times larger
than that indicated by yesterdays fore
cast; hence the bank surplus rose
from a deficit of s150O,0OO last week to a
surplus Of s2,3O0,OOO above the legal mini
mum.
The action Of the stock market indicated
that speculative traders were paying very
little attention to statistics of this kind,
and were regarding rather the seeming
evidences that financial interests Of the
first rank had accumulated large lines Of
stocks in the recent decline in the market
and were now enlisted in a temporary
campaign. at least. for high prices.
Few Reactions in Prices.
There were few reactions in prices to-
day, although the gains made by many OF
the active stocks were not equal in all
cases. Profit-taking was apparent in the
St. Paul common shares, as it was in yes
terday's market. and realizing sales also
kept down quotations for the Northern
Pacific and Great Northern preferred
shares, whose advance was. a particular
feature Of business at the preceding ses-
sion.
The strongest stock on the list was
Union Pacific common, which made net
gain OF 3 5-S points upon transactions ag-
gregating nearly one-fourth of the total
dealings in the market The current i'm
preston seemed 10 be still very strong.
that not only within the next few days
will the Great Northern Railway Com
pauys distribution of stock IN connection
with its lease Of ore lands take place. but
thar the Union Pacific's annual report may
De expected at any date, showing an In
trcnched financial position Of the COM
pauy which abUndantly warrants the 10
Der cent dividend rate authorized for Its
common stock a few months since
The characteristic of the stock market
taking the week as a whole, has been "a
sensational upturn IN the course of values
accompanied by a considerable. but not
an altogether. proportiOnate increase or
optimisiie sentiment in the financial dis
trict At the close of the market on
Monday the 0Tice Of the standard railway
stocks was but very little above the low
est level touched since the beginning Of
September, and at the END Of the business
to-day the average price OF the same
stocks was the highest OF the year
Market Is Genuinely Hopeful.
T'ais pronounced upward movement in
the market has been due chiefly. no doubt
10 heavy buying Of securities by long pro-
fessionaI spectators. and by financial
powers of the first rank, rather than to
any general Te-enuance into the market
ON the part of the outside public but it Is
fair TO say, nevertheless, that all develop
meuts during the week bearing upon the
market has been of a genuinely hopeful
and encouraging nature.
The Bank Of England has succeeded in
building ~ its depleted reserve far more
rapidly than was looked for a few DAYS
ago. II reported on Thursday q surplus
almost ug 10 the normal average for the
time of the year. increases in its gold
holdings to-day in the sum Of nearly S4-
Co00c, and it is expected on Monday to
secure without difficulty another S4.000,0W
due 10 arrive from South Africa.
In consequence of this. buoyancy. as
compared with the past feeling of dis
COuIdgemcnt and uncertainty. has come
10 prevail in the London market. and all
fear among hnanciers on the other side
OF an advance before January ] i'm the
Bank of England's discount rate has
vanished.
Locally, money rates have steadily de
clined since Monday. and New York ex-
change in the interior cities has risen
10 premium that indicates a return OF
money from the agricultural districts.
this movement being further attested by
a gain on net balance for the first time
since August by the clearing house banks
in their transactions with the interior in
stituuons
Wage Increase Ends strife.
The large and voluntary increases of
wages by the railway companies and
other corporate organizations have al
layed anxieties regarding the possible
labor disturbances. and are regarded as
an extremely helpful symptom regarding
general financial affairs.
The governments foreign-trade state
ment for the month of October shows an
excess OF exports over imports for the
mOnth-larger than any but one recorded
.orrn -sf-g n DING r,--i1I for rav, x-ra 70
back, and reports Of railway gross earn
fngs have gone on mounting up 10 new
high record figures. a current criticism
G. tccse railway reports has been that
Tn" Increase OF railway net earnings had
been small, as compared with that Of the
gross revenues: but the truth about the
matter appears to be that all the great
RAILWAY companies of the land finding il
difficult 60 borrow money enough for
their needs, owing TO the state of the
money market have been diverting enor-
plous sums out of earnings in the i'm
provcment Of their properties and charg-
ms the expenditures to operating ex-
penses.
The state of the money market seems,
indeed, the only bar to further advance
in security prices and il is well. perhaps,
for spectators to bear In mind that in
times past when the monetary strin-
gency IN the 1ail of the year has been
the chief financial influence felt, Il modi-
flcation of these conditions in the month
of November has often proved 10 be but
temporary, and has been followed in the
final month Of the year by Q further ad-
vance in money rates and by recessions
In stocil-market quota tionS.
NEW YORK MONEY.
New YoTk. Nov. E--Noney on call to-day was