New-York tribune., 1906-12-14
Closing prices of active bonds dealt IN. with
net changes follow:
STOCK MARKET OPERATIONS.

With the exception of st. Paul. the active
shares weak throughout the day, under
the influence Of liquidation and bear pressure.
selling being encouraged by further calling Of
loans and a stiff quotation level in the money
market. The exceptional strength in St. Paul
shares was not accompanied by news develop
ments. but the character of the buying sug-
gested that certain substantial interests either
had advance information OF some pending de-
velopment affecting the property or else were
making energetic efforts TO round up a short in
terest which had been accumulating in the issue
for number of weeks. AS far as the shorts
concerned, the intentions of the insiders
mattered little, they forced to cover
irrespective of considerations regarding the
meaning Of the movement. and their buying
was responsible for a maximum gain of points
in the face of ii point loss in Great Northern,
ar II point break IN Northern Pacific and weak
ness in most other parts of the list. The selling
Of the Hill shares reached proportions that
caused more or less uneasiness in some specu-
lative circles. but the liquidation in these
stocks did not alarm any who had watched
their recent course. the decline, following that
recorded in Wednesdays market, being consid-
cred due to realizing by Union Pacific on its
Hill holdings and selling by people who bought
the shares before the cutting OF the recent
melon.
There various unfounded rumors re-
garding the Great Northern company. and
dispatch from st. Paul said that the validity Of
the proposed increase in the stock would be
questioned by the State of Minnesota. but there
were 10 actual adverse developments affecting
the property and no good reason for the
vousness that was noticed in speculative circles
as the result of the downward movement in the
Hill shares. When Great Northern moves it
gives quick action and decline or an advance
of 10 points in it's price is no more significant
than is a point f1uctuation in the ordinary
issue In the general list little resistance was
shown to the declining tendency, but at the low
figures there was quiet buying for the account
Of important financial interests. Room traders
made the most Of the weakness in the Hill
stocks and the strength in the money market
but despite their activity and commission house
selling there was no semblance of panicky SEN
timent as far as the future of the market is
concerned The more conservative interests
opposed TO a bull speculation at this time be-
lievng that the exercise of moderation and
patience now will be followed by wide specu-
lation and higher prices in the new year. Wall
Street apparently believes that the strength In
ST. Paul means that some other company is try
ing to secure control. but money is pretty high
for market operations seeking to buy out the
majority ownership of this big property 1t
looks IL some one had stock for sale however
at the present level.
While the Bank of England made an excellent
return for the week ended yesterday the gov
ernors Of the institution did not reduce the mini
mum rate of discount from the per cent basis
established in October. Their decision not to
make a change, despite the fact that the proper
tion Of reserve to liabilities rose from "A 81 in
the preceding week to 47O2 this week which
compares with 1910 at this time in 1905. is q
clear indication Of their intention TO place every
possible obstacle in the way of gold Withdrawals
from London for American account and stock
market operators who are counting on a re-
ports of the precious metal may as well make up
their minds that the prospects Of assistance from
abroad extremely small. OF course if devel-
opments should arise here which would tend to
derange the money markets Of the world Europe
doubtless would feel constrained TO send us aid
but there is no probability OF disturbance this
point that would make II absolutely necessary to
call on London or Paris for help This country
can take care of its own money market and the
huSlns or large amounts OF American securities
abroad in the last two weeks for European ac-
count reflects the supreme confidence that pre-
Falls IN foreign circles over the continuance of
staD!e conditions in the United States and the
certainty that the Secretary OF the Treasury will
prevent the money market from reaching
helsht tnat might upset our Industrial activ-
lbeE. Money doubtless viii remain at a firm
leFeI an the remainder OF the year. The banks
i.,Ne II. g" engagements To meet I'm the current
l2o''H' Ehlie tley soon must prepare for the
heaNy January interest and dividend dsburse-
neni7' 10 say nothing of a look ahead for the