New-York tribune., 1906-11-28
Closing prices Of active bonds dealt in, with
STOCK MARKET OPERATIONS.

Union Pacihcs annual report import
ant factor in creating favorable sentiment on
stocks. while a slightly easier tone in the money
market and the announcement that several of
the prominent banks had decided to accept Great
Northern iron ore certificates in loans also were
influences in helping prices in the direction Of
higher quotation level. The exhibit of the Union
Pacific which is reviewed in detail elsewhere in
| The Tribune, doubtless will serve to discourage
the idea that the company will not be able TO
maintain for some time to come the 10 per cent
dividend recently declared and It undoubtedly
Will prove TO all unprejudiced observers that the
Union Pacific property has been most skilfully
and scientifically managed ever since the time
Of its reorganization a number Of years ago,
Union Pacific stock was among the active strong
features, enjoying net gain of IL points while
Analgamated Copper, St Paul. Reading and
many other prominent securities ended the day
at material Improvement Tho upward move
ment, however. was not accompanied by sub
stantial expansion in dealings, trading in great
part representing the operations of the profess
sional element, including buying by interests
which put out short contracts in Mondays
| ket. Commission houses did not have important
orders for ordinary public account. though in
the early transactions they were buyers for
few Of the larger financial interests. The sharp
upward movement Of the morning was not MAIN
tained in full IN the last hour. though declines
from the best figures were not extensive. Atch-
son was helped by it's excellent return of earn
ings for the month Of October.
So far in the current week the local banks
have lost their operations with the Sub
Treasury more than s2,000,O0O, and the chances
that IN the balance of the week further
Withdrawals from the banks for transfer
through the Treasury to San Francisco and the
South will be made. While the movement OF
money from the Middle West is in favor
OF this centre. receipts not heavy and will
not be for number of weeks to come, hence 1t
follows that bank holdings will not be materially
| increased until after the turn OF the year. when
money ought to return to the East in volume.
| Rates for call funds at the moment are not par
ticuarly high, owing TO the fact that the specu-
lative demand for money in connection with
| stock market operations is not heavy, commits
| sion houses being well supplied with time
| money to carry them over the end of the year.
| 1t is not at all unlikely. however that in De-
| cember quotations for call money will reach a
stronger level. though Wall Street bankers do
| not expect acute disturbance. The position
! of the foreign markets does not encourage the
! expectation that New York will be able TO Sc
| cure any assistance abroad, while IT is quite
evident that in the event Of large increase in
our bank holdings early in 1907 London will en-
deavor to secure gold IN this country If the
| United States is able TO ship gold to London
| there will be no reason for pessimism here. in
| esmuch exports Of the precious metal will
| reflect increased strength in monetary condi-
| tons in this country. Foreign exchange is still
| IN favor Of New York owing to the large out
| ward movement OF general merchandise, fnclud-
! ing cotton and breadstuffs, but imports also
are increasing, and it is probable that in the
| next few months the excess Of exports over i'm
ports will be materially reduced compared
| with the heavy excess in October. Shipments
Of grain much larger than they were at this
time year ago. with the exception of corn
| while exports OF cotton continue moderately
| heavy. with indications. however pointing tow
| ard a gradual reduction in the movement
Stock market operators q rule are bullish
| though they recognize the fact that the money
market situation does not warrant great ex-
pansion in speculation at present. Nevertheless
/ they do not believe that there is any chance Of
more than passing Declines especially as securi-
ties are in the hands Of people who are strong
enough financially to maintain a firm grip on
their holdings in times of high money rates
liquidation by weak holders and manipulation
/ by professional traders for lower prices. The
/ Street believes that the Presidents message will
contain suggestions more drastic than any here
| tofore presented in message to Congress, but
IT does not exhibit the uneasiness which a year
ago was noted whenever the President urged
/ legislation affecting corporations. Board room
| traders, who are bears day and bulls the
next, doubtless will take advantage OF the meet
! Ing Of Congress TO operate for lower quotations
and 1t may come to pass that prices for brief
period may rule at a level cheaper than that
now prevailing. on all Declines however, there
VIII be an annie supply Of money ready for in
vestment purchases indeed. the so-called bar
gain hunters already are looking forward to the
placc-4e.it of ther funds at cheap figures People
who are expecting anything in the panic lire in