New-York tribune., 1906-12-16
STOCK MARKET OPERATIONS.

Transactions in stocks were moderately active
throughout the Two hours Of business on
movement of values which generally tended in
the direction of higher quotations. The
pectation that some Of the ground lost by the
banks a week ago would he recovered in yester-
days Clearing House statement encouraged
buIlish sentiment among the room traders, while
further buying for foreign account and a higher
range for American securities in the London
market also served TO help the upward move
rnent. which was most pronounced in St Paul.
Chesapeake & Ohio Great Northern and Great
Northern ore certificates. Northern Pacific. Peo-
pies Gas and Union Pacific In Canadian Pa
cIfc and Mexican Central local and foreign re-
alizing sales carried prices under the closing
figures in Fridays market, hut in the greater
number Of issues net gains were recorded at the
close, the publication Of a relatively favorable
bank return being q factor Of some Importance
in the last half hour Of trading The Street held
the well founded impression that the so-caIled
Standard Oil interests were actively supporting
the market. probably for their own protection.
and there were evidences of buying of this
character in St Paul. despite the high price at
which the issue was selling. It is understood
that the Two most prominent directors of the
Standard Oil Company have been accommodating
81. Paul in the last few days and il may be
that the great ST. Paul mystery will work
Itself down 10 the concentration Of the control
OF the property more strongly in the hands Of
the Rockefeller party. Northern Paciic's pro-
posed large increase in capital stock IA
vorabIy received. reflection of which was pre-
sented in net gain II the stock Of more than
! per cent
Owing TO large contraction In the loans of
the Associated Banks the weekly statement of
averages showed a decline in the deficit in the
0@C def
icit 10 $169s.O5O, compared with a deficit a week
ago OF $6,702,175 against a surplus this time
in 1905 of $3,961,O75 and $l4,5466 625 in the cor
responding time in ls04. While Fridays esti-
mates based on the known movement Of money,
indicated falling of in cash holdings. the
actual figures showed an increase OF Sl.224. 100.
which with a reduction in loans OF SI7OO2,500
resulted in decrease in deposits of more than
S15000.000. While this showing does not en-
courage the expectation Of the return Of easy
rates for loans in the near future, It suggests
that there viii be no further prolonged acute
strain in the money market. In the current
week the influence Of the government deposits
viii be felt, but. according TO the best informed
bankers, quotations for money viii be firm
throughout the rest Of the year. with little
change before the middle or end OF January.
Sterling exchange is at q level which under or
diuary conditions abroad would attract gold to
this side Of the ocean, but il is quite certain
that in the event Of an active American demand
for the metal the Bank Of England would ad-
vance its discount rate 10 higher level, as il
Is felt abroad that Withdrawals for American
account this time would tend 70 disturb for
eign financial conditions It is pointed out by
foreign exchange bankers that this country
may. however, receive gold from On unexpected
source. namely, Mexico. The Mexican Central
Railway purchase by the Mexican government
will be financed III gold, and the payments foI
the control Of the property which is largely
held abroad, may be diverted 10 the United
States, thus obviating the necessity of our
bankers calling on London for direct shipments
OF the metal 10 the United States
Europe at present ordinary account un-
as il has been u persistent buyer Of our secur-
tiles III the last fortnight, while trade balances
have been running heavily in favor Of the
. United States. In the month Of November de-
spite record breaking imports Of merchandise.
4 lhefe was an excess of merchandise exports
/ from here 10 the value OF S62Sl9.56S. compared
Nllh an excess IL the same month last year of
S'-p4@.h0o The gain in imports compared
! win November. 1905, heavier than the gain
/ N exports, and The total imports We're larger
4 liial ever reported III any preceding month in
/ t4it history OF the country. Hence the heavy
! government receipts on customs account. which
l are responsible for the daily loss by the local
larger thdn IN any corresponding month and
! Win lhe exception Of October. were greater
/ llaA any preceding month recorded. Imports
! MSLe IN value $ll96sS.S30. and exports
Sle-,ooS'6S6, hgures which bear impressive testi-
! iHoAy 10 the great wealth Of the country.