New-York tribune., 1906-11-24
ENLISTED TEX dividend.
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
moderately heavy in volume on irregular
movement of values which showed net losses In
many Of the high grade issues and Improvement
in a number of low priced stocks which recently
have been inactive. Missouri, Kansas G. Texas
common was one of the leading features of the
day. advancing more than per cent on dealings
which amounted to $4,000 shares which repre-
sented in part accumulation by so-cslled Hill
interests, who at various times in the past have
been associated with activity in this issue.
Earnings Of this property have increased heavily
in the last few years, the financial management
Of the company has been excellent and tho pre-
ferred stock is now on a dividend basis. Buying
also from good sources was reported in Texas &
Pacific and ST. Louis Southwestern. while fur
ther activity was noted in Columbus Hooking
Coal and Iron, in which. it is understood, a con-
test for control is under way. In Amalgamated
Copper Atchison Brooklyn Rapid Transit, Great
Northern. Northern Pacific, Reading, Southern
Pacific and Union Pacific net losses were re-
corded, st. Paul among the prominent issues
being the only stock in which net gain was
made. On the curb there was a further drop
in Great Northern land certificates; also in
standard Oil, movements which served in
measure to influence selling on the exchange Of
the high priced shares though the operations in
these securities were not accompanied by i'm
portant liquidation. The fact that substantial
market interests were buyers of the usually
neglected cheap priced shares caused the
belief that for the time at least speculation
would be more active in this group at the ex-
pense OF the better grade Of stocks. Delaware
& Hudson was weak realizing, but offerings
were taken by people who are said to be anxious
to have voice in the management Of the prop
eTty.
Money market conditions do not improve
rapidly, as far as a decline in loan quotations is
concerned, but there is actual scarcity OF
money in the country and no difficulty in OBJ
tanning accommodation If one is willing to pay
the price Money Is actively employed in the
channels Of trade, and funds sent from this
centre TO the West earlier in the season are not
returning in volume, while there is little pros
pect Of q big movement toward New York in
the immediate future IN the week ended yes
terday the local institutions received from tho
interior S5807, 100, against shipments of S7093,
400, and as a result Of all movements the Clear
ing House institutions gained s65S,500 in cash
holdings, which may not however, be reflected
in increased reserves IN to-days bank state
ment. The expansion in stock market dealings
in the last few days may have brought about
large increase in loans and if this proves to be
so then the reserve above legal requirements
hardly will receive any benefit from the small
gain in cash. It IS not improbable however
that the high rates for money have enabled the
Clearing House banks 10 Shift loans to trust
companies and out of town lenders. No one in
Wall Street appears to be worried over the
monetary situation. There IS no particular rea-
son why any should be, as there is more
money in the country than ever before, gold
production is increasing New York practically
is in control of the foreign exchange market;
md hOr IN T11er
lines making profits large enough to war
rant the negotiations of loans at advanced
figures
Wall Street has not been responsible for the
loss In the legal reserves Of the local banks or
for the high money rates that prevail through
out the country, many thoughtless observers
appear to believe. The chief reason for current
high rates for money may be found in the coun-
try's big crops, in the general prosperity pre-
vailing in the nation. and in the fall Of San
Francisco and its rebuilding. New York has
imported since January / more than $91 900 600
gold while in the same time exports have been
less than $16.000G00. making net imports OF
about S5,000,000 Since January ! there has
been net increase in cash holdings of the
Associated Banks Of $4,3S51OO and loans in that
period have increased s34.73950O. The actual
amount Of money in circulation in the country
in the last twelve months has increased s2l3-
75l,20S yet New York bank holdings have
gained less than s5.OOOOOO, while loans havo
increased less than S85,OOOOO0. 1t readily may
be seen. therefore, that in spite OF increased
Treasury deposits. gold imports and gold
from the mines, New York has benefited little
and that Wall Street is not the cause of
strngency in money. The whole country has
drawn on this centre for funds and the might
and power Of the Now York banks are reflected
~ their apllity 10 finance the greatest period of
prosperity ever recorded IN The history OF the