New-York tribune., 1906-08-30
STOCK MARKET OPERATIONS.

The rates for time money yesterday showed no
relaxation and call money advanced in the after
noon TO G per cent and would doubtless have
gone still higher but for the offering at that fig
ure of several millions by banking institution
which never lends money on call at a greater
rate than per cent: and the stock market
there was in the late trading a general and
rapid advance with such net gains at the close
as BIS points in Pennsylvania 594 in Canadian
Pacific, 37s in Union Pacific, 51a in Northern Pa
ciflc 10 in Great Northern and 25s in Reading,
which made an extreme recovery of points
from the low level of the morning. The improve
ment largely a reflection of the violent
break in foreign exchange demand sterling
falling nearly 30 points and closing at level
much below the normal gold import point.
The market opened with prices as rule well
above Tuesdays close, in response to the higher
range of prices in London, but in few minutes
heavy selling began in Reading which speedily
declined nearly 3 points and the weakness of
which led to selling of the general list. Then
came a rally led by Union Pacific. after which
the market was dull, although retaining its firm
ness until early afternoon. when the all-around
advance began. The issues with which Pha-
delphia is especially identified among them
Pennsylvania and Reading, had opened above
Tuesdays last figures and their strength and
that of the rest of the market in the afternoon
trading due in part to Philadelphia advices
that the directors of the looted Real Estate Trust
Company of that city and their friends would
combine to bring the institution safely through
its troubles. Gains in various individual stocks
and groups of stocks were associated with
rumors favorable to the properties Canadian
Pacific, which has been for two days the most
active American in the London market, opened
| here nearly points up and quickly advanced
another , points, holding its advance at the
close, after the ups and downs of the day, on
! confident reports of the working out of a plan
for a liberal distribution of profits to share
holders Great Northern and Northern Pacific
were pushed upward with the aid of the old
/ story that the 'ore DEAL which has long been
| understood TO be virtually cousummated, was on
( the point of being formally announced; and the
+ United States Steel issues also benefited by the
I revival of this report. which has often before
/ done yeoman service in the bull cause The
! friends Of Pennsylvania heard again that the
! dividend might be increased by per cent, re-
port for which there is respectable authority al
though the weight of conservative opinion in
] Wall Street is against the adoption of such a
! policy. Conservative opinion. however would
have been against the placing of Union Pacific
: common 10 per cent basis. If il had had
! chance 10 discuss the possibility of such step
! being taken.
Another s7I0OO0 was sent to the Pacific Coast
yesterday for crop moving purposes. and the
banks lost nearly SlO00000 cash to the Sub
Treasury. making about $3OO0O00 so far this
week The foreign exchange market break was
principally due to heavy offering of finance bills
by bankers. representing increased borrowings
abroad. partly for the purpose of lending the
proceeds in this market. where time money is
now so high AS to whether not il will be
possible to obtain for New York the South Afri-
can gold due TO arrive in London on Monday.
foreign bankers yesterday would not commit
themselves. There is no gold available now in
the London market but the situation here makes
il probable that all most Of next weeks con-
signment will be brought across the Atlantic.
The movement Of Australian gold to this city Is
much larger than has been published. but none
of that supply viii arrive here before the end OF
nr,nhA