New-York tribune., 1906-11-25
enlisted.
Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.
net changes, follow

In the TWO hours of trading in yesterdays
stock market prices moved in the direction of
lower level declines In many shares amounting
IN moro than | per cent the chief weakness
being recorded in the Hill issues, Reading, St.
Paul and Union Pacific. Selling as rule rep
resented operations of board room traders who
took advantage of the absence of many promi-
nent operators from the Street 10 attack values
but the declines failed to bring forth liquidation
of Importance from people who are interested in
the bull side of the market Active bull lead
ers do not object 10 passing declines, inasmuch
as It gives them opportunity TO accumulate
cheap stock. At the moment there IS no ag-
gressive support, and it is therefore not diff
cult matter for the bear element 10 bring about
lower figures, while in the last few days they
have been helped in their campaign by the SELL
ing of Great Northern, which has carried the
price of that stock more than II points under
the best quotation made prior TO the announce
rlent of the plan by which the stockholders or
the road will share in the profits resulting from
the lease of the Hill ore lands TO the United
States Steel Corporation. Prices sagged
throughout the session. showing improve
ment Of Importance following the publication of
the bank statement, which presented an in
crease in the reserve above legal requirements
of S-,O0l, ,iuo, making the reserve pf'fOo'1-''
which compares with $91571OO in the corre-
spending week a year ago and SS.2Sl,3Io in
1904. Loans increased more than S4VOoooO'
representing the natural increase due TO shift
ing Of loans and greater activity on the Stock
Exchange. a gain in cash Of 50 902 900 was
larger than the gain indicated in Fridays esti-
mates. the discrepancy evidently being due to
local unreported movements The increase In
deposits of 81, 4S4, 800 does not balance at all
with the expansion in loans and cash, and It
can be explained only the theory that at least
part Of the loans represented actual with
drawals, of cash The heaviest losses in the
active list of stocks were recorded by Amalga-
mated Copper Canadian Pacific. Colorado Fuel
St Paul. Great Northern, Louisville & Nash
Vile New York Central Northern Pacific. Read
ing and Union Pacific. Chicago Great Western
and Missouri, Kansas & Texas supplied the few
strong features OF the day
Wall Street commission houses in general be-
ieve that prices for most securities will reach a
higher level IN the course Of the next six months,
but they are inclined to preach conservatism In
market operations the bull side at present.
owing to money conditions and the near ap-
proach of the assembling of Congress 1t Is be-
iieved that barring adverse developments in the
business world, of which there now appears to
be little chance, there will be a great expansion
in stock market dealings in the early new year,
and, as a consequence, brokers advising the
purchase of good stocks reactions TO hold for
several months. Union Pacific, 10 per cent
stock is we'll taken declines; so is Southern
Pacific. Rock Island is coming to the front
an attractive purchase, and bull talk IS heard on
most Of the low priced issues. 1t is not unlikely
that absorption of Canadian Pacific by insiders
foreshadows new rights for the stockholders.
but even if the shareholders receive nothing
further for a time outside of the regular divi-
dend the stock ought to sell higher on its merits,
which are increasing III value rapidly, a refiec-
ton OF which is presented in the tremendous
gains in the companys traffic receipts. The
wonderfully strong position of the iron and steel
trade naturally Is put forth as one of the strong
est arguments for the steel shares in particular
and the market in general and reason for such
an argument appears convincing when one bears
! in mind thar iron and steel trade conditions
considered the barometer of trade. Steel may be
| less prosperous in periods to come than it IS at
| present but IL viii never again be d pauper; at
| least, not ii time. Its usefulness may be
| superseded IN generations to come through dis
coveres of new elements, but present day people
| may make up their minds that their lives will
be spent in the Steel Age of prosperity.