The Washington herald., 1906-11-20
CALL MONEY JUMPS
Sudden Rise Reduces Days
Gain in Many Stocks.
MARKET CLOSES IRREGULAR
Advance Embraces Numerous Active
ShRres-GeneraI spec uIatfve Public
Not in the Heavy TrssdinS-LondOn
Bank Statement Is EncOuTaging.
Feared Advances Are Too Rapid.

New York, Nov 19,-The impetus given
10 the stock market by last weeks ex-
ceels.E9v strenuous buying movement
was again almost speetaculaTly in evi-
dence to-day. and produced, up to the be-
ginning OF the last hour of business, gains
running from one to nearly six points in
the price Of most of @he stocks.
Nearly all these stoo ks opened at con
siderable advances, and held their gain up
to the time of day stated; and the
rise. too. embraced such active stocks as
Canada Southern. Columbus, and Hook
ing Valley Coal and Iron. General Chem
ical, New York Air BraAe. and the like.
For a time St. Paul common stock was
laggard in the dealings. as it had been
rather notably in the two last preceding
stock exchange sessions, and the usual
amount Of profit-talirg, after its advance
of nearly 1j points from its low price.
made a week ago, was offered as the rea-
son for its sIuggishness. Toward the mid
die OF the day, however, a sensational
outburst of buying converged upon the
stock. and il rose to 1SS 3-S, OF SIS points
above its Saturdays closing quotations.
Other net gains made at this time were
214 points in Union Pacific, "a in New
YORK Central. and Sl4 in Louisville and
Nashville
Irregular at Close.
But in the final hour of the session, the
call money rate. which had ruled the
greater part Of the day not far from
per cent, suddenly advanced to per cent,
with the result of throwing the market
into more OF less confusion. Prices fell
rapidly, and, although they retained a
portion Of their previous advance, closed
with q good deal Of ir-ogularity. While.
for instance, St Paul common shares
kept a nat gain of IA points, and New
York Central and Louisville and Nash
willie IL. and rs points. respectively, the
price OF Union Pacific remained un-
changed Reading common exhibited a
decline Of q Of a point, and Great North
ern preferred and Northern Pacific stocks
fell and "a points.
The weakest stock during the day was
American Smelling and Refining common,
which declined 81 points, seemingly be-
ca use OF rumors that the government
medit2tcd a prosecution of the company
under the antitrust laws.
While the dealings in the market to-day
were greater than they have been for
nearly Two months past. there were no
signs of any large interest taken in the
trading by the general speculative public
and transactions in four stocks-AmaIga-
mated Copper, St. Paul. Reading. and
Union Pacinc-conuibuted over cne-half
OF the days total volume OF purchases
and sales.
London Bank Situation.
Neither could any special inference be
traced to-day. aside from the rise i'm call
money rates in the latter part of the day.
that accounted for the movements in
sales Spectators for the rise were DO
doubt encoura ged by the ease in caH
money in the fore part Of the day. which
was also accompanied BY q softeniuE In
the rates for time funds. Sixty and nine
y days money lent at - per cent. as
against per cent asked two or three
days ago, and borrowers. as rule de-
clncd TO pay a premium above the legal
rate for time funds for use throughout
any longer periods.
\ cheerful development abroad was.
certainly, the large additions u its cash
reserve made to-day by the Bank of Eng
land. The bank stated Il acquired
through purchases of bullion IN the open
market and through transfers Of Ameri- /
can coin from Pars, $4,000 new
sold: so it appears that at last the
Bank of France has been willing not only
10 extend credits in London, but TO re-
lease actual cash 70 relieve the situation
there. Here. too. the premium on ex-
1fnea INC. fHr
proof that money is returning 10 this
center from the interior of the country
was afforded in the report by the banks
OF a gain Of S1,2)G.00j iron. the subtreas-
ury siEce The end of last week
Foreign Market Strong.
The London market to-day was strong.
and foreign houses bought here. as was
estimated $1,000 shares OF stock. In the
curb market Standard Oil stock made q
brisk recovery. apparently by reason. of
the statement issued by the officers of
the Standard Oil Company on Saturday.
asserting their confidence in the legal sta
bllity of their organization. and this III
cident was not without favorable effect
on the general stock market to-day.
In the foreign exchange market a large
amount of new cotton bills and bills
stocks purchased caused a moderate de /
cline in the price Of sterling. On the
other hand. the impression very plainly
prevailed in banking circles that the re-
cent advance in the market had been
pushed somewhat too rapidly and thar
those who are buying stocks at present
quotations would do well 70 bear in mind
the not remote contingency Of another
spasm in rates
The irregular trading Of the market
later in the day was due, it may be. not
only TO fears of this kind, but 70 an idea /
that the annual report of the Union Pa /
cifc Railroad Company. which it is sup
posed viii be of very favorable chavac- /
ter, and whose publication was expected /
tomorrow or the next day, viii not ap-
pear until later period. and that the I
lOO6ed-fOr announcement regarding the /
Great Northern and Northern Pacific dlvi- /
dends would also be somewhat later in 4
coming than WAS popularity supposed.
MIN KnRF[ HVnNEV