The Washington herald., 1906-11-29
MARKET IS LISTLESS
Advance in New York Cen
tral Feature of the Day.
FEAR A SQUEEZE IN MONEY
Brokers Attribute Apathy to Holiday
and to Stiffening I'm Rates-StrOng
London VIII Probably Make Favor
able ShOwinS-NOtes and Gossip.

New York. Nov. 2S.-There was a mod
crate amount OF activity in the stock
market in the first hour Of business to-
day. but after that time the movement
Of prices became utterly listless, with a
tendency, if anything. toward heaviness
Dealings in the first hour formed, in
fact. an Overshadowing proportion of the
total amount of business transacted dur
ing the day In the fore part of the day
values, as a rule. rose. although gains OF
consequence were made in but a few
stocks.
An advance Of "a points in New York
Central stock, accompanied also with
strength in some Of the other Vanderbilt
issues, attracted attention, but the pur-
chases Of New York Central were never
theless attributed only 70 winding up
Of arbitrage transaction in the stock.
A published letter from a high munich
pal authority Of Brooklyn, who has fig
ured somewhat prominently hitherto in
the opposition TO the Brooklyn Rapid
Transit Company, expressing a desire TO
afford the company every opportunity
for extending its facilities in Brooklyn
for the accommodation of traffic, was
the ostensible basis to-day for a sharp
rise in Brooklyn Rapid Transit stock
The Northern Pacific, Great Northern
preferred. and st. Paul shares were also
particularly strong in the morning hours;
but the Pennsylvania, Reading, Union
Pacific, and other leading stocks were
backward. This irregulaTity In quota
tlons for the principal issues was nearly
more pronounced when, later, the mar
ket turned dull and began to sag.
Rock Island in Demand.
Iiuuidation was traceable in the Mis-
souri, Kansas and Texas common and
preferred stocks which have recently been
the strongest feature of the market, but
there began in the final hour Of the ses-
sion a resumption toward an accumula-
tion OF Rock Rock Island common stock
which has been perceptible to some
extent during the past fortnight Final
net changes in prices exhibited about
equally scattered gains and losses. The
volume Of the days transactions was
only a little more than half as great as
that Of the recent daily average.
The apathy of the market to-day was
attributed partially 10 the approach of 10
morrow's holiday and partially 10 a slight
stiffening in money rates and TO fear
lest a squeeze" in money should be eX-
perienced over the end of the month. It
must certainly be said that there has
been nothing in the course Of the money
market thus far 10 warrant any great
anxieties Of this nature. The highest
rate paid for call money to-day on the
stock exchange was ~ per cent, and In
banking circles it was admitted that high
prices for call funds might prevail dur
ing the next day or so; yet 1t vas said
that no recurrence Of the extreme stTin-
gency of d month ago was likely.
Time money was in somewhat greater
demand to-day, as high as ~ being paid
for sixty-day loans. Prospects Of a
strong bank statement on Saturday are
undoubtedly somewhat cIouded by the
loss of IS. .00o Oo0 by The local banks 20 the
subreasury in the week thus far. and a
further sum of $4,000 was sent by the
banks to California through the sub
treasury for agricultural necessities.
Look for Good Bank Statement.
Dispatches from London were however
to the effect that another good bank
statement by the Bank Of England was
anticipated tomorrow; and there seemed
no abatement in the British capital of the
Improvement in sentiment that has lately
been witnessed there. The Bank of Eng
land continues to gain large sums Of gold
from Paris and from the open market.
taking into its treasury $2.05O 900 to-day
from this source. It is said, however, that
900 would be withdrawn from the
bank tomorrow for shipment TO Brazil
There We're no developments to-day in
flUenCing in even minor degree the course
Of the security market, nor more than
one or two new happenings Of a financial
Importance justfying comment Gossip
continued in a desultOry fashion concern
ing the publication yesterday Of the
Union PaCific'C annual. report.
The curb market was weaker than il has
been for a considerable period Special
pressure seemingly being directed against
Nipissing stock, which has been recently
the leading stock dealt in by the out
side" brokers.
The auction sale of 5000 shares of Man
haitian Elevated Railway stock on the
real estate exchange, at price which es-
tab-ished basis of dividend yield OF 3
per cent on this guaranteed security. testi-
fed rather wildly to the existing torpor
OF the market for investments.