New-York tribune., 1906-11-27
STOCK MARKET OPERATIONS.

Transactions in stocks were moderately heavy
throughout the five hours Of trading. on a move
ment of values which showed strength in the
morning dealings and weakness in the subse-
quent operations. The decline appeared to be
due 20 realizing and bear pressure. but in great
part the sales originated the floor of the Ex-
change rather than IN commission houses. From
the high points of the morning Great Northern
declined 3lk, Northern Pacific 21h Union Pacific
22s, Reading 15s, louisville & Nashville N, and
lighter losses in other parts Of the list including
st. Paul. Pennsylvania and United States Steel
AS q result of the weakness in the last two hours
OF business the majority OF active shares showed
net declines as compared with Saturdays final
figures. the chief exceptions being furnished by
Federal Mining and Smelling. Kansas City
Southern. American Smelling and the Missouri
Kansas & Texas issues. The last named stocks
were the most actively dealt in on the days
trading, buying apparently coming from good
sources and accompanied by increased specula-
tive interest, as result of the report that the
Missouri, Kansas & Texas property will pass TO
the control OF Mr.. Hill and his associates. The
property could be used by the Great Northern in
connection with the Burlington. There were no
actual news developments affecting the course
of values. and widespread interest in the gem
eral dealings either for ordinary commission
house account or for the larger holders Of Sc
curities. The early advance failed TO influence
large buying orders for outside interests and
the absence OF support of this character nat
uralIy was factor in inducing the same kind Of
bear pressure noticed in Saturdays
market
Operators who want materially lower prices on
the Stock Exchange are not receiving much en-
couragement in the current movement of values,
] ~,
balance Of the year and the meeting of Con-
gress will help to bring about cheaper stocks
| Wall Street. whole and public operators in
| securities no longer are afraid of the policies
! Of President Roosevelt in the matter OF curbing
the trusts of railway rate legislation and other
/ ideas which year ago We're supposed by spec
/ ulators to be distinctly opposed to securities
! values, and II is therefore not likely that new
| legislation suggested to Congress on these lines
will induce strong holders of stock to part with
| their possessions. Prices may recede to some ex-
tent as result of overspeculation on the bull
side. and higher rates for money may check bull
activity IN December, but securities, as a rule
are in the hands of people who see no reason
under present prosperous trade conditions to sell
out at current figures. Apparently there is no
chance of adverse change in the industrial
! position of the country for the next six months
at least, and from the way in which consumers
placing orders for 1907 delivery 1t is evil
dent that business men are confident Of great
! commercial expansion through the entire year Of
/ 1907. Expectation based on the strength of fun
damental conditions of a long period Of indus
trial growth encourages the belief that after the
turn Of the year prices for securities win move
to a higher level, notwithstanding the fact that
! quotations IN many issues already showing at
! advanced figures. And il is believed that in the
| event of any reaction in December. as result
7 of high money rates and speculative manipula-
| tion, there will ne a tremendous demand at the
lower figures from the people who always have
! capital handy in times Of stock market recess
sions Money undoubtedly will he firm through
! out the year. and the wisdom Of attempting to
I bring about great expansion in securities deal
. ings at present is seriously questioned in many
Wall Street circles. 1t is pointed out that bank
reserves above legal requirements OF only a few
million dollars. at time when money is NOV
ing to the South and not coming back from the
/ West in heavy volume do not warrant aggres-
sive bull operations despite the fact that many
commission houses are well supplied with time
funds to run over the year
/ There is evidently no chance OF a reduction in
the discount rate Of the Bank Of England in
the next few weeks. Demands on the bank in
the balance Of the year will be heavy, and a
( consequence the United States will not be able
/ to secure any of the metal in London; indeed.
! the next international gold movement affecting
! this country doubtless viii take the precious
metal from these shores Sterling exchange was
heavy yesterday. while Paris exchange Oh Lon
con declined oue c-attme. Money was 1rm here
! and III London, though call funds presented a
J somewhat easier tendency than recorded last