New-York tribune., 1906-11-15
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS.
changes. follow:

Stock market values were strong throughout
the day a moderately active volume of bust
ness which represented heavy covering of shorts
and buying by substantial Wall Street interests
Commission houses were much more bush than
recently noted, and in a number of we'll in
formed houses the character of gossip indicated
that prominent operators were willing to work
for higher prices on the theory that present
money market conditions would be fol-
lowed by easier rates for loans That currency
doubtless will begin to return to New York in
volume from the West in the near future IS
foreshadowed in the advance in domestic ex-
change. the rate at Chicago yesterday standing
at a premium Of cents The influence eXertcd
on sentiment by the expectation of a better
money market situation is being reinforced hy
the attitude of many railroad companies in vol
unfairly increasing wages and by the willing
ness of railroad officers to grant the just de-
mands of employees, who believe that they should
share to a greater extent in the prosperity which
the companies enjoying. The disposition OF
the railroads to raise wages indicates the belief
on the part of railroad managers of prolonged
prosperity in the transportation business, and
naturally this encourages Wall Street operators
TO look forward to higher quotations for securi-
ties. St Paul enjoyed further sharp rise, the
movement being accompanied by reports of
good things to come for the stockholders. and
the same thing may be said of the strength in
the Hartman and Hill issues. standard Oh
brokers were active buyers of st. Paul, and TINS
was an influential factor in advancing the gen
eral list There has been large short interest
in St Paul, and the big gain in the stock IN
the last two days has been due in great part 10
the forced covering of these contracts. AT the
close the market continued to show strength
practically no realizing of importance developing
3 hi haH q
stocks in the last forty-eight hours. Final quo
tations showed net gains in all parts of the list
with the chief improvement in St Paul Anal
sarnated Conner Anaconda, American Smelling,
Delaware & Hudson, Great Northern, Northern
Pacific Reading, Southern Pacific and Union Pa
ciac Call money put out as high as per
cent with an average rate Of per cent.
High money rates In the next few weeks
doubtless will serve to hasten the return now OF
currency from the interior, while the develop
ment at present of easy loan quotations would
in view of money conditions abroad, bring about
gold exports from here No great hardship has
been experienced so far I'm mercantile quarters
as q result of stiff rates for funds. It is con-
ceivable that if the current stringency should
run on indefinitely the countrys industries would
be seriously affected but of this there is little
chance as a readiustment of the monetary con-
dit,ons between the East and West soon must
begin through a normal movement of funds 10
this centre. representing currency shipped from
New York this fall finance unusually heavy
requirements in agricultural communities.
And then the mere fact that the Secretary of the
Treasury has refused to place further sums of
government funds at the disposal of the banks
reflects the belief his part. and among our
leading bankers, that the time of replenishment
of the reserves through the ordinary channels
is rapidly approaching. The country holds a
large amount Of money. and the supply is con-
stantly increasing through new gold production,
but at certain periods when demands are un-
usually heavy, and when through the poor feat
ures of our currency system currency is piled
up at one centre and scarce at another. the ne
I cessity for emergency currency becomes ap-
parent.
An automatic credit currency and any change
in the system now prevailing may be opposed in
some quarters on the theory that emergency
money will he gobbled up by Wall Street specu-
lators to the injury of legitimate trade require
ments hut the popular conception of cur
rency reform is that it will do the greatest good
[ TO the greatest number of people, and that its
effects viii give widespread assistance 10 the
business in general of the United States. Spec
! ulation. OF course. also will be helped. but why
shouldn't it also share in the benefits of egisla-
ton that Is intended 10 strengthen the industrial
interests Of the country? Speculation, free OF
the abuses which crop out in Wall Street. is a
legitimate industry, and there is a direct and
vital relation between movements of values on
the Stock Exchange and the nations commercial
activities. Wall Street sometimes o"erstrans
its credit il has done in the last year. but its
sufferings for its excesses are not felt by the
country al large. There has been, however.
overstIaining Of credits the world over not only
in the speculative markets but IN all lines ar
trade. : a direct result of prosperity. No on"
knows IDW long prosperity will continue bur The
tii1c has arrived when lie banks ought to do "a
lirt, nloI. houscc-eaa-ng in their loan depart
lisrl4t-