New-York tribune., 1906-11-23
STOCK MARKET OPERATIONS.

Trading in yesterdays stock market was
active in all the leading issues on a movement
of values which showed great irregularity, with
more net losses than gains at the close. The an
nouncement Of the plan for the distribution OF
the Great Northern ore land certificates among
the holders of Great Northern stock failed to
exert a favorable influence the market. sales
being made the theory that the good news
was out and that the time had come to take
profits in the Great Northern issues The price
Of these shares declined points. while in many
other parts of the list a reactionary tendency
was attributed entirely TO realizing the
strength of the Great Northern announcement.
Apart from Union Pacific, Colorado Fuel Mis-
souri,. Kansas & Texas and Of the spe-
cialtes. the tendency in the last hour was in
the direction of lower quotations, but declines,
a rule. confined to fractions. the chief
exceptions being the Hill shares. American
Smelters and St Paul. which showed losses of
more than / per cent. Union Pacific the
leading active feature. Its transactions amount
ing TO over 221.OOO shares. and at its high point
of the day It showed a maximum advance Of
nearly points. the movement in the issue being
due to active buying by substantial market IN
terests. In the early dealings St Paul and Read
ing were in good demand at advancing quota
tions. but the gain in their prices brought out
a large amount of stock. and in the final deal
certificates which will be issued to holders of
Great Northern stock were dealt in on the curb
at from 911a down to ssh. Delaware & Hudson
was one OF the days strong features, and 10
per cent dividend rate was talked Of.
Receipts of currency from the Middle West.
which running in fair volume. are
being offset TO certain extent by shipments
of funds from New York to New Orleans and
San Francisco. At this period of the year New
York generally sends money to California in
connection with the demands for the financing
of the citrus fruit crop of that state. while the
movement of currency to New Orleans Is al
ways heavy in the last two months of the year.
Money is firm and in active demand in the
South, while throughout the country rates for
loans indicate urgent inquiry for accommoda-
ton in all mercantile lines. It is therefore
trernely improbable that we will have easy
money IN New York in the rest OF the year;
indeed. the prospects favor high rates for loans
until the second week in January, and even
then II is likely that either call time funds
will decline TO low level. Strength in money
reflects trade activity, and, as consequence,
high quotations cause uneasiness In financial
circles. The banks are making large profits
as result of high interest rates, and the
mercantile community also is enjoying substan-
tial profits on sales TO consumers 1t is able to
pay good rates for banking accommodation.
The Bank of England. while making no change
in it's per cent minimum rate of discount at
it's weekly meeting yesterday, showed IN its
return Improvement in It's holdings it's proper
ton OF to liabilities advancing to 80
per cent, which is ooly p OF l per cent below the
quotation of this time year ago. The bank
has made an excellent record in the last two
weeks despite the urgent demand for funds
abroad, having gained more than S25 10000 in
its reserve, this being due, of course, to the
drastic action OF the bank in advancing it's dis
count rate TO per cent Improvement in the
monetary situation in London is accompanied
by Willingness the part of Paris bankers TO
release funds for London account, which will
serve to prevent disturbance in London
suit Of the demand for money at that centre
from Brazil which this year is heavier than
usual, owing TO financial operations in connec
ton with the valorization coffee plan. Large
loans being made in the local market
by out Of town institutions, transactions of this
character being attracted by the high rates pre-
vailing. and, OF course these loans serve to re-
leve local institutions, whose reserves are low,
Of some of the burden of supplying accommoda-
tion for current heavy requirements. II is gem
orally understood that the present volume Of
credit in Wall Street representing direct loans
by out Of town banks and trust companies.
amounts TO more than $500 100000 These loans
not shown in any way in the Clearing
House statement. though they practically are
placed through the machinery Of the New York
banks
stockholders of Inc Great Northern Railway
Compary are % bc congratulated upon their
wisdom IN keepinG a. The head of their property
James J. Hill. who has done more for the de-