New-York tribune., 1907-11-30
STOCK MARKET OPERATIONS.

On 4 volume OF business that showed a ma
tarial increase compared with the average
daily transaction OF the last fortnight, stool.
market values exhibited advancing tendency
through.ul the five hours of business. net gains
in the more prominent issues running as a rule
beyond two points. Notwithstanding ad-
vance in call money in the afternoon the buying
continued heavy until the close, coming in great
part from the shorts. of whom there were
goodly number in the market. At the high
points many traders who had settled their short
contracts earlier in the day put out new lines
but their selling had effect upon quotations.
while after the close of business predictions
were made that further Improvement would be
recorded in to-days short session The advance
in call money may have been due merely 90
shifting Of loans incident to first of December
payments but in some well informed quarters
it thought the movement was in the nature
of warning that at this particular time furious
bull speculation would not be encouraged by the
banks. Traders, however, considered that tech
nical conditions, together with the disappearing
premium currency and the freer offering of
time money. warranted some aggressive work
the long side OF the market, and the success
of their theory reflected in net gain Of
4 points in American Smelling, in Baltimore
& Ohio. 2A in Atchison, 3k I'm Canadian Pacific,
221 in St. Paul. rs in Consolidated Gas. 3% in
General Electric, 27s in Louisville G. Nashville,
35s in Reading. 2as in Southern Pacific 25s in
Union Pacific and in United States Steel pre-
ferred. Western Union was one of the few
weak features. declining to the lowest price re-
ported since 1893 but before the close il
covered a good part of its loss excellent
class OF buying. doubtless attracted by the posi-
tion of the issue investment bargain.
Professional traders also offered down Missouri
Pacific in the forenoon, but II received support
in the afternoon, and ended the day at a net
gain Of L point. In the bond department trans
actions were heavy, especially in the Brooklyn
Rapid Transit As the nterborough- Metropolitan
j 41ss, Canada Southern first 5s Rock Island col
lateral trust 5s Union Pacific convertible Is and
the United States Steel sinking fund 5s The New
York City 41Rs were in fair demand selling up 10
107. There many first class mortgage is
quoted at prices that will attract both in
vestrnent and speculative buying.
The excellent showing made by the Bank of
England in its weekly return will tend to
strengthen the better feeling noted i'm local
financial quarters, owing to the intimate rela-
tionship between the domestic and London
money markets, particularly at this time when
the bearing of one market upon the other is en-
phasiZed by the course OF extraordinary finan-
cial developments. The banks proportion of re-
serve advanced TO 42.s2, compared with 3S.7S
in the preceding week and 1882 in the corre-
spending time in 1905, and a point only
trife over per cent below the average Of the
last ten years There increase in re-
serve of Fl $4,000. due in great part TO a gain
in bullion holdings showing that in spite OF
Withdrawals of gold for. the United States the
English institution has been able to secure
enough of the precious metal from other sources
to offset the drain from this side of the ocean
Though the bank rate remains at Z per cent
the chances reduction will be made before
+ the holidays while il is not improbable time
money quotations in the local market will rule
at an easier level before the turn of the year.
especially if fhe Improvement in financial condi-
tions continues in the remainder of the wear at
the pace established in the last few days. The
banks at this centre gaining in cash re-
sources as a. result of government relief meas
ures. gold imports and through the return of
hoarded money TO the channels of trade. and
while the demand from the interior for currency
Is IN belia
to-days Clearing House statement of averages
VIII show a material expansion I'm cash hold
ings and considerable decline In the deficit
movement of money based on transactions be-
tween the banks and the b-Treasury and
the banks and the interior cash has increas sed
10 the extent of S3,515.OOO. Shipments of money
to the West and South were lighter than they
were week ago, while the excess of shipments
amounting to S11,22S,O0D, compared with an ex-
cess In the preceding week of SIS 52S. 300
There is no disposition among the banking
interests In the Street to encourage in the stock
market an active discountng of the return of
normal times and a resumption of record break
ing activity I'm the country's industries but I'm
many quarters ii is thought that notyithstand
ing the probability Of further lnuidation i'm se-
curities gradual Improvement will take place
IN values. Such n movement doubtless will he
accompanied by sharp drives against the mar
Eet and days Of declining prices though N is
advances that viii carry prices a. little above
the level from which the downward course
started Bankers believe the monetary situs-
tion has been relieved to an extent that war
rants the expectation OF the development at no
re'sote tine Of period OF easy rates for loans