New-York tribune., 1905-11-09
STOCK MARKET OPERATIONS.

After strength in the early dealings in all
departments with the exception of the local trac-
ton and gas shares, the general market dechneo
with considera bic violence. the reaction from
the high figures of the morning running from
To 2 noints with the chief weakness in Anal
gamated Copper American Locomotive. Brook
lyn Rapid Transit, Canadian Pacific. st. Paui,
Consolidated Gas Louisville and Nashville. Met
ropolitan, Missouri Pacific, New-York Central
Pennsylvania Railway, Steel Spring southern
Pacific Union Pacific and United States Steel
preferred among the active issues. The sell
ing pressure represented realizing and bear at
tacks but on the decline stocks were taken by
a good class of buyers, and no great significance
was attached to the downward movement. The
market has reached a point where frequent set
hacks must be expected, but the general opln-
ion In Wall Street circles favors the idea that
the buIl side is better than the bear SIDE LOT
the long pull The fact that the Hearst party
claimed the election naturally served 10 weaken
the traction shares and Consolidated CAS- anu Tie
possibility that the courts might oeclue III law
of the Municipal Ownership League cdiiuiu
created uneasiness in some speculative cliN'e'
although the larger speculative interests "ei
NOT alarmed over the outlook, inasmucn as 'hes
knew that even with Mr.. Hearst in the Mayor
chair the investment situation III the oiii'eu
States would not be upset. Mr. HearSt "oui
- ,,r,,,,a +o carry out any theories that might
work against the interests OF genuine "oi'
-, seorr;ties and it is not likely that he ~ouio
a,,an attempt any such thing. as 1t would De
ooo,ns+ his own interests and the interests
20 the cause which he represents to tamper
wit, vested rights. Wall Street perhaps oe
,a,,es in the silly red flag campaign slogan
,ob+ forth nv Tammany Hall. At times wall
Go 1,ovs its nightmares to run away Win
its common sense
con money advanced to 10 per cent, the up
ward movement being accompanied ny d oecle
IN sterling exchange. The strength III hiones
was also a factor in the selling OF stochs' ou.
the securities thrown on the market repI
,yeaI5 holdings and their sale really streilsth-
aned the general position of the current pun
speculation Then the sharp advance III f'eau
Two nv which the stock carried up over
noints to a new high record doubtless fr1shteheo
some traders on the theory that there was
ooroer In the issue although the chief interests
IN the speculation in this security denied tnal
tho movement represented anything approach
ing a corner asserting that the advance was duo
entirely to a legitimate demand paseo OH 'he
merits of the shares. Reading pays + per cent
os of ite current price returns to the buyer
+r+Ae less than 8 per cent. Canadian Pacific
held I'D well in the morning and higher prices
were predicted for the issue Ihere dIe iiie'ilS
eood reasons for the bull enthusiasm on this
stock including the big earnings of the road the
coupany's valuable asset in Northwestern lands
and the fact that the greater part Of the stock
&c held bv interests who afford to carry it
until they are ready TO SELL no matter what
happens to the general market
Confidence on the part of the leading specula-
tive interests in their ability TO maintain bull
market is based on the favorable condition of
business In this country on the expectation OF
q long period of business expansion and on the
belief that despite the uncertain clements in
the money markets of the world, there will be
no financial disturbance in New-York or in any
Of the foreign capitals. High rates for money
do not necessarily mean that IT will be impos-
sible to carry on bull market in stocks Rates
for call funds at this centre have been reIa-
lively high for a number of weeks. yet little
progress has been made on the bear side of
specuation. Indeed, in recent markets the level
of the leading active securities has ruled at the
hest Of the year while from the high range re-
corded in october OF 1872 Go for twenty leading
railway issues there has been net decline of
less than ~ per cent. In the. industrial list
prices are now ruling at near the best of the
current year The market is not booming at
nresent but it is showing conservative strength
which is fortunate and augurs we'll for the be-
lief that there will be no crazy speculation in
the balance of the year. Opinion appears to
favor the theory that the so-called low priced
shares will be taken in hand vigorously
before long as il is contended that far these
securities have failed to measure in their mar
ket value the improvement that has taken place