New-York tribune., 1906-10-11
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock mai { We're
heavy in the leading active issues whilc in other
parts Of the list dealings a rule ar united 10
small totals. Price movements 81. ved ir-
regularity. but at the close the greater lumber
of shares presented net advances as C AIRED
with the final figures of the preceding day, the
chief improvement being reported in St Paul
Union Pacific. Southern Pacific United States
Steel. Pennsylvania, Atchison and Federal Min
ing and Smelling. In American Smelling, Gen
eral Electric, National Lead and the railway
equipment shares profit taking sales We're
sponsible for lower prices, but in these issues
offerings were absorbed by careful market buy
ers. In the last hour decided strength was
shown throughout the list. especially in United
States Steel. Union Pacific and Southern Pa
ciao. the last named stock selling at 95&. as
compared with 9714, its best quotation of the
year. while Steel common reached the highest
point at which It has sold since 1901. The up
ward movement in Union Pacific was helped by
the company's statement of earnings for
August showing increase in gross re-
ceipts of moro than 100000. and an in
crease in net Of more than 100000, and
the strength IN this issue was responsible
for the active movement which developed IN
Southern Pacific in the late trading Canadian
Pacific was In good demand. and higher prices
for the Canadian Pacific securities were pre-
investments there was an inquiry from sub
stantial Wall Street buyers. The fact that time
money was put out at rate below s per cent
for the first time in many months naturally en-
courRged bull operators. who took little interest
in the strength of discount rates abroad.
The demand for money in all the leading trade
centres in this country continues exceedingly
active. While similar conditions exist abroad
The strength Of the money market in Berlin is
reflected in higher rates by the Imperial Bank
Of Germany, while the probability OF continued
strength in London discounts is indicated In the
demand for gold for Egyptian account The
chances are that further large engagements OF
the precious metal for New York will not be-
made. inasmuch as there has been an easing in
money rates at this centre and advance in
sterling. demand rates IN foreign exchange hav-
ing moved TO a level which precludes the impor-
tation Of gold at profit. Bank conditions are
much more satisfactory than they We're a few
weeks ago, and there is every reason TO believe
that In the rest Of the year the people who
desire accommodation will experience no serious
trouble in securing funds unless there should
be tremendous volume of business In the spec
ulative markets. Interests which identified
with the important securities are quietly
accommodating stocks. notwithstanding present
high quotations. and they evidently believe that
money market conditions moving in favor
of wider dealings in all classes Of railway and
industrial issues. In the bond market more
activity is reported. and it may be we'll 10 re-
call the fact that in the past increased opera
tions In railway mortgage securities as a rule
have been followed by activity in stocks.
In the last few weeks the stock market has
been going through a backing and filling move
ment, and in the opinion OF many careful oh
servers the narrow fluctuations have been ac-
oompanied BY buying by substantial operators
who believe that the remarkably strong position
of the country's industries will warrant anothar
big bull wave later on in the season The
course Of prices In recent weeks has not indi-
Gated that stocks are in weak hands. As a fact
the greater part of the floating supply of Sc
curities is controlled by large individual and
poo interests, and these interests apparently
have no intention Of parting with their holdings
al the present quotation level. except 10 an
extent which will supply the market with
enough STOCK 10 induce public activity At
present me so-called outsiders are not active
| participants in the daily operations but the
eii"i''eS are u'at they will at remote period
! be induced to take stocks. particularly as ru-
! inors are Increasing intimating that further
olFldend expansion viii be recorded &, tho 80
/ i"elFe months Railroad reports coming IN b.r3
Ai"" eN'reiley favorable results compared
VII" ''' eSpohuihs periods, and the annual
statements which now being recei,,oa -
I returns which ought 10 strepg,t,o. - -''
dence OF Investors in the yaIpa =, -.
! railroad securities as safe ana so,,,,s -
/ for the placement Of money Ara ~ -.
thing may be said Of many of o,,r i-,t,,
! corporations, which are being inteIliga,,tl 49,,
honestly managed ana which are sho,,in, t..
profits with preferred dividends asenrei %
years TO come. ''