The daily morning journal and courier., 1906-11-03

With Liberal Profit TakIng-Bettine
 to 1--LawsOn Covering-Bankers
 Predicting Big Victry for Hughes
 High Time Mney Rates-The Day,s
 Gossip.
 Owing to change of sentiment over night regarding the New York election, the stock market took more optimistic view of things, and prices went up &C., cordingly.
 But following Thursday nights strik- ing speech of the secretary of state at utlca, the betting odds against the rad lcal nominee for governor abruptly heightened, so that to 1 was being off, Tered against his chances, and following this heavy short covering and buying Tor the long account set in through the entire list
 Atthe extreme high figures reached early in the afternoon the leading fa- Vorltes of the speculation showed gains ot 2 to points from Thursday morn- Ing, and thisadvance was evidently suf- flcient to inviteSprof1t taking on large scale, the result being fairly general reaction in the final hour of business.
 United Copper was the strongest cop per stock on the curb. Nipissing, which was the center of activity during the week was dull
 Election wagers on tn ecurb yes- terday footed up fully $1OO,OOO. Odds rose from 1-2 to at the opening to D to l at the close. Trading in stocks on the curb was greatly curtailed by the election beteting,
 The principal drawback to buying of stocks either by traders or investors- as brokers explained it yesterday-was the fear that the money market will continue very firm for some days to come.
 Talk of probable poor bank state- ment to-day facilitated the profit talk ing.
 Time money rates were advanced to z per cent. yesterday for sixty and nine- ty days maturities
 American stocks in Londn were ir- | regular yesterday, with small fractional net declines predominating. Anaconda | was down 1-4 and Pennsylvania 3-4. Arbitrage brokers traded on both sides, selling largely at opening Pennsylvania and Copper. Sales exceeded purchases by about 25,OOO shares
 Private opinions expressed by compe- tent authorities in banking and politicall circles was that Hughes would have a sweeping victory, possibly well above 100, 900 oyer Hearst.
 In the last hour Reading touched 147 SIS, or 1-2 points from low. More | than 100000 shares of 1t were traded . In the last sixty minutes.
 Pennsylvania movements indicated thatthe rise in that issue had culmin- ! ated for the time being and that the increased dividend had been fully dis counted But Philadelphia firms con- tinueto buy it on weak spots,
 There was considerable covering, but there was also buying for the long ac- count on the theory that such pur- chases were largely in the nature of election bets at better odds
 LaWson's following was credited with covering fully 5OOGO shares of short stock yesterday, chiefly in Reading Pennsylvania, Copper and Union Paci- f1c
 Some of the buying was called very good, as, for instance, in Union Pacific in which Standard Oil interests were credited with fairly large purchases, and which was looked upon as lead er if prices areto go up further,
 The enormous trading in Reading meant nothing in particular, apparent ly, than driving in of shorts.
 The estimated $6,5OOO0O loss in bank cash for the week caused the usual fig- urln..