New-York tribune., 1906-10-19
unlisted
Closing prices Of active bonds dealt in, with
net changes, follow:
STOCK MARKET OPERATIONS

Trading in yesterdays stock market was not
heavy In volume, while there were few striking
price changes, the only activity in fluctuations
being recorded after the announcement of the
action of the Arnalganated Copper directors in
declaring extra dividend of one-h half of per
cent, in addition to regular dividend of ia
per cent. The present financial position of the
Amalganated Copper Company and the pros
poets Of continued strength in the metal market
fully warrant the extra distribution which the
stockholders viii receive Copper trade condi-
tons are remarkably sound. the demand for the
metal being practically in excess of production.
and under present operations earnings are ex-
tremely heavy. The extraordinary electrical
development all over the world is an important
factor in bringing about the current record out
put and the record quotations at which the
metal is now selling, and as the electrical trade
promises to enjoy further expansion there is
little to look forward to a material de-
cline in copper market values Naturally Anal
gamated Copper was leading feature In the
dealings, both in point OF activity and strength,
elsewhere the heaviest operations being record
ed in Union Pacific. Reading, Brooklyn Rapid
Transit and United States Steel. Brooklyn
Rapid Transit showed considerable strength, the
buying being largely by houses usually operat-
ing for the Tammany following. They made
little concealment of their belief that Hearst
will not be elected. and regard his chances in
Brooklyn in particular being especially poor.
In any case, the division among the Democratic
politicians materially helps the roads position
in Brooklyn Possibly an underlying source of
strength was the weakness of exchanges and ad-
vices from London that New York might be ex-
pected to secure further supply of gold in the
open market Monday.
The Bank Of England made no change in it.
minimum rate of discount at It's weekly meet
ing yesterday, and its return showed i'm
portant improvement the poor exhibit made
a week ago. Money market conditions abroad
are not as favorable recently reported. and
the prospects apparently favor firm rates for
loans in the balance of the year and further
large engagements of gold for American ac-
count. There is still an active inquiry for
money at this centre for regular mercantile and
crop moving purposes, while in addition to this
pressure the city institutions have been COM
PEELED to send a considerable amount Of gold to
Montreal In connection with the taking over by
the Bank of Montreal Of the Ontario Bank this
operation being done to avoid disaster a re-
suit Of the financial troubles of the last named
institution. Receipts Of cotton bills are increas
ing. and have been heavy enough to weaken
change from its recent high level, notwith-
standing an active inquiry for remittance on ac-
count Of maturing finance bills. Call money has
been nrmer In the last few days, but there is
little chance Of any disturbance in the market at
present especially speculation in stocks is
being confined within narrow limits, dealings in
all issues showing a large reduction as COM
pared with the heavy trading OF a month ago.
and there is every reason to believe that there
viii be no important change in the character of
Stock Exchange business until after the election
at least. The market is merely traders affair
at present, and in the absence of a wide inquiry
for securities the trading element is inclined to
work on the bear side. Conditions governing the
actual worth of securities are so strong that no
more than passing success is to be expected bv
the operators who are working for lower figures
while st is believed the range of quotations
eventually will be advanced materially notwith-'
standing the fact that many issues already are
selling at a level which brings but small in
come yield.