New-York tribune., 1906-10-31
STOCK MARKET OPERATIONS.


Transactions IN yesterdays stock market were
light in volume, total dealings amounting to
trfhe over 100000 shares. Of which the greater
part was supplied by Amalgamated Copper.
Pennsylvania Union Pacific United States
Steel, st. Paul, Reading and Mexican Central.
In these issues. well as in other parts Of the
list. the general early tendency was in the di-
rection of lower quotations. but declines
rule confined TO small figures, representing
little beyond the operations Of board room trad
ers, while IN the afternoon some strength de-
veloped, especially in Mexican Central, which
closed at a net gain Of 1A and American Ice Sc
curities which ended the day at q net gain Of
31z. There were no public or foreign interests in
the days transactions, except in the bond de-
partment, in which a fair investment demand
was recorded Activity in bonds always is con-
sidered a hopeful sign. as buying Of mortgage
issues in volume generally is followed by SINH
lar movement in shares but il may be some little
time before any marked Improvement develops
in the latter class Of securities, owing to con-
ditions which not favorable to extensive
dealings for speculative account at present.
Abroad prices generally were firm and there
was no change in foreign discount rates while
in the local money market rates as a rule re-
mained at Mondays level, though sterling ex-
change was slightly frmer Time money is quot
cd on basis Of per cent and there apparently
is little prospect Of lower rates for a number
OF weeks to come, and, Of course no chance of
exports Of gold as long as quotations for loans
continue at their present stiff figures
The position Of money and the uncertainty
over Inc election are sufficient excuse for the
present inactivity in the stock market Accord
ing to the belief OF the best Informed men IN
me Street there will be no important move
ments on the Stock Exchange until after No
vember g. though in some quarters it is thought
| that the probable election Of Mr. Hughes NAV he
discounted late in the week and on the follow
ing Monday by advancing values. especially in
me securities which would be most affected in
the event OF the success of the Democratic
| ticket. Wall Street is quite confident that the
Republican parry will be successful but at the
moment there is enough uncertainty outside oP
wall Street to prevent active demand for
securities on the part of the public while the
more important market interests, though beIiev-
ing that Mr.. Hearst will be defeated apparentlv
are not disposed to make large commitments on
either side of the account. The money market
situation, while stronger than 1t was a few
weeks ago. does not yet warrant aggressive bulI
operations. but advocates of higher prices And
encouragement In the fact that notwithstanding
the nigh rates for money and the recent action
OF the Bank of England in advancing its dis
count rate, there has been no great decline IN
quotations and no indication Of fear among act
! ual holders over the future Of the market The
greater number of people who are interested in
securities are bulls believing that frresnoctivA
Of election results, securities will eventua11y cell
| at a level well above that now prevailing NOT
withstanding the fact that in the case of many
| stocks prices already fully measure intrinsic
worth
The remarkable prosperity which is exhibited
by all departments Of trade the favorable crons ~
the current year. which mean heavy exports nd
a large increase in the purchasing power Of tho
people, enormous railroad earnings big bank
| clearings. and unprecedented conditions in the
iron and steel industry supply an argument for
optimism which bear operators In Wall Street
cannot upset. In the earnings of the United
! States Steel Corporation for the last quarter
which were published yesterday and which were
| larger than in any corresponding quarter in the
history Of the corporation. reason is found for
| the favorable attitude now shown toward tba
| steel shares by prominent financial interests
| which IN the last few weeks have been steadily,
| accommodating United States Steel common and
practically the same thing may be said of the
best class OF copper stocks which represent a n
industry which is more active than ot
any time IN the history Of the country The de-
mand for copper is urgent and copper trade
authorities predict that prices for the metal will
rule at or above 20 cents a pound throughout
the next twelve months Tho expa nston In tbo
copper industry has led to nctive develop-nert
work in new copper fields a reflection Of which
is presented IN the formation Of copper com
panies and the addition TO the curb list or new
copper securities. Something Of a mining hoon,
Is now uncer way On the curb, and there appea rs
TO be a demand for first class shares