New-York tribune., 1906-10-27
STOCK MARKET OPERATIONS.

In the early dealings IN yesterdays stock
market prices declined under the influence Of
bear pressure and the liquidation of long ao-
counts. The volume OF business was not par
ticularly active except in a few issues. notably
Analgamated Copper. Reading, Union Pacific
United States Steel. the Hill stocks and Penn
sylvania. Weakness in the morning IN Great
Northern and Northern Pacific exerted an ad-
verse effect the balance of the list while
moderate calling of loans also served to induce
greater activity on the part Of the board room
element. Liquidation quite pronounced in
New York Central, Reading and Analgamated
Copper, while in the Hartman shares the best
support accorded to any group reported.
In the afternoon the market presented an over
sold condition ana q natural recovery set IN
which carried the greater number Of issues well
above the lowest figures Of the morning, and in
number of shares resulted in net gains, as
compared with Thursdays final figures, the best
strength being shown by Atchison, Brooklyn
Rapid Transit. Canadian Pacific Union Pacific
and United States Steel Foreign houses re-
ported improvement in London, both in the stock
market and in money discount rates showing
an easier tendency. According to the specu-
lator's point of view the excellent class Of buy-
ing in Union Pacific and United States Steel
was the most hopeful incident of the day mas
much as these two stocks quite frequently have
while the fact that there was an increase In
dealings Of about 100000 shares. as compared
with the preceding day. also was taken as a
favorable omen by the bull element
Rates Of domestic exchange at interior points
on New York are weak. and the prospects favor
further heavy shipments OF currency to Chicago
and other Western cities as we'll as to New Or
leans The demand from the South for money in
connection with tho financing Of the cotton crop
Is heaVy' and exports of the product are increas-
ing. in consequence of which there is a good SUD-
ply OF cotton bills in the local exchange market
Nevertheless, sterling rates have been strong In
the last few days, though nowhere near the gold
exporting level. 1t is not unlikely that in the
new year gold will be exported from New York
70 London but Notwithstanding the present high
discount rates abroad there is little probability of
shipments Of the metal from this side of the
ocean before the turn Of the year. inasmuch as
rates for money here undoubtedly will continue
to rule at stiff level for the rest of 1906 ex-
cept, perhaps in call funds which may at ttmes
De quoted at an easy level, owing to the possible
absence of speculative activity in stocks Call
money. however. is not the barometer of the
monetary situation time funds supplying the in
dlcation OF the exact position Of money and time
iunos at present are strong. with every prospect
of remaining so for some time to come.
According TO the known movement OF money
IN the week the local institutions have lost more
than 100000 in their cash holdings and ss
there has been q further switching Of foreign
loans to New York account the prospects are
not at all bright for a favorable showing in 10
days return OF the associated institutions
though IT may be that a large proportion OF +he
loans have been transferred TO the trust COM
panies Shipments Of currency TO Chicago sn6
st. Louis at a time when there is an ACTIVE da-
nand from New Orleans are not unusual: In
deed such movements are strictly in accordance
with precedent. In the last five years the banL.
have lost cash in October and November with
the exception Of 1903. when they gained through
gold imports. Money market and political nm
certalnties doubtless will continue to be the gov
erning influence in the stock market next wee.
while after election the position OF the monev
market undoubtedly will continue to exert a con
trolling effect in the course of speculative onera
tions except, perhaps. for a brief period in tho
event of the election OF Mr.. Hughes Doubtless
the success Of the Republican ticket will hs to,
lowed by an immediate upturn in values and In
some quarters of the Street 1t is believed thai
the victory Of the Democratic candidat. will he
signal for an outburst OF great speculative ar
tVity, and the beginning of another long nerioa
Of bull expansion the Stock Exchange
G0NERMMENT pnMro