New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-10-10
STOCK MARKET OPERATIONS.

In the early dealings in yesterdays stock mar
ket prices were strong throughout the list on
volume of trading which did not reach large
proportions In a number Of issues decided i'm
provement was reported. notably in American
Locomotive. American Smelling. Canadian Pa
cific. Colorado Fuel International Power. Penn
sylvania and Union Pacific. but in the afternoon
dealings large part of this improvement was
lost while at the close there were more net
losses than advances The failure of number
OF rumors TO materialize and an unexpected firm
ness in call money responsible for the weak
ness which developed In the last two hours OF
trading. but sales represented nothing beyond
the operations of the boardroom element, COM
mission houses and the leading speculative in
terests not being important factors in the deal
ings. The continued strength in the copper mar
ket attracted good buying of Amalgamated Cop
per on all offerings. while the railway equipment
shares also were in demand. the operations in
these issues furnishing exceptions to the general
trading character of speculation. The railroad
equipment companies have an enormous amount
| of business their books, and notwithstanding
| the high prices Of materials profits large.
with every indication Of many months Of expan-
sion. AT the close the chief losses in the active
list were in Amalgamated Copper. St. Paul. Gen
eral Electric, Great Northern and Reading.
Pennsylvania was strong throughout the day.
| closing at a gain Of more than two points.
Sterling rates were higher
Strength in the foreign exchange market, an
easier tendency in quotations for time loans at
this centre and firmer rates in European dis
counts suggest the probability of a cessation of
the gold import movement More than $4,000
! GOO In gold has been engaged abroad for ship
| ment TO this country, n large part OF this amount
| already having been received. and apparently the
| necessity for further assistance from Europe no
| longer exists The position of the banks in New
| York has been materially improved and though
the demand for funds from the South is still &C
tive there IS little chance of additional with
drawals from the local institutions TO an extent
that will bring about an excessive price for
money 1t is quite generally believed that quota
tions in the loan market will rule at a firm level
in the balance of the year, but the prospects do
not favor a market I'm which the securing of ac-
4 commodation will involve a heavy burden on
merchants and other borrowers: but. OF course. if
| speculation in stocks should become extraordi-
narily active, trouble might develop in money
But. fortunately. Wall Street realizes the danger
! Of overspeculat!on at this period. evidence Of
/ which is presented I'm the disposition of the
larger interests TO check extreme activity at this
time in the belief that a relatively quiet market
| at present will bring forth conditions which
| the leading securities.
| Stock market conditions are sound and there
| is nothing in the situation at the moment which
| encourages activity On the part OF the bear
| traders. The majority of the Wall Street ee-
ment is in favor OF higher prices. and there is no
| indication In the current character OF trading
| that the big men parting with their hold
| inss declines which occur being due entirely to
| traders operations and to some extent profit
| taking by small commission house operators
The splendid business outlook and the expecta-
| lion OF further increased dividends and the plac-
| Ing In the dividend column of stocks which
| never have made any return to their owners
| naturally encourage bull enthusiasm over the
future and this enthusiasm may lead TO heavy
| speculation in all issues Notwithstanding the
fact that many stocks now selling at prices
which fully measure their intrinsic value Great
| Northern and Northern Pacific which will nront
| 10 a large extent by the so-caIAd FuI ora daaI
| doubtless viii move to a higher level in the not
distant future. while the same thing NAV y. "a
| OF Canadian Pacific, which, in the opinion NJ
many careful observers. is intrinstcallv ss vain
| able as the Hill stocks. Earnings OF the Cana
| dian Pacific have been enormous I'm the las, ,arv
| years. while the company's assets have ,ncras.sa
| 10 a point which already has resuIt.d IN tba
declaration of dividend land account. IN
| addition 10 the regular dividend and which
| eventually will esta blish the regular diviaa,d on