New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-10-06
STOCK MARKET OPERATIONS.

In yesterdays stock market transactions
heavy IN many of the leading issues on a move
ment of values which tended as a rule in the
direction Of higher quotations. In certain parts
Of the list, notably in Union Pcaifc, Reading. the
Hill issues. st. Paul. United States Steel and
Amalgamated Copper. sharp advances were re-
corded, while throughout the list last quotations
showed improvement as compared with the clos
ing figures of the preceding day. There was a
| material increase in dealings over those re-
corded in Thursdays market. the expansion in
transactions being due TO heavier purchases by
| commission houses and greater interest in spec
ulation on the part OF the substantial operators,
who for many months have been committed to
the bull side Perhaps the strongest and best
buying OF the day took place in the last half
hour, when prices advanced 1 per cent and
more in the leading active securities and the de-
velopment of this strength attracted increased
buying from the so-called public. Easier money
market conditions. the expectation or a favora-
bic bank statement to-day and indications of an
active resumption of heavy operations by sub
stantial speculative interests naturally served to
inspire greater confidence in commission house
circles over the future of prices and TO encour-
age the feeling that bull operations which for
several weeks have been held in check. had been
resumed. Strength in Union Pacific was due to
heavy buying by the interests who recently were
active in the ISSUE while the same thing may be
said Of the movement in Reading and United
States Steel common activity In tho last named
being helped by the expectation Of an announce
ment regarding the ore deal terms. which
made public after the close of business. Last
quotations generally were at the best
The easier tendency in the money market is
responsible for higher quotations IN sterling
exchange. which suggests the improbability Of
further large imports Of gold at present, espe-
ciaily as the price of money in Europe is higher
| than It was few weeks ago. Europe is favor
ably Inclined toward American securities, how
| ever. and the chances are that later on In the
season there Will be an active buying demand
| for European account Of our stocks and bonds
| and it is believed in well Informed quarters that
this buying movement will serve in great meas
ure TO offset the accumulated obligations which
this country has incurred abroad through loans.
An enormous amount Of finance bills are now
| maturing and being renewed the renewals
being due to the confidence of foreign bankers
| In the financial and business situation In this
country. and this fact ought to serve to en-
courage increased confidence at homo in he
future Of the money and securities markets.
Information received from sources which are
particularly well informed regarding the attt-
tude Of foreigners our market leads to the
belief that London, Paris and Berlin bankers are
preaching TO their customers tho wisdom of
| placing money IN this country, their arguments
| being based the stability Of business ooadi-
tons, the favorable political outlook and on
the vast increase which is constantly taking
place in the wealth OF this nation. II an active
foreign inquiry should develop for our bonds,
the movement undoubtedly would be effective
inducing bV
| lists and increase in dealings in the bond
department naturally would be followed by ex-
| pansion in trading in shares.
The fact that money conditions have been SO
carefully handled insuring the improbs bility Of
disturbance. despite low bank reserves at a time
when the demand for funds is most urgent has
helpeo the speculative outlook and has dsvel-
| oped a feeling Of great enthusiasm. among hold
ers OF securities who are maintaining a position
on the bull side Of the market. In the hope OF
pelng able to dispose OF their speculative nos
sessions at materially higher quotations. Spec
ulation' fortunately has been relatively quiet IN
the last few weeks ard in CONSEQUENCE tbn 30.
pect or further advances is much mora nro,,,-
lslhs than II was few weeks ago The car,
palgh OF MT Hearst is not factor In the mar
het al present. ana the chances are so bright
for the success OF the Republican tickat thot
wan street ID not disposed TO consider politics
much OF an influence. though of course conai
tons before election may change sufficiently N
bring ABOUT some uheasiness in the speculative
community. Doubtless at times the hso~ -,
ment will endeavor 10 reduce prices ~, 81. -
gument that the reelection OF a RenubI,co,,
Congress is not ar all certain, bur - heal.
seems likely that actual holders Of America, tr
vestment issues will find in tire political s,tra-
ton any reason for the sale o. their stocks ana
bondS-