New-York tribune., 1906-10-16
STOCK MARKET OPERATIONS.

In yesterdays stock market activity was con-
fined TO a few issues, on movement OF values
which showed great irregularity. with the ten
dency in the greater part OF the day in the
direction Of lower quotations. In the last hour
Of trading efforts made to bring about a
rally, and in consequence Of this movement final
quotations IN the majority OF shares showed
unimportant changes as compared with the clos
ing figures in Saturdays market Commission
houses were not active factors IN the days deal
ings while the substantial speculative interests
unwilling to operate heavily either side
Of the account. Declines represented transac-
tions Of the board room element rather than
liquidation OF investment holdings. and the fact
that little interest taken in the market by
investors naturally served 70 increase activity
on the part of traders who were anxious to
establish g. lower quotation level. Improvement
in prices recorded in the last hour included
Amalgamated Copper, American Smelling.
Brooklyn Rapid Transit, Pennsylvania, Reading.
Southern Pacific and Union Pacific. Reading
enjoyed a gain OF more than l per cent from it's
low figure and the movement in this Issue
effective IN inducing covering operations
throughout the list. though the advance was not
accompanied by any news Of Importance affect
ing the property. In a few issues small
dealings large gains were reported. notably in
the of Big Four" Federal Mining. Great
Northern. Northern Pacific and National Rail-
road OF Mexico preferred. In the bond depart
ment active buying reported in the Wabash
debenture Bs. but the movement in this issue
failed to attract interest to the common and
preferred stock.
Conditions in the local money market continue
to show improvement. but abroad the outlook is
not at all promising. While it is not believed
that the advance in foreign discounts Will at this
time exert an adverse influence on the local mar
ket it may be we'll for spectators 10 bear in
mind that the European markets no longer are
In position to extend assistance to this coun-
try and that a wild outbreak of speculation
might lead to disastrous results. Fortunately.
the conservative interests in the financial COM
munity are exerting their efforts TO check specu-
lative enthusiasm. and indications suggest the
probability of liquidation in stocks to an extent
which will bring about further improvement in
bank reserves. The best feature of the financial
situation is the easier condition in time money
and with speculation conducted on an orderly
basis bank reserves doubtless from on will
increase. This country has received a large
amount OF gold from abroad. and the necessity Of
further engagements Of the precious metal no
longer exists. Discount rates in London were
higher yesterday; also in Berlin but the price of
bar gold in the British capital fractionally
lower.
Powerful stock market interests are still hold
ing their securities. in the confident belief that
later on in the season much higher prices will be
recorded. They exhibit anxiety over the cur
rent irregular price movements. and they wisely
are deferring aggressive operations until bank
reserves are stronger and election uncertainties
out Of the way. It is interesting TO note,
| however that the bond market is becoming more
| active. A genuine bull movement in stocks gen
| orally is preceded by active transactions in
| bonds, and the fact that investors are now ex-
| hibiting greater interest in mortgage issues
ought to strengthen confidence over the future
| OF the general market especially as activity in
| mortgage issues indicates the presence in the
| market Of people who not manipulators of
| prices Public buyers Of stocks for speculative
| account not active the moment doubtless
| believing that before Election Day better oppor-
tunities Will be presented TO buy securities oE-
ing TO the expectation OF the usual election scare
As fact Wall Street is not really upset over
| the Hearst campaign. but following precedent It
| actually desires movement the bear side Of
| the market in order TO express its alleged un-
easiness over the possibility of the election Of a
Democratic candidate