The Washington herald., 1906-10-31

conditions which then existed IL that
stock. and "a very similar state OF affairs
may still exist II other points in the list
being undls-urbed by the movement III
money
While it seems hardly possible that
general advance in prices can occur within
tie present week. there IS not the same
iniprohabillty about upward movements la
individual stocks. H. IS has often hap
peued. when the money conditions wers
such as 20 interpose a serious obstacle 20
al round activity. few stocks were taken
dp for bullish attention 50 az 20 keep pub
lic interest alive. and there is no earthly
reason why This might not happen again.
10 say that it win OF will not, would
imply that knowledge Of the intention 0f
large interests than is usually possessed
by the average trader. One effect of
builish demonstrations in a few stocks
might BE- 10 hold up the rest Of the
market. and there are such reasons why q
consummauOn should be desired
There is hardly house ID the street
that has not on its books long line OF
oTders TO buy stocks for It's customers Oh
anticipated slumps this week Nobody
viii come, but there axe Few brokers who
have not advised their customers that
JuCTc IS practical certainly OF marked
down PRICES this week. and that it would
he well to make preparations 10 seize the
opportunity vhen Il presents itself. Stocks
have even been sold out with Il view TO
their repUrChase or lower basis. Most
OF the houses are carrying comparatively
small lines. and want TO take advantage
ol scare 10 get into stocks
If there is any truth in the aphorism
that 'sho unexpected always happens"
election day may pass over with brokers
s.iil having large hUving orders on their
books. and with very little chance left
for the execution ol these at the prices
marked opposite TO them.
The fact that brokers as I rule are ont
Of stocks goes a long way toward ox-
planning why there is such unsnimity OF
opinion as 70 the impossiblnty Of an up-
ward movement in the market before
election. When a broker takes q position
he is much more apt 20 consider ciTcum-
stances favoring him than the opposite
ones. and in this way he often docelvcs
himself
Many brokers a month ago made up
their minds that about two weeks be-
fore election there would be a change in
the betting and a market scare They sold
stocks intending 10 buy them back on the
ScaTe-two weeks before eIection-but the
scare did not come on time and thcv
have stiil to make their purchases.
tt any one suggested TO them a month
ago thar the e-me 20 buy was Just a fetv
days before election. they would have
ignored the advice as something entirely
unworthy 20 be set against their own bet
ter judgment And Yet they are still
short or oCt OF stocks. clinginE TO the
hope, now stronger than ever, because
all their thoughts have been given 10
picking up new arguments in support Of
their position, that the slump must
come
This waiting for a slump implies
that there is a Tremendous latent force
in the market which may become very
active energy within a week or SO.
only one opinion was left az the size
for the dividend on steel common. that.
being that il the directors acted on the
matter at ALL the declaration would be
al tho rate of ouc-haIf Of 7 per cent for
the quarter The whole interest regarding
the meeting centcred in the statement of
earnings and the general expectancy in
regard to this was that the returns would
mako a very favorable comparison With
any corresponding quarter and that the
orders In the books would show an IN
crease compared with the same items
in the report issued three months ago.
Some Ct the traders talked OF the effect
on the pool of a dividend at the rate cs-
tablishcd thrco months ago. arguing that
The pools had been formed in anticipation
of the placing Of the stock on a ( per cent
basis, but tEere IS no reason 70 believe
4 pool of any considerable proportions
bought the steel on expectations Of this
kind, most important buying In the past
few weeks having come from interests
which had no intention OF selling out a
this stage. Their purchases were made
for q long pull and may be regarded as
an indication that a continuance of pros
perity in the Industry Is assumed for
many months to come
Aualgam2ted Copper was notably firm
feature in the first hour. but around noon
il yielded somewhat to pressure, display
ms. however. firm uadertonc which was
al the more convincing because the buy
in6 did not come from any one source. but
O. "a Il es|t4Ii-As Nttti- etNL-4 lt16 CtEOffsc
pretty evident that the rise In copper
stocks or the curb has attracted u deal
OF attention toward Anlalga mated, ard
that there Is quite a little buying by tn
vestors who arc willing 70 walt ,while
for results after satisfying themselves as
20 the merits Of the security
Fluctuations IL the normal quotations
for the metal from deg q DAY. whether
here or IN London. have little interest toy
tho buyers OF Amaigam2ted who are COR
vinced that the trade conditions are fun
dam entally sound. and that the only pos
sibi!ity Of q change IN the dividend on the
stock IS toward its establishment on =
higher basis.
Talk Of j movement OF Brooklyn Rapid
Transit TO discount the election OF Nir.
Hughes as governor has no longer much
influence. as that candidate has made
known his purpose TO give attention TO the
traction problem. if elected. In way
which is not likely to b. rel!shed by the
companies operating the lines. The
traders say that II Hughes is elected. no
corporation c2n 90 anything with hiin
and for that reason they are not disposed
20 take a buliish attitude on the pubic
utility stocks Albany. they say, is likely
70 be eliminated as factor in the market
foT The next coupie Of years at all events.