New-York tribune., 1906-11-01
STOCK MARKET OPERATIONS.

Politics. money and rumors of the possibility
of labor disturbance the New York Central
lines were responsible for dun and sagging
market throughout the greater part of the five
hours Of business. Prices We're weak in all the
leading issues, declines in many cases amounting
to more than per cent, but there was no heavy
outside liquidation, sales a rule originating
the floor of the exchange. Higher rates for
call money and greater uncertainty over the out
come of next weeks election naturally We're eff
fectve in checking activity, while they also
served to create bearishness among traders. who
quick to take advantage of the absence of
public support to sell stocks in most parts of
the list, concentrating. however, their chief at
tention Reading. United states Steel, Union
Pacific, Brooklyn Rapid Transit, Amalgamated
Copper and New York Central the last named
issue making a new low record for the year at
1863 which compares with price of 1o6 re-
corded last January. While the New York Cen
tral officers do not look for labor trouble on
their lines the rumor of such a development is
sufficient to attract bear pressure on the COM
pany's stock. Active selling of Unien Pacific ap-
narentlv was conducted chiefly for effect on the
rest of the list. and expectations that weakness
in this security would attract selling elsewhere
were fulfilled the movement being particularly
successful in the afternoon, when the stock
showed a loss of ! p points, with corresponding
weakness in many other parts of the market. At
the close the heaviest losses in the active list
were in Amalgamated Copper, American Ice Sc
curitias American Smelters, Colorado Fuel
Delaware & Hudson. Great Northern, Now York
Central Northern Pacific, Pennsylvania. Read
ing Union Pacific, United States Steel and Wa
bash preferred.
A frmer tendency is noticed in the call money
market and the indications point toward some
what higher rates in the next few days. while
later on in the season there may be n period
OF stiff quotations There is little probability
of an easing in rates for money in the various
financial centres throughout the world in the
rest Of the year. but the hest informed
bankers in New York, London and Paris are
not predicting disturbance: indeed, they believe
that the requirements of borrowers will be
met without the accompaniment Of trouble. un-
less there should be a tremendous outbreak OF
speculative enthusiasm on the various STOCK
exchanges. Fortunately, the larger interests
identified with the stock markets are exer-
cising their best abilities to restrain great
activity in stocks at present. With time money
at g per cent, merchants, of course. COM
PEELED to pay high rates on their paper, but
this Is not so much of hardship as generally
believed owing to the fact that merchants are
making such heavy profits this year that
current rates for accommodation Go not bother
them materially OF course, they would be glad
to see an easier money market. but there Ger
tainly is nothing in the monetary outlook
which suggests a return of rates to low
level in the near future. Foreign exchange
conditions are in favor of this country at the
moment, owing to the large receipt of cotton
bills and Notwithstanding the Bank of Eng
lands high discount rate there is imme-
date prospect of shipments of gold from this
country though 1t is not unlikely that after
the turn of the year London will be able to
draw some of the precious metal from this
side Of the At that time local bank
reserves doubtless will be much larger than
they are at present, holdings will be in
creased through the return flow of money from
the interior and possibly by further deposits
with national banks of government funds
by the redemption in advance of the govern
ment bonds, which mature next July
The decision of the United States Steel di-
rectors not to increase the dividend on the
common stock at this time has been well re-
ceived by conservative Wall Street interests
but. of course it has brought great disappont-
ment TO stock market spectators who have
been taking the issue the theory that the
dividend would be placed per cent basis.
The management of the company has decided
to finance improvements from earnings rather
than from the issue Of new bonds or stock. and
a consequence stockholders will be com
PEELED 10 wait a littlt longer before they re-
ceiye an increased disbursement on their hold
ings. but they may rest assured that if pros
perity continues in the steel trade they will
forced 10 go without a 1 per cent ra te
for many months. Earnings Of the CORPORATION
were heavier Ia the last quarter than i'm anv
corresponding quarter in the history Of the
concern, and the indications are that for the
full year net earnings will amount to upward
Of SlJ0O00OOO. The iron and steel industry
is in an extremely sound position. and there
are no signs OF Developments of an adverse
nature, the only unfaVorable feature or the
situation being the physical inability of the
iron and steel companies to meet promptly the
demands Of consumers