New-York tribune., 1906-10-18
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
light in volume in the general list activity being
confined to a few issues. including Analgamated
Copper. Reading. Union Pacific and United
States Steel. In the shares named and in other
securities price movements exhibited great irreg-
ularity, and a rule final figures showed frao-
tional changes as compared with the closing
quotations of the preceding day. with net losses
predominating. Trading was inactive far
commission houses were concerned, while the
more substantial speculative interests showed
little disposition to trade on either side of the
account, and in consequence the general mar
ket boardroom traders affair. While the
money market situation not a factor in re-
straining activity. there was some uneasiness in
certain circles the possibility of higher
rates for funds later on in the season, but this
idea was not strong enough to bring about i'm
portant liquidation, sales being based more on
political uncertainties than monetary condi-
tions. Good support was reported in Amalga-
mated Copper. in spite Of the rumors that the
dividend would not be increased. while through
out the list OF prominent issues all offerings
were readily absorbed by buyers who believe
that eventually quotations will advance to a
much higher level. There was active selling of
the trunk line issues and Reading, but the press
in this department of the market failed to
attract heavy sales of long stock. Money rates
ruled relatively easy, IN spite of sudden .ad-
vance in call loans to per cent. Railroad earn
ings received We're large and all developments
appeared to favor the advocates of advancing
values. Notwithstanding the irregularity and
the weakness which developed in many issues
sentiment at the close Of the market was bullish.
Conditions in the iron and steel market
favorable, and, according to reports received
from iron and steel trade centres. there is little
Of
steel business In the near future. 1t is to be
hoped therefore, that this situation, which
presents an indication of business conditions
in general will not be injured by excessive
speculation in Wall Street. Iron and steel
trade interests report that the demand from
consumers is heavier than ever before. In oil
lines the market exhibits extreme strength and
a instano Of the current activity is furnished
by the heavy sales by concerns which are not
connected with the United States Steel Cor
poration. Conditions affecting the intrinsic
value OF American securities unusually
strong, and all indications point toward fur
ther improvement in the countrys business,
which, of course, means increased actual value
in all railway and Industrial investments.
Wall Street believes that the dividend on
Reading stock eventually will be increased, but
the market quotation of the security already
has more than discounted possible improve
ment in its investment yield. Canadian Pa
cific is being absorbed by careful buyers who
believe that the stock Is intrinscally more
valuable than Great Northern, and the fact that
Canadian Pacific has not been managed by
Wall Street spectators increases its value as
future proposition with careful market OBJ
servers. 1t IS Interesting to note that the Ca
madam Pacifcs earnings since July 1 show an
increase of 1884 900, comparison being made
with a period year ago when traffic receipts
were unusually heavy. Among the stocks which
a permanent dividend basis Erie first
preferred is attaching considerable attention
from investors, while the same thing NAV be
said of Manhattan Elevated, which is a 7 per
cent guaranteed security. Though there has
been little activity in Manhattan on the Stock
Exchange. large blocks Of the issue recentIv
have passed at private sale into the hands OF
substantial investment interests