New-York tribune., 1906-10-17
STOCK MARKET OPERATIONS.

Trading in Yesterdays stock market light
in volume in the greater number Of issues, on
movement Of values which showed great irreg
ularity, though improvement was recorded in
the majority of shares, final prices showing
small net gains In Reading, Northern Pacific,
Union Pacific. Amalgamated Copper and United
States Steel a fair degree of activity was main
tained throughout the day, and in the case Of
Canadian Pacific buying evidently came from
substantial market interests. The enormous
earnings of this property and the promising po-
sition of the stockholders are encouraging in
vestment buying of the stock. and the character
the dealings suggests the probability of higher
quotations IN the not distant future Trading in
AmaIgamated Copper accompanied by
rumors OF a further increase in the dividend.
while number of issues were favorably affected
by talk Of additional distributions to stockhold-
ers, notwithstanding the fact that nothing off,
cial IN this line given out from headquar-
ters fair demand developed for the railway
equipment shares including General Electric.
the latter being ciassed with securities of
this sort, owing TO the rapid development of
electrical transportation on the steam railway
lines. The chief operations in the day repre-
sented the transactions Of board room traders,
but In some stocks there was a fair inquiry for
the account of commission houses, while in the
bond department Indications of a better inquiry
from the outside were reported. especially in
the Wabash debenture Bs and the United States
Steel sinking fund 5s. At the close the chief
advances were recorded by Amalgamated Cop
per, Pressed Steel Car, Union Pacific and Cana
dian Pacific.
While increased offerings of cotton bills doubt
less will Offset to some extent the advance in
the rates Of discount by the Bank of England
and the Bank of Germany. there is little proba-
af In ~
which viii permit further engagements of gold
for import to this country. The exports Of cot
ton always supply a large amount of exchange.
and in some years there have been gold imports
III November and December due entirely to the
outward movement OF cotton but this years
exports of the product have been paid for in part
by the large shipments Of the precious metal
from London to New York, amounting to more
than S44OO0000. This movement OF gold repre-
sents loans. and these loans will be paid through
the medium OF the cotton market. The demand
abroad for cotton and breadstuffs is active. but
this country has such large obligations in for
eign financial centres that heavy exports of cot
ton. grain and manufactures will hardly serve
10 settle our debts especially imports from
foreign nations are increasing at a rapid rate.
Exports Of merchandise from the United States
are in excess OF imports. but the importing
movement is steadily growing heavier, and in
consequence the trade balance In favor is
being reduced. which. In connection with loans
for American account in Europe practically
makes engagements of gold on direct trade ac-
count out of the question Money market con-
ditions have improved through the assistance
received from foreign loans and Treasury de-
posits with national banks. and the prospects
/ favor a relatively easy situation in the rest
| Of the year, though we'll informed bankers do
/ not believe that rates for money will decline to
a low level until after the January interest and
| dividend disbursements. The financial situation
! has been handled in a most intelligent manner
by bankers in this city and throughout the coun-
try. who. with the assistance Of the present able
/ Secretary Of the Treasury, have financed the
/ enormous crop demands. the requirements Of ex-
| panding trade and the needs Of Wall Street
/ operators at time when conditions suggested
| monetary disturbance
An eNihplton or conservatism in speculation
is now being witnessed. and In consequence the
prospects are promising for expansion in stock
market dealings later on in the season Wall
Street banking circles. which include large rail-
way and speculative interests appreciate tho
necessity Of quiet trading in stocks at this time
and they therefore are exerting every, arfor+ 20
! repress speculative enthusiasm though thew are
! advising the purchase OF good securities on all
reacuons While stocks in many instances are
selling at prices which fully measure their in
oiiSic value II Is quite generally believed that
'-o |o'iiiuaioe OF industrial prosperity will be
effective in bringing about better quotations mud
1t is we'll TO note the fact that large sums or
money are now beginning to go into the bond
/ market. which for long time has been com
paratively quiet. Pending the outcome ~ .bo
/ election. extensive commitments doubtless will
not be made on the bull side Of the r,arl,at
inasmuch as room spectators are anxious to
create an election scare based on the possihItt,,
/ Of the success Of the Democratic ttcla, 81, ~
/ vember o. While there is apparentI,, nm.
chance of the election OF Mr.. Hearst. WAN street