New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-09-28
STOCK MARKET OPERATIONS.

In yesterdays stock market early strength
was followed by declines throughout the list,
ceiling being encouraged by exaggerated reports
OF the effects Of the storm in the South and by
energetic efforts on the part OF the trading ele-
ment 10 bring about lower quotations. In the
absence of support from the substantial inter
ests little difficulty experienced in weaken
ing values, the heaviest losses being shown in
the active list IN st Paul. Union Pacific. Anal
ganated Copper. Southern Pacific, United States
Steel common and Reading. Apparently there
was disposition among the leading operators
10 encourage cheaper figures, perhaps on the de-
sire TO accumulate good stocks. which already
show material decline from their high prices Of
the last month Liquidation of small commits
sion house accounts was reported, sales thus
made being absorbed by stronger interests. In
Union Pacific and ST. Paul the selling pressure
was heavy in the afternoon; also in Amalga-
mated Copper. the weakness in the last named
issue being an important influence In affecting
other parts of the list For a long time past
there has been large bull account in Arnalga-
mated Copper. and, Of course, the complete alb
sence of short interest in the issue deprived It
of support which II otherwise would have re-
ceived. The break in United States Steel com
mon, accompanied by heaviness in Northern Pa
cific and Great Northern. naturally brought
forth the rurnor that a hitch had developed in
been. according to Wall Street belief, in fair
way Of settlement. This so-called ore deal prom
Uses to become Of the most tiresone and
long drawn out operations figuring as a
stock market factor. Stocks rallied 10 a small
extent in the last half hour. Canadian Pacific
was one of the few strong features throughout
the day. being bought by a good class Of buyers.
1t is not at all likely that Wall Street will
become at any time in the course OF the next
month unduly excited over the candidacy of
Mr.. Hearst for Governor. Wall Street reached
the conclusion yesterday that the conservative
element in the Democratic party would support
the Republican nominee, and that in conse-
quence Mr.. Hughes will be elected by a good
sized majority. notwithstanding the claims Of
the Murphy party and the Independence League.
Assuming, however. that Mr. Hearst should be
elected. the business interests OF this country
would not be injured, inasmuch Mr. Hearst
would not be in a position to interfere with
vested rights, nor is there any reason TO sup
pose that he has any intention, If elected, to
propose policies which would damage the best
interests Of American commercial activities
Wall Street already is making wRgers that the
Republican party will be successful, and the
odds at present quoted to an extent which
naturally is exerting a favorable influence on
speculative sentiment. and even investors who
are anxious about the course OF quotations are
carefully watching the movements in the so
called betting market the Wall Street curb
Bear operators. who will vote for Mr.. Hughes
may endeavor to the Hearst campaign as
an argument for lower quotations. but it hardly
appears probable that such an argument Will
appeal TO holders of securities. except perhaps
IN the of small traders who are carrying
stocks on margin in excess Of their financial
resources.
DOubtless money conditions will continue m
be the controlling influence in speculation, and
in connection with the money market IL is in
teresting to record the fact that at its weekly
meeting yesterday the Bank Of England made
no change in its minimum rate OF discount. this
action indicating greater confidence on the part
of the bank in the outlook for a return at no
remote period Of a normal situation in money.
Rates. however. VIII undoubtedly rule at stiff
figures for some time TO come. although the
holdings of the banks may be increased through
government assistance either government de-
posits with national banks or payments in adj
vance the government bonds which mature
next year. Further large engagements OF gold
Tor import do not appear probable, especially
as already New York has been able to secure
more than S34OOOOOO of the precious metal
abroad. this movement, OF course serving TO
harden quotations for funds in the foreign capt.
tails. The course OF Paris exchange on London
ID iio' favorable 10 shipments OF the metal from
the French capital TO London. and in the event
or further heavy demands for American account
serious objections 10 shipments IN all ulaIibooa
would be made by European financial intarasts
The larger Wall Street bankers and operators
In securities are endeavoring to hold In check
operations on the Stock Exchange. and. fortu-
nately. Wall Street is exhibiting more common
sense than recently noted in m, case of stock
market operations. and the prospecfs tberafora
are more promising for an active buu move
ment later on in the season. The intrinsic value
Of most OF our stocks and bonds continues to
improve. and according TO trade reports received