The San Francisco call., 1906-10-19
Nv York Stock Market.

NEW YORK. Oct IS.-Specularlve spirit was
&c a low ebb il the stock market TO-DAY. Ine
soardro0m uraoers had increasing oiInculty u
seslplng a fractional pront out OF the. movement
~ prices. as their own limited opera lions were
about al there was IN TIE market IN the IN
creasing slUggishness OF prices deferred even
this class OF operators from acung ana TIE
market sank al one time nearer % acllal sles
nation than has been experienced n tAe StocA
Exchange for many months. had II moi Dee1
Tor TIE string OF interest IN AmaIsaulat@eu @
Copper tie business would have been more IN
conspicuous. The placing Of AmalgameTed Cop
ger per cent dividend basis by ois-
Urlburion OF SL50 regular dividend, % cents
extra per share for The quarter has been so
confidently acclaimed that those at acIlon
should seem 70 leave little occasion for surprise
The wsy II which the stock jumped on the
announcement, however, indicated surprise Oh
TIE part Of some OF the speculative element
The resistance encountered by the STOCK on
every upward movement Tor some time past was
the basis for some fears that The clFldeod was
not 70 be increased, in spite Of the demand Ior
copper and the extraordinarily pro1tsDle prices
az which the metal IS selling Inc backward
action OF ANA lgamstel Copper In face OF the
profitable condition OF the trade and the general
BELIEF that the dividend was 10 be Increased has
formed the principal ground for d belief now
prevalent that the leading financial powers OF the
country are doing what Jhey can 20 discourage
active speculation IN stocks, while protecting
prices from any serious inroads by supporting
measures u tie market. Speculative comment
generally assigns the election as the probable
period for the termination OF this conStral1r
upon the stock market ms sIutooe Is pc
Aeyec 10 be due largely 70 the fact that the
stock market Is meoe subject 10 survey ana
comment in political discussions n q way that
might make It's activities an influence on the
campaign. There has been total subsistence OF
discussion OF & number Of financial projects
which were subjects Of ruuors and which were
looked 10 stimulating influence on the
speculation. II Is supposed that these also may
be held up with the desire TO await the passing
OF the present contest This prospect OF lack
Of ammunition may have It's part IN the dis
couregeuaent Of speculation II is also evident
that the money market is playing its part IN
restraining stock market activity. Call loans
went 70 per cent early To-Day and held wei
above per cent, thus precluding the idea that
stock market exigencies. The time money
market gave a still more decisive demonstration
OF the narrowing Of resources. the amount of
funds offered on tine loans being markedly less
downward plunge IN foreign exchange 10 near
tie gold import point Incident Of this
development. although rates for exchange sub
seoUenrly rallied strongly. The weekly state
neager recuperatfon of the bullion supply, the
Improvement in condition being principally due
70 the scaling down Of outstanding credits.
But this Is raising the open market discounts and
thus establishing the banks rate in the open
market Discounts here hardened somewhat to-
cay The effect Of the 2ss points rise In Anal
EHmated Copper when the dividend an
nounced soon passed and the market closed easy
81 the reaction
Bonds were steady. Total sales. par value.
Sl.92s. 900.
United states 2s and new As advanced X per
cent OF call.
New York Stock List.
z F. Hutton & Co. 40 California street
members OF the New York Stock Exchange, fur
nish the following list OF bond and stock sales
yesterday