New-York tribune., 1906-10-12
STOCK MARKET OPERATIONS.

Trading in Yesterdays stock market was ac-
tive IN the leading issues q movement of VAL
which showed great irregularity, early
gains being followed by recessons in the last
hour OF business. Heavy dealings were report
ed IN United States Steel common. which reached
its highest price recorded since 1901. while IN
Northern Pacific, Pennsylvania, Brooklyn Rapid
Transit. St. Paul. Union Pacific, Southern Pa
cifc and Reading transactions were large. but
IN all these issues q downward movement de-
velOped in the afternoon. selling representing
profit taking sales and pressure from the board
room element. Losses from the best prices how
ever, were not important. Commission houses
We're not buyers TO any extent, but the reac-
tion in the last hour substantial speculative in
terests absorbed offerings. and notwithstanding
the trregularity in prices. sentiment a rule
was bullish. and predictions of higher quotations
were freely made IN well informed Wall Street
quarters. The advance In the discount rates
abroad without effect on The local market,
while the failure of the large Cuban house was
not factor in the dealings. in spite OF the belief
that several Of the local banking interests were
heavy holders OF the paper of this concern. upon
which they VIII doubtless lose their money. The
general list closed, as rule under the high fig
ures Of the day, while among the active issues
/ net losses were recorded by American Smelling
Atchison. Canadian Pacific, ST. Paul, Southern
Pacific and Union Pacific In Consolidated Gas
/ and Interborough metropolitan decided strength
shown, while Pennsylvania maintained a
large part Of its early advance. A decline Of .
points IN Union Pacific exerted an adverse ef-
feet on the rest OF the list but the net loss in
this issue amounted 10 only Il. as compared with
the closing OF the preceding day.
An advance in the Bank OF England's rate to
per cent was made yesterday, the increase in
the banks quotation for money being due TO the
/ reduction in its proportion Of reserve 10 liabu-
! ties which now stands al 50 Al per cent against
! 3S 80 per cent last week and 41.47 per cent in
/ the corresponding week year ago. The falling
/ of in the banks holdings has been due 10 the
J American demand for gold. Withdrawals Of metal
! for Egyptian account and the increasing demand
/ from mercantile sources throughout the British
Empire II is an interesting fact that the Bank
( OF England has not had q . per cent rate since
February. 1901 and it is also interesting TO
that the American demand for gold IN the Brit
= ish capital has ceased and that the advance in
/ the English rate follows a marking up IN the
! rate Of the Imperial Bank of Germany 10 8 per
/ cent. Money market conditions abroad dis
tinctly unfavorable 70 further engagements Of
/ gold for American account but fortunately the
! situation in this country has been materially
! improved in the last two weeks and the neces-
sity for assistance from foreign centres no
longer exists The needs of the West practi-
cely have been satisfied. while the only i'm
portant shipments Of currency from this centre
are for the account Of New Orleans. The South
ern demand for cash doubtless will continue for
some time 10 ccrne, but conditions in the local
banking community strong enough now 10
handle whatever outside inquiry may develop
The Improvement In the money market natu-
rally has induced greater confidence IN specula-
tive circles over the Immediate future OF the
stock market. and the fact that call money may
now be obtained al reasonable rates suggests
the probability OF advances in the general list
OF stocks, though. OF course, the conservative
interests in Wall Street VIII not work Rggres-
sIvely on the bull side Of the market until the
election results become known. Wall Street
feels no especial uueasiness over the outlook for
tbe Congress elections, believing that a substau-
tial Republican victory VIII be recorded IN No
,yarrfer nor does II worry itself the pros
recfs IN this state in the contest for Governor
Naturally. however, the oldtimers in the Street
-ealiz. the possibility OF democratic success. and
they therefore are not willing TO make excessive
commitments ia the market pendlng the outcome
,r he NalpnbCT voting. Prices Tor tne greater
,-,-r5tor of stocks have moved IN q manner which
ir6iga res an absence OF aggressive hear sDecula
> tioD and this is not al all surprising inasmuch
/ a. tb.re Is practically nothing on which a bear
/ ,s-auafgu could 1s started Notwithstanding the
/ 80 mat ouotatiO IL the greater number Of
issues fully measure the intrinsic worth OF secur-
. itiar This intrinsic worth. however, l. increas-
. trg ana operators IN stocks ought not 10 lose
I 80. -, tba fact thar the expansion IN the
r,1rtrls industries. the increase IN the earnings
- ,r ~-,rf,p-,,tiof.s ANA the improved conditions
.--,-a-,,i,.- trodactiIu viii tend 20 enhance the
2, -,a-f.av inyest-ents. not only among
ne rstIrcad issues hut the industrial securities
1 as well. -. .-.,.,.-,,,... Of ,bo r.ra,.
/ ,-,-t-,, mas been atrcr gthened through the ore
! ~ u.bt. tae same thins may De- said OF the
/ loIders of the United states steel shdre-. rms
ieaJ reur-se1ts one of the largest property sal
- f~,iIabt a Bout the history OF this country
! - :. r~ca~s = large addition 10 the assets of
- Grset northern Railway Company and in