The San Francisco call., 1906-10-09
- 90 stocE NIarket

NEW YORK Oct. S-A few OF the less i'm
portanr stocks Cnered a rather sensational
spectatcle IN todays market, but the trading
the whole dull and upinteresting and
prices moved in a sluggish manner. TIE frm
undcrtOne Of the market was largely sympsthe tie
with The few notable advances The only factor
in the general situation which could be held
70 account FOR the apathetic speculation was
me money market conditions. The immediate
outlook VITA tie opening OF the week did not
iui4 4o-d Ine promise onered by last week $
maLhee featllallon- " Al4e t1ere was no actual
stifening today the downward course Of interest
rates was quite distinctly checked There
Mee -ess conlcenee n aodltlona4 securing OF
resources for stock market operations. The disap-
pointing EXHIBIT OF the banks in the weekly
statement OF condition WAS not held account
able for the tone Of the money. as tie actual
condition was belie-ed 10 have been improved
more than was indicated by this counnsrison
of tic weeks averages. The course Of foreign
money markets had more effect. These dis
tinctiy reversed the easing tendency OF last
ably higher IN London. Paris and Berlin. Dis
ciisslon was renewed OF the probability OF q
Use ID the cfhcial discount rates Of both the
Bank II England and the Imperial Bank Of
Germany this week Our foreign exchange mar
Aet moved upward and the demand ia that
Aiathet vas said 10 be largely for remittance
70 cover maturing finance bills. These matur-
ities are known 70 fan into very large amount
during October and the rise in foreign money
ties adds 10 the Inducements 10 recall them
ff alQS 10 the cost OF renewing them The
bearing on the foreign exchange situation Of
Tie outcome Of tie cotton crop received special
attention in view II the fears OF smaller
crop than has been estimated with q CORE
export The reactionary movement IN TO-DAY 5
cptt0n market was a satisfactory DEVELOPMENT in
tlst part Of the situation. More or less active
discussion is going on IN financial circles OF the
great extension Of banking credits IL the cofln-
try at large and the part played in them By
real estate mining and other speculation The
movements in special stocks today nearly an
ma rumois Of happenings Of individual character
TO account for them. The General Electric ad-
vance was accompanied by reports Of a coming
STOCK Issue with subscription rights The
Strength In Westinghouse Electric American
locomotive ana Allis-Chalmers was sympathetic
q was due 10 rumOrs Of actual mergers In con-
copper Industry were all affected by the extra
ordinary market for the metal which touched
record prices. both IN London and New York
Wll apparently no supply available for i'm
mediate delivery OF for the nearbv months In
ceAlEasL came the report OF the determination
~ Tie United States Steel CORPORATION 10 make
no advances In price Of finished products IN
reported growing difficulty IN taking care OF ire
freight onerlng for transportation and certain
prospect OF freight congestion IL anv obsfrrcfion
occurs rom bad weather. Union Pacific was the
cns prominent railroad stock 10 show notable
strength. United States Steel hung about 40.
le wnleh II rose Friday afternoon on the eve
of me announcement OF the terms Of the ore
Zeal good proportion OF the DAYS gains
was yielded in q late reaction and the market
closed easy.
Bonds were firm. Total sales Cpar value). 81.
United States old zs declined 4 on call.
New York Stock List.
r. F. Hutton & Co.. 40 California street
members Of the New York Stock Exchange fnr.
nish the following list OF bond and stock sales
yesterday: