New-York tribune., 1906-10-26
STOCK MARKET OPERATIONS.

Activity In stocks in yesterdays market was
confined to a few of the prominent issues. in
which both liquidation and bear pressure were
reported. Throughout the list the tendency as
q rule was IN the direction of lower quotations, |
and. though there feeble rally in the |
last hour. last prices at net losses as COM |
pared with the final figures OF the preceding |
day. There was persistent selling from So |
called inside sources, these sales doubtless rep
resenting the desire on the part of the larger |
speculators to reduce their lines pending the |
outcome Of the election There was more of this |
sort OF selling than had been reported in many |
days. but Il was conducted in a manner which |
did not result IN heavy declines. except in Read
ing. which lost per cent In Amalgamated !
Copper st. Paul, Reading, Southern Pacific,
Union Pacific and United States Steel dealings
we're moderately eavy. while in most other
parts Of the list ling was light, with price
changes within Il VI limits. In London Amer
lean securities heavy. but the general
market steady, notwithstanding poor
return by the Bank Of England, which showed
further material reduction in its percentage
Of reserve to liabilities, and. of course. the min
| imum rate OF discount was not lowered. Prob
ably If ii had not been for the confident belief
that it was the last poor statement of the
season the Bank rate would have an placed
higher basis. In the early after on Anal
gamated Copper was attacked by the trading
element with some success, the movement being
based in part on the fact that bulls in the metal
abroad had been forced to unload their accounts
owing to the high carrying charges. Chesa-
peake & Ohio was among the few firm features,
and in certain quarters it was reported that
| there would be developments favorably
| affecting the property.
Large amounts of money are being sent from
this centre TO New Orleans, due to the rapid
marketing of the cotton CROP which involves the
sale Of cotton bills in this market the proceeds
of which are Immediately shipped to the South.
| Local interests report that purchases of cotton
bills in the current week have been extremely
| heavy. and. of course this means an active ex-
port demand reflection Of which is presented
IN the failure Of the foreign exchange market to
maintain the strong pace established last week.
notwithstanding the financial conditions in
London Fortunately. gold recently sent from
New York to Canada is returning, that
| in the current week it is not unlikely that the
shipments of currency to the South Will be off,
| set by the return flow of money from Canadian
| sources. The Ontario Bank trouble not *
| tenslve IN its effect and the gold withdrawn
| from here emergency measure by Cana
| dian bankers was not needed. So far IN the
neighborhood Of ss,Oo0,OO0 new circulation has
been taken out under the recent order of the
| Secretary Of the Treasury, and while this money
will not be available for making transfers
| through the Sub-Treasury. It can be shipped
directly to the South for cotton and sugar crop
purposes. Evidently the entire amount of
s1s00o.000 will be taken by banks, the greater
part Of which will become available in this city,
but, OF course this sum will not be ef-
fective in bringing about easy rates for loans
especially next week preparations must be
made for the November interest and dividend
| disbursements.
Careful followers Of the stock market believe
that between the present time and election there
will be no great activity the Stock Exchange
and no important movements the bull side,
| while II is thought that advantage may be taken
or the absence Of aggressive operations for the
, rise TO bring about lower quotations. RESPONSE
bic holders Of securities will not be at all upset
: by setbacks in values unless they are convinced
that the declines are based something strong
; er than spectators Tancies. II the conditions
governing intrinsic values should go to pieces
then there might be a large amount of real
liquidation, and in the event Of the election OF
Mr.. Hearst there may be passing sales of some
magnitude on the theory that the Hearst radi-
> calSm succeeding in New York State foreshad-
ows widespread movement similar in character.
s involving the next Presidential election Doubt
q less II VIII be found that. If the Demo-
cratic Independence League candidate should be-
: | come Governor vested rights in this country
= would not be damaged, particularly as Mr.
q | Hearst himselr Is large owner of capital in
4 | vested in various commercial enterprises II
: | there should be a sharp break in values follow
g ing the possible election of Mr. Hearst there will
: | De plenty or money ready buy stocks at ba r
gam prices. Current indications of unrest
y = among Iaporlng men, While causing some I'M
q ! easiness IN Wall Street. generally looked
Z upon as nothing more than an incident of the
e country's prosperity and one which will no,
II !eao 10 the unsettlement of business