New-York tribune., 1906-10-09
Closing prices of active bonds dealt in witt
STOCK MARKET OPERATIONS.

Activity in yesterdays stock market was con-
fined 10 few Of the leading shares. IN which
prices generally were strong. while throughout
the list quotations exhibited considerable
strength In American Smelling, General Elec-
trio and Westinghouse sharp advances were re-
corded the movement in these issues being based
on speculative operations. which in turn were
based the splendid financial results being
obtained by the companies and in the case of
General Electric and Westinghouse. on the ex-
pectation of special developments bly, af-
Testing the properties. st. Paul, Reading, Union
Pacific, Erie and the Missouri, Kansas & Texas
issues were features Of the day that attracted
considerable attention. In the greater number
of securities, however, transactions represented
nothing beyond the operations Of the board room
element, commission houses having few orders,
while the substantial market interests were not
especially important factors, though they made
no attempt to conceal their bull sentiment on
the outlook for values. In the last hour prices
generally reacted from the best figures. under
the influence of realizing and some pressure from
the room traders. Notwithstanding strength in
the foreign exchange market further amounts of
gold We're secured in London for shipment TO
the United States. the operation being conducted
in the face of higher London discounts and an
advance in the price of bar gold. The afternoon
another advance in the price of the metal, while
an upward movement in Pacific Coast amount
ing 10 3 points, and further improvement in
Vulcan DEFINING securities were accompanied
by good buying and favorable reports regarding
the properties.
Money market conditions at this centre are
somewhat more promising than they were a
few weeks ago, owing TO the Improvement in the
position of the New York bank reserves. ire
spective Of the slight loss which was shown in
Saturdays statement of the Clearing House.
This statement did not represent actual hold
tngs. owing to the Inconsistencies of the average
system and 1t is not unlikely that in the re-
suits Of the current week bank returns will
enjoy decided increase both in cash and re-
serve as compared with the exhibit in Satur-
davis figures The fact that the banks have
heen able 10 make good their recent deficit and
IN present a reserve above legal requirements
of over 50 900 600 al a time when demands nave
been most urgent reflects the strength of imam
cial conditions in New York and the splendid
credit this country has abroad. Foreign capt.
+alists have lent a large amount Of money TO
the United States in the last six months and
ma aturng finance bills are now being renewed
European bankers being perfectly willing 10
continue their loans in New York, owing TO the
great prosperity of this country and the con-
present conditions affecting industrial ac-
tivities for many months to come. Neverthe-
less the demands the Bank of England are
Incoming so active that further large gold i'm
ports for American account probably Will not
he negotiated, especially as London is now
compelled TO send large amount of money to
Eevpt the demand from that quarter having
developed unusually early. In yesterdays for
eirn money markets discount rates strong,
advances of n taking place in the London. Paris
and Berlin quotations. while in the British capi-
raj bar gold advanced I'd.
Conditions in the stock market are beginning
- move more in favor of the speculative inter-
osts who are anxious TO bring about higher
,rices for securities and il is believed in well
informed quarters that the greater number OF
,s,,es soon will move TO a higher level not
,,.ttbstanding political and money market un-
oartainttes The powers in control of the mar
lat have exercised excellent judgment in the
last few weeks in checking bull activity but
Dog, that a better situation has developed in
money and as the fear OF the election of Mr
t1are+ practically has disappeared, efforts will
- ra,eyved 10 move all issues Of merit TO a
,a.tar range OF quotations Stock market oper-
.ors uhile appreciating the fact that oppor-
,,,r,ties will be found 10 establish quotations on
,a,,,o,.a ri,v lower basis realize that conditions
Governing the ultimate course OF affairs in this
ao,,r,, all are in favor OF stability and strength
=, sac,,rities and in consequence they are ar
root,e, their operations on the basis of substan-
-, ,,s IN market values. Expansion in divi-
- ,,as haen an important influence in Great
t. .a,,orable sentiment in the financial mar
&c ybna The expectation of further increases
IN dividand disbursements naturally induces bull
.,,b,,siasrn over the future. The interest in
s,ncls ,,ronoises 10 extend 10 the so-called OUT