OCR Text |
Show COPPER HIGHER; IRON IS LOWER l LONDON Local Metal Markets Are Firm, WltS Lead a Shade Higher. 4lT H4imH BILVBR New York 63c LEAD. KeW Yotk exchange S6.1505.36 4- COPPER New York exchange . . JIG aofilCTG -f NEW YORK, Nov 1 The Tendon tin hiarket u uni hanged ae compared with Monday's closing at 160 "s cd for spot and at H9 l&a ior futures, l.ocallv tho murki't was steady with r,rt at ?33.0O Copper was higher abroad, particularly on snot, which closed about 1 up from Monday at 73 ."s, said to i due to speculative specu-lative condition.-, while futures were only r.s higher at 71 10 Tho local market remained re-mained quI'H with lake quoted at $lfi 50 w n; 75. efectrolytit al tlO,60ifil6.2H and casting at $16.00Q1&.16. C ad was ilrm" and a sliade higher at i i Sa tkl in Lundoii. ixically the market Is firm with supplies for thirty-day ship i:n tit quoted al $5.16, ranging up to $o.3o for jirompt spot dellverv. Spelter was also higher abroad, closing al vin 7s 6d Locally the market w as quiet and unclianged at f 1 1' ': . Iron was lower In the Knglih inark-i Btandard foundry la quoted at r.os M and Cleveland warrants at 51s 9d Tho local market Is reported Ilrm at recent prices. N" i foundry Northern and Bouthern al ?1V 25ii ls.75 and N". 2 foundry Northern and Southern il7 75'u IS 2-', Stock Market Letteis. James A. Pollock & Co., stock and grain brokers. AVost Second South street, make puhlli the following letters on the Stock mark' t T A. Mclntyre & Co. New York, say. "The very unsatisfactory result of the election, indicating either general dissatisfaction dis-satisfaction on qustloti of too much Kraft' in politics 01 too much 'bosslsin' or a feeling of unrest or spread of tendencies ten-dencies to municipal ownership and 8o-' 8o-' lallstlC Ideas together with the continued con-tinued great uncertainty f the money market conditions being brought horn" more vividly to the average trader by tho further heavy calling of loans and Sharp advance in the call money rate t.i 10 per cent, hud a' very unsettling effect ef-fect upon the stock market today. We saw these conditions and early suggested liquidation or sales rather than Increasing Increas-ing holdings. "It was not however until after the end of the forenoon session that an extended ex-tended real liquidation developed. When this selling appeared in evidence the generality gen-erality Of Operators all endeavored to get out at once as is usually the ias- In fd-hvliiK fd-hvliiK a belated movement. The result was a general disorganisation of the entire en-tire mark t. with Missouri Paclllc br ;ik- Ing five points, B. R T Metropolitan Consolidated Gas three points and New York Central. Si Paul, union Pacific and Canadian Pacific, two to two ami one-half points and declines of one to two points spreading throughout the ll-t The single exception was Reading, winch was again "jackfd up' about six and one-half points to the new high tecord price uf 14J on further manipulation by the old pool, which is In absolute control of the small minority of atock outstanding. They could easily put it up to over 160, but it would bo without any further special significance. signifi-cance. US every one now knows what its Sojn-c ul.it l e luxltinn really Is. and that It" recent rise has been discounting prob-ble prob-ble Inereuse In Its dividend to 5 net" cent." Mutton. New York, says: "The break In today's stock market can be attributed solely to the money situation The hlK advance In Reading was an "Unsettling factor, but there Is no corner In this security se-curity This stock will settle around 180 shortly, as the drive on Missouri Paclllc was on the report that a 4 per cent dividend divi-dend basis would tie seen the coming year. The property Is In splendid condition condi-tion and nothing Is known of anv such move by the Missouri Pacific officials We have no apprehension on the monej situation, ufi the return of funds from the YVeet In heavy volume Is near at hand, but the boldness of some pools here in Wall street needs checking, which they got today and it Is only possible that they may be held up further before the close of the week." Ixigan & Bryan, New York, say: "The market rioseii weak and sharph lowm except for Reading which made" a not he, sensational advance, all of which however, how-ever, was not retained. The strong start at the opening was short -h v.-d, the market mar-ket reacting on liquidation In the New-York New-York tractions, dui to some doubt a to the outcome of yesterday's municipal election. The speculative situation seeme out of whack, there la s giui of securities, securi-ties, and they are held by the pools with very little incentive nt the moment to cause ntiy public participation We would sell stocks on the bulges." Iick Pros, New York, say. "The market mar-ket was unsettled and disturbed by uncertain un-certain election returns and by the sharp advance in : 1 1 money Farlj In tho day the general market was sluggish anil barely firm, while Reading WdS given another an-other sensational adviicc and other specialties spe-cialties like Smelting. Lead, etc., were also "jacked up." In the afternoon, however, how-ever, real liquidation appeared in conspicuous con-spicuous stocks and a general break re-BUlted. re-BUlted. Very hcaw elllng Which was seen In Missouri Pacific and Rock island looked like forced liquidation. Stocks like Union Pacific. St. Paul. Amalgamated, United Stales Sleels. Southern Pat ihc, Pennsylvania Eric etc., all broke sharply sharp-ly andwere distinctly w.ik at the close. The market closed without any ral)., at about the- low prices for the day" |