New-York tribune., 1905-07-15
sUnilsted. TEX dividend.
Closing prices yesterday of active bonds dealt
|. with net changes. follow
STOCK MARKET OPERATIONS.

Stock market values moved in an Irregular
manner throughout the five hours Of trading on
a relatively small volume of business, with the
heaviest dealings in St. Paul, Pennsylvania.
Reading, Southern Pacific, Union Pacific and
the United States Steel shares. Southern and
Union Pacific appeared TO be in demand for
good class of traders, but there were heavy
sales nevertheless. and as a consequence their
prices failed TO enjoy any marked improve
ment. AS a general thing the operations repre-
sented the dealings of the board room element.
commission houses being unimportant factors,
as far as trading for public account was con-
cerned, while the leading speculative interests
were not actively identified with the days
transactions. Many of the more substantial
operators are out of town. but it is not thought
likely, however, that the market will be allowed
TO drift for any length Of time as it did yester-
day, without a decided tendency in either direc-
ton There are too many big men carrying
stocks at present to encourage the idea that
prices win be permitted to react materially in
season when the greater number of factors
favor higher prices for securities. Changes in
quotations at the close as compared with the
preceding day were extremely small in most
issues the chief exceptions being American
Smelling, which gained over 1 per cent; North
Pacific. which gained 2 per cent; Reading
which gained Ia per cent; Canadian Pacific
which gained Il, and Tennessee Coal and Iron
which lost 7b. There We're more net gains than
losses at the close.
According to the known movement of money
in the week the local banks have gained over
s3,O0O,000 in cash holdings, and unless there has
been a large expansion in loans to-day's state
rrent Of the associated banks ought to make
'avorable exhibit The local banks are gaining
money in the shape Of transfers through the
Sub-Treasury Of gold deposited at Pacific Coast
points and also on the regular interior movement
of currency and as the immediate prospects do
not favor gold exports call money rates doubtless
will rule at current relatively easy quotations
for several weeks to come. Time money, how
ever, shows a hardening tendency, and the de-
mand for time funds is increasing in manner
that suggests the belief on the part of borrow
ers that the current easy level of call money
rates viii not continue beyond the summer
months There is every reason to expect higher
call funds in the fall. and as consequence time
money looks like attractive investment
Money rates abroad have relaxed in the last
week, and as there probably will be no new Rus
sian loan until after the peace terms have been
made and ratified it is not likely that there will
be call on this centre for gold for Paris ac-
count for several weeks to come. Foreign ex-
change houses are putting out finance bills
counting on a good supply of grain and cotton
bills in the fall. and as far as grain bills are
concerned, they are likely to find a good supply
in the autumn for covering purposes, owing to
the excellent prospects for a big harvest. Ster-
ling was made weak yesterday
There apparently is a pronounced disposition
on the part of the larger Wall Street interests
to exercise every trick known to the trade
TO bring about higher prices for securities
and this fact induces buying by many
traders on the theory that if the big" men
are working for better quotations the level of
values is quite likely to advance. II is ad-
mitted that many securities are selling for all
that they are worth. but this side of the situa-
ton does not appeal at all to people who are
careful students of the speculative position, for
the good reason that when the financial giants
Of the Street are working on the bull side OF the
market prices apt to advance. no matter
whether or not the upward movement starts
worth OF the securities. There are some stocks
that are still under their actual worth. These
issues ought, in the course of time. to move to
a much higher level and 1t may be well for
operators who are not backed by large fortunes
to turn their attention 10 shares that are now
paying small dividends and shares that are pay
ing nothing at ALL buying, of course outright
few years ago Reading and Union Pacific and
for that matter many other high grade shares
OF the present time, sold at extremely low
prices, and their future was according to the
observations OF many people. not promising
That which has happened to Reading and other
shares of like value may, and probably WILL
happen TO such stocks as Erie. St Louis South
western issues. Missouri, Kansas and Texas
Colorado Southern and Wabash.