New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-12-07
Closing prices Of chief active bonds dealt in,
with net changes follow:
STOCK MARKET OPERATIONS.

notwithstanding the fact that call money
rates advanced to % per cent, ruling above 10
per cent throughout the day. the greater num-
Der Of securities We're strong, with net gains
in the majority of issues at the close In the
last hour however there was irreguIarity and
quiet selling, doubtless based on the upward
move in call money rates, and in a number of
the industrial shares material reactions were
recorded. The indiscriminate advance which
has taken place in many of the industrial shares
in the last few days has not been looked upon
with favor by the conservative element in the
Street" but the speculative interests who ap-
pear to be behind the operations in these shares
freely predict that the quotations will go to a
level well above that current. At the close
the chief decline among the active securities
was shown by National Lead which ended the
day nearly points under the closing of Tues
day, elsewhere, with the exception of the Ameri-
can Locomotive declines when made being con
fined to small fractions. The Copper shares
Brooklyn Rapid Transit. Consolidated Gas, Dem
yer and Rio Grande, Missouri, Kansas and Tex
as, Northern Pacific Pressed Steel Car and
Tennessee Coal and Iron were among the days
strong features Missouri Kansas and Texas
common enjoyed a net gain of 3 points, the up
ward movement being accompanied by a revival
of the recent rumors that the company would
soon pass into the hands of a larger railroad
dividends for the Kansas and Texas issues as
the policy of the present management is to put
surplus earnings into the property, but the
opinion is quite generally entertained that If the
road goes to a control the dividend outlook
of the company will be materially improved
The general course of stocks and money reflected
manipulation. The fact that it has been stated
in Paris official authority that the Russian
government has ample supply of money in
the French capital, London and Berlin to pay
the interest on its bonds in the next two years
naturally has caused a feeling OF greater ease in
foreign and local financial centres. AS the Rus
sian bonds have suffered a severe decline now
ruling many points under par, many careful
f1nanciers are watching these issues closely,
with the intention of buying them as a good
speculation. 1t may be recalled that large
amounts of money were made by people who in
vested in the Spanish bonds at their decline in
the time of the Spanish-American War. while
the men of long service in Wall Street will re-
member the large fortunes that were made in
buying United States bonds in the Civil War
and French bonds in the Franco Prussian War
There is not the slightest chance that Russia
ever will repudiate its national debt Even if
there should be a change in the form of gov
eminent in that unhappy country holders of
Russian bonds would not suffer. while as a mat
ter Of fact. the chances are that buying of these
issues under any condition would prove profit
able for the purchaser. Russia is a large and
powerful country financially and commercially,
and the idea that the present disturbances in the
empire will lead to national bankruptcy and
permanent ruin of the nations commercial en-
terprises is too prepOsterous to be considered
for moment. Although there may be a long
period of unrest in Russia. and while there NAV
be a time of financial and industrial depression
in the Cars country, there Il no good argument
favoring the opinion that is put forth in some
quarters that the troubles of Russia viii bring
about world wide financial and Industrial cat
aclysm- There is an enormous amount of idle
capital in Europe, and that the assurance
has been given that Russia will be able To nav
its interest on its bonded debt it is likely that
foreign bankers will be more inclined to nut
cut their funds, especially in the United States
where the rates of interest are attractive. In
the present week there has been a considerable
amount of foreign capital lent in this city
through the medium OF the foreign exchange
market and If rates for money continue at their
present high level there may be movement of
gold from the other side of the Atlantic to New
York Sterling quotations have declined 10 a
level near the point at which gold may be
brought in at a profit.
The great activity and advancing tendency in