New-York tribune., 1905-06-30
sUnl!stet. fEsx dividend.
Closing prices yesterday Of active bonds dealt
STOCK MARKET OPERATIONS.

transactions in Yesterdays stock market were
moderately heavy IN volume on an irregular
movement of values that showed more net de-
olines than gains. In view Of the strength OF
the last FIVE days the somewhat heavier tone
WAS not at all surprising. and 1t would not be
q matter OF concern TO the bull interests If quo
tations should record further losses in to-day's
trading Although the governing committee OF
the Stock Exchange has refused to grant the pc
tition of the majority OF the members to suspend
business on Monday, 1t is not likely that there
VIII be large attendance the floor on that
day, OF to-day either, and to all fntents and
purposes yesterdays dealings represented the
character of operations incident to the approach
of a three day holiday. There is no good rea-
son why the Exchange should not close Monday,
and 1t Is safe to say that the governors who
voted not to close viii not be in Wall Street,
while the underpaid clerks In brokers' offices.
who would benefit greatly by additional hon-
day, Will be compelled to be at their desks. prob
ably with little to do in the way OF work. Profit
taking sales were heavy enough to check at
ternpts to bid up stocks except In the of
closely held Issues. but the general course OF
values presented ne important weakness and no
Indication that the larger interests work
ing for lower prices. As rule declines were
confined to fractions. The issues that have
been the active features In the week naturally
suffered the chief setbacks as the result Of re-
aIizing sales, but even In these stocks losses
were OF little consequence. declines OF rs per
cent being reported in Union Pacific. us In ST.
Paul 3. In United States Steel preferred and u
In Canadian Pacific. On small dealings North
west lost 2 per cent London houses sold
on balance in the local market while the mar
ket for American securities abroad heavy
throughout the day. In the afternoon dealings
Reading strong feature, without stfmulat-
ing the rest of the list final prices in the great
er number of issues being at about the lowest OF
the day. The fact that stocks became duh on
the recessions was considered an evidence OF
technical strength.
While Reading stock doubtless vii sell higher
if the bull movement continues. it Is asserted
by careful market operators that at par the
actual value Of the stock as per cent invest
ment is adequately measured. Reading is not
a trunk line railway. Its chief dependence is
in its coal trade, which, every knows at
times suffers just as any other business suffers
from periods of depression, and in such times
the earnings OF the coal companies show radical
declines from the days of prosperity, declines
which in the past have, in the case Of many
companies, been heavy enough to cause dividend
reductions and even receiverships. Reading is
rehabilitated road that has been excellently man
aged, and it does not appear probable that ii
VIII ever go through Such trying experiences as
recorded several years ago, but people who buy
the stock investment OF the per cent
class should bear in mind the uncertainties of
the coal trade. According to many people the
prospects for the long run better for Erie
than for Reading, owing to the fact that the for
mer road. in addition to its coal trade, has a
trunk line business from New York to Chicago
and is in a position to handle a large miscel-
leneous freight traffic well as heavy coal
tonnage. Moreover, the Erie is in a position
that suggests the probability Of its being at
some time the Eastern outlet for one of the
large Western companies. There has been a
good class of buying of Erie in the recent past
one banking interest alone having accumulated
more than 100000 shares of the stock. When
Erie common eventually is placed in the dfvi-
high class investment viii be much brighter, ac-
cording to the opinion of many observers than
those OF Reading.
There is nothing yet upon which to base an
estimate as 10 the probable extent Of the trans
fer of gold to Paris Present Indications, how
ever, are that the amount will be large 1t
should be borne ia mind that despite the already
huge accumulation OF gold in Paris bankers at
that centre are beginning TO make arrangements
TO finance Russia the termination of the war
in the Far East an operation that Will require
many millions of dollars. The expectation is
that the needs of Russia VIII be supplied on the
instalment plan. In other words. tho money
required by Russia, instead OF being raised in
ono loan, viii be obtained by means of . series
of loans extending over a long period There is