New-York tribune., 1905-06-03
BONDS.
Stock MARKET OPERATIONS.

SIUGh MABh6i
In the early dealings IN yesterdays stock
market, prices IN the greater number of issues
tended IN the direction OF lower quotations. but
In the afternoon strength developed throughout
the list. carrying a number of securities TO quo
tations that showed net gains compared with
the closing OF the preceding day. The advance
was due in part TO covering by traders whose
operations were based on the appearance in the
market Of a substantial class OF buyers, who ap-
parently believed that stocks were a good pur-
chase ar the low figures established in the first
two hours Of trading After declining nearly l
per cent AmaIgamated Copper advanced over
Per cent above its closing IN Thursdays market
while St Paul recovered maximum loss OF Ia
Union Pacific a. maximum loss Of over l per
cent, ending at net gain OF g. and Reading a
loss Of upward OF per cent, ending the day at
a net gain Of 2ss per cent. The upward move
rnent was not accompanied by an important ex-
pansion In the volume OF trading. and in well
Informed commission house circles there ap-
peared to be no expectation of a large public
demand for securities II the immediate future.
leading brokers expressing the opinion that a
traders market would prevail in the course Of
the next few weeks. Reports that vigorous
efforts were being made to bring about an
anicable settlement of the Equitable nuddle
were important factors In the afternoons ad-
vance but there was little response to the rising
course Of values far the so-called public
was concerned. The public will buy stocks later
on In the season and the stock transfer tax will
not interfere with the operations for this ac-
count AT the close the greater number of issues
showed small net losses as compared with the
final figures Of the preceding day, although
Amalgamated Copper, Brooklyn Rapid Transit,
Pennsylvania, Union Pacific, United States Steel
preferred and Reading ended at prices above
Thursdays last quotations With the exception
OF Reading and Analgamated, advances were
confined to fractions, the two stocks named
showing marked Improvement, especially in the
OF Reading. which presented net gain Of
"a per cent Dealings in this stock and in
Union Pacific were larger than recorded else
where In the list
Earnings Of the greater number of railroad
companies IN the country continue to show i'm
provement over the same period year ago. and,
according TO the reports received from railway
managers yesterday, there are excellent pros
poets for a satisfactory tonnage throughout the
summer season. Union Pacific and Southern
Pacific. reporting for the month Of April show
large gains IN gross and net returns while
presents
large increase IN gross. but a decrease in net
the falling Off in the latter item being due to
the policy OF the company OF spending money
from earnings the property. Union Pacific
made the large gain IN gross Of $500 655 and
S213191 in net, while the Southern Pacific
showed a gain IN gross of S794, ,S99 ana gain
In net Of $4,000 1t IS generally believed that
the prosperous condition of the Union Pacific
will result in an increase in the dividend rate
on the common stock in the current year. but
there IS now some doubt regarding the possi-
bfity OF the declaration Of a dividend on South
ern Pacific in 1905 owing to the wise policy of
the management of placing surplus earnings to
the account Of improvements and betterments.
The fact that the directors Of the Southern Pa
cifo are striving to increase the physical eff
cheney OF the property, even at the expense Of
the stockholders. ought to be bull argument
on the stock for the good reason that this policy
VIII tend to place the company in a position to
maintain dividends when the stock has once
been advanced 10 the dividend column Unless
the business situation in this country goes to
pieces In the current year there will be a num-
Der Of favorable changes in dividend rates
among American investment properties
Admiral Togo's victory in the Japan Sea means
the expansion Of shipping on a large scale be-
tween this country and Asia, and larger traffic
Tor the Pacific railroads. including the Canadian
Pacific, which, with the Great Northern. is han
ding g transpacifc business of no mean dirnen
sions. With the Russian feet out OF the way
ana with control Of the Far Eastern waters IN
the hands Of the Japanese, there ought to he n
tremendous increase in exports from the TJnitea
States for Asiatic ports. although so far IN
tbs current fiscal year there has been nothing
in our trade with the Orient of which IN
complain as total shipments for the year are
expected TO amount In value to as much "a
S15oOo0o0o The significance of the recent Ian
anese naval victory factor in the commerce
Of this country is fully appreciated by merchants
and hnanciers, and it is quite likely that In time
IL viii become more Of an influence on American
and Canadian railroad shares. In the event or
settlement OF the in the near future Rus
Ella doubtless viii be called upon to pay e large
indemnity. and naturally will be forced TO go
to France and Germany for further loans which
may be followed by demands IN this market for
gold for foreign account but if the United
States ships gold as result OF Russian necessI
ties, the loss viii be offset by the expenditure,
that Japan viii make IN this country incident To
the purchase OF supplies that have become de-
pleted through the active requirements of nanv
months Of fighting. Although call money has
ruled slightly frrner in the last two deys thera
u nothing In the money market that suggests
The development OF permanently higher range
Of loan quotations