New-York tribune., 1905-06-27
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
..a,- IN volume on a movement OF values that
o,oreraIrv tended in the direction Of higher quo
ta+ions. last prices showing as a rule, net gains
os compared with the final figures In Saturdays
dealings Maximum advances In the ieading ac-
tive shares ran from substantial fractions 10
ner cent and more, with the heaviest gains III
h+cbison St Paul. Delaware and Huo-
son. New-York Central. Pennsylvania Read-
ing Canadian Pacific, Southern racine
Tennessee Coal and Iron. Union Pacific
and United States Steel preferred While these
shares were In active demand. there was an
exce11ent INQUIRY from commission houses In
other parts of the list. especially in Missouri
Pacific, Peoples Gas, Erie and Baltimore ana
Ohio Well informed market operators are puy-
ing the last named stock on the connoeiI eA
pectation that the directors Of the company "iiI
increase the dividend rate at the next dlVioeho
period According to Information received ny
The Tribune from trustworty sources the olVi-
dend on Baltimore and Ohio Will be advanced
m a 3 per cent basis In July. and according to
the same sources of Information no increase may
be expected in the Pennsylvania rate. Southern
p.ciec common NAV receive dividend later on
in the season but there is apparently little
chance Of a declaration at present, despite the
reports in certain circles that the stock Will enter
the dividend class in the course OF the heA'
few weeks Weakness in the foreign markets
failed TO affect the local speculation, Whie the
announcement that the prospects favored the
shipment of considerable amount Of gold III the
current week was without innuence Oh sehIilieii'
In speculative quarters.
The decline in the Paris check on LONDON
the strength in sterling rates at this centre
ond the ease in money in New-York have
brought about situation that makes goid eA-
ports to the French capital profitable. Engage
ments TO the amount of Sc. .300O 900 in gold bars
for shipment by Thursdays steamer We're made
yesterday. and it is likely that in the course
of the next few weeks a large amount OF the
metal will go to the other side. AS recently
pointed out in this column, conditions for
number of weeks have been moving in the di-
rection of an outward movement of gold, and
the engagements just made therefore ought TO
cause no surprise in Wall Street circles. The
nature of the movement is well understood by
people who are close students OF the interna-
tional monetary situation that there is little
chance of alarm in the financial community
over the demand for the metal Paris is not in
absolute need of gold, but under present condi-
tions governing the foreign exchange market
at that centre, in London and In New-Yqrk,
gold exports from here furnish the cheapest
method Of settling international balances. or
course Paris is anxious to increase its gold
holdings expectatiOn of q heavy demand for
accommodation from Russia in connection with
the settlement of the Russian debts and
penditures growing out of the war in the Far
East and as it is easier to obtain the metal
in New-York than in any other market in the
world shipments naturally are made from this
point Local bank holdings enjoyed material
increase last week. and the banks are therefore
IN fair position to respond TO the foreign in
Quiry for gold. II the movement reaches large
proportions, which is not likely. money rates at
this centre will q much higher level.
which will to check the shipments.
Money rates doubtless will not move to level
that will cause disturbance in the stock market.
but it is not at all unlikely that from now on
the tendency In the loan market will be toward
represented abnormal conditions rather than
permanent range Of quotations. Fortunately
the banking community realizes that the
changes which take place in the money and
foreign exchange markets not symptoms of
weakness In the financial situation in this coun
try. Wall Street longer trembles when 1t
! hears that gold is going abroad. 1t knows that
the United States has more gold than ever be-
fore in its history. that the gold production in
our Western mines is increasing at lively
rate and that the ability OF the country to send
the precious metal to Europe indicates the great
material prosperity of this nation. Bearing
these factors in mind, sensible man sells his
securities at the mention of gold shipments. al
/ though the small trader margin may become
uneasy over the prospects OF being forced to sell