New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-07-14
unlisted. Tex dividend.
Closing prices yesterday OF active bonds dealt
n with net changes follow:
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
made up in great part OF the operations Of the
professional element, commission houses not be-
ing active factors while the more important
speculative interests apparently were not dis
posed to make large commitments on either side
Of the account. except In the case OF few of the
leading issues. as for instance. st. Paul, which
was the strongest active feature throughout the
day. In the general list prices were inclined to
sag. Strength in st. Paul on large volume of
business was not accompanied by news develop
ments affecting the property, but the character
of sne buying in the issue suggested the posi-
bility Of some announcement favorable to the
company. There is doubt regarding the
promising outlook for the st. Paul Railroad. but
it hardly be said that at its present price
the stock is cheap. In the afternoon trading
in this issue failed to hold all its early advance
while the entire list developed further weak
ness chiefly profit taking sales and bear
pressure. declines Of 1 per cent and more being
common among the active issues; Union Pacific
was one Of the weak features closing at a net
loss of l per cent The greater number of ac-
tive stocks showed net declines as compared
with the final figures OF the preceding day with
the chief losses in Baltimore and Ohio, Brooklyn
Rapid Transit, Metropolitan Northern Pacific
and Tennessee Coal and Iron St Paul ended at
net gain Of 2 per cent, while other strong
features at the close were Atchison, Kansas City
Southern. the ice securities and Norfolk and
Western. The last named stock was taken by a
good class of buyers. There was no material
change in the money and foreign exchange quo
tations, although time funds were slightly
f1rmer
Favorable reports from the crop section of the
country, except from the cotton belt an excel
lent statement of domestic exports for the last
month and generally favorable advices from the
iron and steel trade factors that are helping
sentiment in Wall Street Exports of domestic
products in June showed an increase in value to
the amount of ST., 253 277, as compared with the
corresponding period in the preceding year the
larger part of the gain being supplied by ship
ments Of cotton The increase in exports of cot
ton and breadstuffs in the last few months has
Offset much of the loss made early in the year,
the total falling off IN the fiscal year as COM
pared with the period ending June 80 1904,
amounting in value to $4S3S1, S13 which was
much smaller than estimated six months ago. AS
there has been active volume Of exports of
manufactures and general merchandise in the
last month 1t is likely that the full statement
Of the country's commerce. which will be issued
Tomorrow. will make a most gratifying exhibit
Our increase in exports supplies large trade
balance in favor OF this country, but, of course
there are other factors in the international fnan-
cial situation that Offset the gain in exports Of
merchandise, as, for instance, the undervalua-
tion Of imports. the vast amounts of money
spent by American travellers abroad sales of
foreign held American securities, interest pay
ments, etc. At the moment the position OF the
local and Paris exchange markets is against
gold exports. but it is not thought that these
conditions will prevail for any length of time
as later on IN the season the foreign demand for
gold in connection with the settlement of the
war in the Far East doubtless will be heavy
enough 10 force gold from New-York
The disposition OF borrowers on collateral to
provide for prospective needs is more pro-
nounced. The inquiry is notably larger for
loans extending into next year. There appears
10 be a growing belief that money viii be In
short supply. not only while requirements for
funds for handling the crops are heavy from
the latter part Of August to the fore part OF
November. but also in the remainder OF the year
owing TO the enormous pecuniary wants of
Russia and Japan. In view Of the present cir
cumstances and probable future Developments
II is reasonable TO suppose that there will be no
return TO actual In money until after the
extensive January disbursements In 1906 When
money is plentiful there is great advantage In
borrowing on call. The cost is less than II is
for time money, and when the money Is not
needed IL may be returned to the lender and Of
course. the interest ceases. When however
money is scarce the charge for call funds may
be abruptly marked UP. and Furthermore the
repayment OF the money may be demanded at a
Juncture when it is particularly inconvenient for
the borrower TO deliver H. While wide huctua-
tons IN the call money rate may be averted
there is not much room for doubt that the