New-York tribune., 1905-07-21
ENLISTED
Closing prices yesterday Of active bonds dealt
in, with net changes. follow:
STOCK MARKET OPERATIONS.

There were few important changes In quota
tions in yesterdays stock market. while the
volume Of business again was confined to small
totals throughout the list. Commission houses
were not active in the dealings and the more
important speculative interests Of the Street
were not factors IN the movement Of pr1ces-a
movement which showed at the close net losses
in the majority of securities. The action OF the
Union Pacific directors in placing the common
stock of the company on per cent basis was
so generally expected that the actual announce
ment Of the fact failed TO exert any material in
fuence on values. although. of course. 1t
strengthened confidence among investors in the
stability and strength Of the investment situa-
ton Union Pacific is selling under some per
cent stocks and above others. and at it's current
quotation it fairly represents its worth as an
investment issue of the per cent class. but this
does not preclude the possibility Of further I'M
provement in TIE stock. Baltimore and Ohio COM
mon which recently placed in the per
cent column. looks more attractive than Union
Pacific as it is selling many points under the
latter and at price which fails fully TO meas
IRE the intrinsic value of the investment Bald-
more and Ohio has become one of the greatest
properties in the country, and there is as much.
if not more chance of its common stock re-
naming on a per cent basis there is in the
two properties suggest the purchase Of Balu-
more and Ohio common in preference to Union
Pacific common. 1t is generally believed that
the PENNSYLVANIA group Of securities will be
active features when the market again develops
activity Amalgamated Copper also received an
increased dividend yesterday. but. as In the case
of Union Pacific, the announcement was without
favorable effect on the general stock market, al
though Amalgamated shares enjoyed a brief
period of strength Union Pacific closed at
net loss, while the general list was heavy in the
final trading.
Owing to the limited cash holdings of the local
banks in excess OF reserve requirements. bor-
rowers have turned quite extensively for
commodation TO the foreign exchange market
where they are able, without difficulty. to pro-
cure either the so-called finance bills the cash
derived from the sale Of the bills If they take
bills they sell them and the proceeds. but
it is a rather common practice to take the cash
that is derived from the sale Of the bills by the
exchange houses which issue them. There may
be substantial advantage in taking the bills
AS rule sixty ninety day bills, but more gen
orally ninety day bills, being avaled Of. The
customary charge of the exchange house for the
use of the bills is u of ! per cent month, and
at maturity the bius have TO be covered. or. in
other words. paid off with demand bills or else
with cash at the prevailing rate for demand
bills. Before borrowed finance bills become due
il may be possible TO acquire for covering pur-
poses grain. cotton other commercial bills at
much of a discount wholly to offset the
charges attached to finance bills. Thirty day
commercial bills may be bought and held until
they become demand bills for use in settling
sixty day finance bills. Either thirty day or
sixty day commercial bills may in the same
way. be employed in connection with ninety day
finance bills Commercial bills even shorter than
thirty day bills may be utilized as, for instance,
documentary bills for payment which are sight
bills, upon which there is the customary grace
or usance, as distinguished from specifically de-
mand bills, which are supposed to be payable
Immediately on presentation