New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-11
sUnlisted. tEr dividend.
Closing prices yesterday Of bonds dealt In
STOCK MARKET OPERATIONS.


Stocks were strong in the greater part OF the
day. being helped by an easier tendency in the
money market better prices in the foreign
markets and the announcement by the Great
Northern of q so-called melon cutting in the
shape of an issue of S25,o00,000 additional stock
The stockholders will have the privilege to
subscribe to the issue at par, which at the
present price of the Great Northern shares LIS
equivalent to a dividend of upward of 81 per
cent There was active demand from the
shorts and visible efforts by the larger specu-
Iative interests to bring about rally, and as
a consequence quotations in some securities ad-
vanced 1 per cent and more, the heaviest gains
being recorded by Canadian Pacific. Console
dated Cas- Delaware and Hudson, Great North
ern preferred, Manhattan and Reading. Cana
dian Pacific the strongest feature in the
active list, advancing over three points on good
local and London buying. This issue Is rela-
lively cheap when considered with the other
high grade securities, and as there is not a
large floating supply OF the shares 1t is a COM
paratively easy matter to advance the price.
The stock has great intrinsic merit, and doubt
less on its investment merit eventually will
reach a Znuch higher 1eyel The greater num-
Der of active securities closed at only fractional
lIRet gains. Trading inzthe day not active
Sin the general list and even the favorable crop
report, showing enormous yields of all cereals
in the crop year of 1906 failed to bring about
any outside enthusiasm in speculation. Sterling
exchange was strong. and call money ruled at
AZ per cent, against per cent in the preceding
day.
Some Of the larger banking houses which are
interested in financial operations. the success of
which depends to great measure on strong
market for stocks. were heavy lenders of money
yesterday. at rates below the quotations pre-
vailing in the preceding day, and a conse-
quence Of these offerings of funds speculative
sentiment again favored the idea that there
would not be period of tight money this year.
number of bank officers, however, believe that
money will be tight before the end of the year.
Out of town banks also offered money I'm this
market, but their investments Of this char
acter are likely to be withdrawn without
minutes warning their appearance in the Street
should not be considered an element of strength.
nor should the willingness OF the big banking
houses to support stock market prices. a will
ingness which for their own preservation 1t
might almost be said is a necessity. be taken
an absolute surety that there is to be a booming
bull. market in the balance of the year. There
is nothing in the situation affecting the actual
worth of securities to encourage uneasiness
among investors, but from the purely specu-
lative point of view there are some features
which not liked at all by the
sentative interests in the Street There is no
bear talk of importance in speculative circles
and the professional element appears to be
afraid to make than short excursions
the bear side as reflected In the covering de-
mand yesterday, following Mondays advance;
but If money should become tight and forced
liquidation should follow. as it probably would.
there would be vigorous efforts, no doubt. to
sustain bear market for a few weeks ct least.
Prosperitys progress in the South is reflected
In the annual report of the Southern Railway
Company the detailed figures OF which were re-
ceived yesterday. For the year ended June 80
gross earnings increased over S3,oo0O0o net
earnings Increased over 81 100000 and surplus,
after charges, increased nearly S1,000000 COM
parison being made with the preceding year.
After the per cent dividend the preferred
stock, there was left balance OF S2151.632
against one of s.. 1SG, 800 on June 80. 1904 In
the year the company appropriated for improve
ments and betterments, not to be capitalized,
the amount of S1.056,549. careful exalnina-
ton of the report. which is filed with interest
ing facts and figures and which is one of the
most complete annual reports published by
any railroad, will repay all investors and opera
ators in the Southern Railway securities in
particular and In all railways In general An
analysis of the annual report OF the Erie COM
pany also received yesterday, shows an Increase
Ia gross earnings of $4,000, which, taking into
Consideration the conditions existing In a large
mart of the period for which the report is rem
6ered NAV be considered a favorabl showing
THE road enjoyed an increase both in merchar-
disc and coal tonnage, and was able TO expend
large amounts on the physical Improvement of
fhe nroperty Erie las a great future The
system is being rounded out In The most scien-
tific and economic manner; its mileage has been
increased In territory proaneuve or domestic
products and manufactures that VIII add a
large amount to traffic receipts, and improve
nents are, being made which nave IN View the
increasing of the companys facilities TO handle
traffic. as for instance, the reduction of grades
the elimination of curves. the acquiring or en-
larged terminals and the addition to rolling
stock OF better cars and heavier locomotives