New-York tribune., 1905-06-28
sCnlisted.
Closing prices yesterday of active bonds dealt
in with net changes follow:
STOCK MARKET OPERATIONS.

Higher prices IN the foreign markets and IN
creased commission house buying orders served
to impart a firm tone to local quotations at the
opening, while before the end Of the first hour
further buying for the account of the leading
speculative interests brought about decided i'm
provement throughout the list, many issues ad~
vancing 1 per cent and more. Union Pacific,
Erie, Tennessee Coal and Iron the United States
Steel shares. Republic Steel. Reading and Min
neapolis, st. Paul and Sault Ste Marie were
among the strong features in the forenoon deal
ings, showing moderate reactions in the after
under the influence of profit sales and
some selling by the shorts. $500 common sold
at 125 against 120 in the preceding day on buy
ing that apparently came from well Informed
sources, the movement being accompanied by
talk of an increase in the dividend rate. This
stock represents a company that is handling a
rapidly increasing volume of business. and as
the crop prospects along its lines are unusually
promising, it is quite likely that earnings in
the next twelve months will be even heavier
than those reported In the fiscal year now end
ing, amounting TO an increase Of % per cent
up to June 21. as compared with the corre-
spending time in the preceding fiscal period.
There is little Of the stock available for specu-
lative purposes, and it is therefore not diff
cult matter to advance its price At the close
most stocks under the best OF the day,
with small net losses in few shares, notably
Amalgamated Copper. Reading, Union Pacific
and Southern Pacific. The weekly crop report
in the main favorable. and railroad earn
ings received showed encouraging gains.
An excellent class Of buying is going In the
leading active issues and, despite the fact that
prices are well above the low points recorded in
May. 1t is believed that further Improvement
will be reported especially in Union Pacific. the
Steel shares Baltimore and Ohio Reading the
Southern and Southwestern Railroad issues the
copper stocks and Canadian Pacific Earnings Of
the last named company show an increase for the
current fiscal year, the last week of June esti-
mated. Of about S4,0O0O00, one Of the most re-
narkable records in the history of railroads
the North American continent. The improve
ment is due to the expansion in the company's
lines incident to the expansion in the growth in
population and industries in the Dominion of
Canada, to the Improvement in the methods of
handling traffic. and to the excellence Of the
companys management The fact that London
and local flnancers have been accommodating
Canadian Pacific stock for the last year and the
absence OF important offerings of the issue on
every advance suggest the probability of a
much higher price for the security in the course
Of the present year. particularly as 1T is selling
under the greater number of shares OF similar
investment value. Union Pacific common, it is
DelleVed, VIII 'De advanced TO hlgner dividend
rate this year. and in the event OF a declaration
Of dividend Southern Pacific in the fall,
Union Pacific's treasury VIII be the chief bene-
| ficiary. There is possibility that 500" COM
mon will also receive larger distribution, while
it is certain that the directors of the Baltimore
and Ohio will raise the rate the common
stock OF the company TO a per cent basis in
the next four weeks. 1t now looks as If there
would be a number of important favorable
dividend changes in the next twelve months. and
this probability is of the factors that are
| making for higher prices on the Stock Exchange.
The tendency OF money in Europe TO stifren
is shown for one thing. by the downward move
raent Of the Paris check London which is
the common designation for demand sterling
drawn In Paris and payable In London. AL
though there recovery in the rate on
London yesterday. It is believed in foreign ex
change circles that the trend of the market for
some time will be In the direction of lower
quotation. The course OF the Paris check Is OF
special significance In its bearing the
tary situation in the United States, for a de-
cline in that rate is equivalent to an advance at
New-York in sterling exchange. So low have
| been the reserves Of the American banks since
| early IN the year that foreign exchange. but
more especially sterling exchange. has been ex-
tensively and almost continually used in the
Notation OF securities, in speculative operations
and in financial transactions generally. A suf-
fcient drop In the Paris check is calculated to
render sterling unavailable for borrowers At