New-York tribune., 1906-06-23
enlisted. TEX dividend.
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS.

a o
trading strength developed throughout the list,
the improvement continuing until the close,
when. as a rule prices were at or near the best
figures Of the day. The advance was based in
great part on covering of shorts and active oper-
ations on the part of the substantial speculative
interests 10 bring about better selling market
II is a well known fact that many OF the most
important operators in the Street are quite anX-
ious 10 create an active upward movement be-
fore the late summer or early fall, but the alb
sence of the public and the disposition Of many
traders to sell every indication Of strength
makes the outlook somewhat disappointing for
sustained activity The bull side of speculation.
While the volume of business just now Is mod
erately heavy, transactions in great part repre-
sent the operations OF the professional element
and suggest the improbability Of a widespread
public inquiry at present. Southern Pacific was
leader in the railroad list, the advance being
accompanied by further reports regarding a divi-
dent on the stock, the days rumors intimating
that within a short time this security would be
placed on a per cent basis. The cut in Southern
iron prices was considered OF less importance
than on the preceding day, especially the
general iron and steel business showed no signs
OF reaction, while leading interests in the in
dustry openly attested the probable permanency
Of present favorable conditions. United States
Steel common helped by a revival of the
Hill ircn ore deal talk; also Great Northern and
Northern Pacific. The Western stocks in general
were strong, including St. Paul. this issue being
assisted in its upward movement by further
rumors of new financing, with valuable rights TO
the stockholders.
Wall Street is now discussing the possibility
of large st. Paul loan in Paris. and the per-
sistency with which rumor to the effect that
Paris bankers will finance the companys West
ern extension continues induces a belief in some
circles that a loan will be negotiated. There
has been, however, no intimation from St Paul
directors that the company proposes to do any
large financing at present. and doubtless when
the time comes for an announcement il will be
found that the road has sold its treasury stock,
perhaps TO Paris bankers. AS the Pennsylvania
company succeeded in placing its bonds abroad,
Wall Street spectators doubtless will find it
probable that about every corporation in the
country will run to Paris for money and get it;
but Paris bankers are financiers of great dis
elimination. and il is not likely that they pro-
pose any wholesale extension OF credit in this
country. St Paul is a sound concern. ably
managed. fortunately situated for traffic, not
burdened with enormous capital obligations. and
not branching out at a rate that involves con-
slant appeal 10 the money market for funds
Its capital stock is s107511300, with $25 0O0 900
authorized but unissued common in the treas
ury while its bonded debt amounts to $122l76,-
800. compared. for instance with Pennsylvania's
s3o2.547,s5o stock and s24I, 900 bonds, the
latter including the $4,000 900 just taken abroad
In fits last fiscal year the St Paul company paid
per cent both its common and preferred
stock and had a surplus left OF s4352O75, and
in view ot the strong financial condition of the
property ii doubtless would experience no diff
Guilty in securing money in the foreign markets
providing foreign political and financial oondi-
tons were favorable. The money market in
New York is not at all favorable for the bring
ing out OF securities at present, and there
now appears little probability OF important cor
poration financing with domestic money in the
near future. especially as the stock market is
already congested with stocks and bonds which
the public apparently IS not willing to buy at
current prices.
According 20 the known movement OF money
in the week. the local banks have gained more
than sl.0000O0 IN their cash holdings. It's not
| likely that bank statement figures to-day will
| show O striking change in reserves unless there
| has been a material reduction or expansion In
/ the loan account Call funds, while ruling rela-
lively easy this week, evidently have not re-
| nected the true position OF money. inasmuch as
| ume rates have been firm. with an advancing
| tendency due in great part to the low bank re-
| serves az time when maturing loans are being
renewed Renewals have been at an advance, as
| compared with original quotations. as high as
| 6h per cent being asked for distant periods.
while at the moment there appears 10 be little
chance OF shading IN quotations in the near
future. AS 70 call money. the shifting of loans
| incident 70 preparations for the July interest
and dividend disbursements doubtless soon viii
be an influence IN bringing about higher rates
| Comparative ease may rule In July and early
| August but The CHIEF supply OF accommodation