New-York tribune., 1906-02-07
STOCK MARKET OPERATIONS.

Transactions IN Yesterdays stock market
were active in volume on movement OF values
that generally tended in the direction of higher
quotations. Active buying was reported In al
the leading issues for the account of commits
sion houses and substantial market interests
who are not ordinarily cassed as public trad
ers. the dealings OF the latter element being
particularly heavy in the copper shares. Read
ing Union Pacific and Illinois Central. The
last named stock recorded maximum advance
of 57s points. ending the day at a net gain OF
4st. The upward movement in this issue ap
parently was due 10 buying based on the belief
that the property had passed to the control of
Union Pacific interests. while the upward move
ment in Union Pacific also reflected In part
tho idea that the Hartman element had secured
a large stock ownership in the Illinois Central
According to the opinion of the best informed
men In Wall Street Union Pacific stock will
be placed a per cent basis the forth
coming directors meeting, and this fact alone
naturally creates bullish sentiment the
Curity. both among spectators and investors.
Earnings of the Union Pacific company are at
a rate which warrants an increase III the divi-
dend, while the enormous appreciation in the
value OF the companys great assets has brought
a. bout intense interest in the common stock of
the property. a large amount of this stock
has been accumulated by the leading financial
big purchases for the account of people identi-
fed with the so-calIed Morgan Hill companies
In the event of active resumption OF bull
activity in securities. Union Pacific ought to be
a prominent leader. Notwithstanding the pros
pect or strike in the anthracite and biturni-
nous coal fields in the spring, there is an un-
usual amount OF excellent buying Of the soft
and hard coal shares
Expansion in the country's industries is nro
ceeulIS az rate which does not encourage en-
thusiasm on the part of people who are anxious
TO bring about lower quotations for the stocks
and bonds of American railway and industrial
corporations Evidence of a remarkably strong
trade position multiples daily. especially in the
reports received from the iron and steei industry
and the returns of railway earnings Traffic
receipts in all parts of the country are increasing
at rate which foreshadows favorable action
by directors of railroad companies on dividend
distributions. and according to the tnrormattor
received from prominent railway men there will
be in the of the current vear q ,,o+a
worthy addition to the list OF dividend na1,ipe
stocks, and noteworthy increase in the amount
or dividends paid on stocks already in the dIvi
ueNC colunn Earnings of the roads In the
south and Southwest are making an extrsor-
dlnarily favorable showing as instanced in the
case of Missouri Pacific. Missouri. Kansas and
Texas. Louisville and Nashville and Southern
j l.OU
vile and Nashville returned a gain of 1922 $40
making, for the month, q gain of S537 O25 while
Houtheln Railway presented gain for the same
time Of S362,O13, and a gain for the month Of
$69S994- The open winter has been an effective
FACTOR In swelling railway earnings but the
general increase is due to the exceptionalIv IA
Vorable position of the countrys Industrial
activities. There some people who believe
that these factors have been discounted bv the
auNance In securities prices and as a consequence
many conservative Wall Street houses are adj
NlsihG extreme caution in the purchase OF stocks
at present quotations. There appears TO no
however, little enthusiasm among stock r,erL,.
spectators in the theory that the hear sid. oP
the market is attractive for long puu
Conditions in the foreign money rparl,a, do
not suggest the immediate probability Of gold
exports from NewYork. but il is quite O.
orally believed that il. the course OF the next fev
months II may be necessary FOR foreign bankars
10 call on this centre for the precious r,a+,t
Paris exchange on London has advanced uitbir
the last few days. while I'm the local narla+
there has been an easing Off in the price OF e,
change on Paris. these two factors naturally in
dcating that gold will not be shipped until there
mas been material change in the position of
money and exchange rates both in New-York
and IN Paris. The efforts of the Bank of France
10 Increase its note limit so far have been suc-
cesstui' as the bill authorizing an exnansion of
ou"'potNo francs has been favorablv renorted
10 the chamber of Deputies. and its passage hv
'ha' o"dy practically is assured When the
DAMN 'i France Is permitted hy law Ia Increase