The sun., 1906-02-24
FINANCIAL AND COMMERCIAL.
FRIDAY. Fob, q

In the fore part OF the day the trading was
actively conducted and prices for the most
part advanced; but after midday the
market came practically to standstill, the
smallest quantity Of business being trans
acted between noon and quarter OF
an hour before the end that has taken
place in similar period since the begin
ming OF the year. During this time, too,
the market developed a sagging tendency,
although changes in quotations were very
slight. In the final fifteen minutes Of the
Stock Exchange session prices again sharply
recovered. Nearly one-quarter Of the tot al
quantity of purchases and sales was in
Union Pacific common stock, this stock
being therefore far and away the leader
Of the days market. The disproportonate
amount Of attention given to the stock
was accompanied by an extreme rise OF
2T points in its price, u gain nearly all OF
which was retained; and specific reason
for this WAS the circulation of story early
in the day that there was impending dis
tribution of a scrip dividend by the Union
Pacific Co mpany that would be ia the nature
Of division of profits received by the
company upon its recent sales Of Northern
Pacific and Great Northern preferred
stock. The story was not accorded any
credit by conservative people, and after
the close OF the market 1t elected an un-
qualified denial from Official sources. but
nevertheless it plainly influenced theconrse
of Union Pacific stock during the day.
The story was in effect nothing but some
what more detailed variant of rumois
that had been af1oat In Wall Street as to
4, 10, ls. pi
Union Pacitc's Surplus" 1t has, how
ever, been time and again stated by those
in contfol of the Union Pacific company
and all outward evidences of the policy OF
the Union Pacific management have cor
Ioborated these atf!rmations, that the COM
pany proposed to move very slowly in the
matter Of making distributions to its stock
holders, these stockholders in turn reaping
sufficient adv antage in the enhanced credlt
of the company arising from such COURSE.
1t is moreover, well understood that the
Union Pacific has such present and pros
pective use for its credit a. TO make it clear
that any lavish scattering OF scrip or cash
dividends will nnure more TO the COM
panys harm than good, What influenced
the stock market more than anything at
the opening of business was higher range
Of quotations for our stocks in London
and decided improvement Of feeling
manifested not only there but upon all the
European financial exchanges regarding
the Moroccan situation and other matters
that have recently more or less clouded
the financial outlook. Foreign purchases
Of stocks here were not large, nor accord
ing to all test mony was local commission
house business materially augmented
The harder tone, however. that was visible
in the market on Tuesday afternoon and
that undoubtedly would have served to
bring about higher prices at that time
had it not been for the utterances or sup
posed utterances Of the leader Of the coal
miners on the strike question, was again
in force to-day. Professional spectators
were as rule inclined to retire their COM
mitments for the decline and to buy stocks
for the advance, and it was to this shift OF
their position that the considerable net
advance in values shown at the close to-
day was due.
While however. the general tendency of
values to-day was upward there were some
prominent exceptions to the movement
Consolidated Gas stock broke over four
points in the afternoon, although 1t had
been strong in the morning upon what
seemed to be the unexpected news that
the State Gas Lighting Commission had
issued an order reducing the price OF gas
in the Borough of Mania ttan for three
years after the first of May to so cents per
thousand feet. There appeared to be a
desultory liquidation Of American Smelling
and Refining common stock of the same
sort that was visible last Tuesday and
Wednesday. and the Pressed Steel Car
stocks were weak because of adverse critl-
cism passed upon the annual report of the
company, which, although it testified to a
great recuperation in the finances Of the
concern during 1905. yet showed less than
!, of per cent in earnings applicable to
dividends upon the companys common
stock. The Chicago Terminal Transfer
stocks were also offered for sale, owing to
the prevalence of an impression that a
REORGANIZATION of the company was near
at hand. Contrariwise notable features OF
strength throughout the day. in addition to
Union Pacific, were the United States Steel,
Amalgamated Copper, Reading, Wabash
common and preferred st ocks and the
different Mexican railway issues. Cables
stated that the buying Of Mexican stocks
had been especially noticeable in the London
market There were no changes of import
ance either in call money, time money or
sterling exchange rates, and although views
regarding tomorrow IS bank statement
we're somewhat confused, this matter also
was not factor, According to the usual
advance estimates Of the bank return
the cash position of the banks during the
week has not been greatly altered one way
or the other, but rs 1t Is believed that last
weeks return represented the cash hold
ings Of the banks as being somewhat larger
than they really were, there is room for the
supposition that tomorrow statement
may show a greater loss in cash than to-
days figures indicated. The matter oi
the bank surplus reserve, however, depends
upon the loans of the banks as we'll as upon
the amount of each on hand, and there is nc
reason to doubt that lending here during
the week by foreign and out of town bankers
whose operations serve to relieve the Clear.
ing House institutions we're on any less
scale last week than they were in the week
preceding.
New York Stock Exchange sales Feb. rs
CLOSING PRICES OF UNITED STATES poSDs