New-York tribune., 1906-06-07
STOCK MARKET OPERATIONS.

In yesterdays stock market further marked
improvement was enjoyed by number of the
active issues while in the general list quotations.
though moving within a narrow range, were
firm The volume of business as a rule was light
transactions in great part representing the
operations of the professional element, commits
sion houses being unimportant factors so far as
buying for the so-called public was concerned
There was, however. more activity by the larger
houses for the account of substantial speculative
interests, especially in st. Paul, Union Pacific
Reading, Consolidated Gas, American Smelters
and the railway equipment shares, particularly
in the case of st. Paul. which made net gain
of 3as per cent. Speculation in this issue ap-
parently is due TO the expectation of the an
nouncement at no remote period Of the
pany's plan for financing its Western extension
which, it is believed, will include valuable rights
TO the stockholders. Some of the largest houses
in the Street absorbed large amounts of ST. Paul
and Union Pacific, but in the latter stock London
took advantage Of the advance to sell the ISSUE
such transactions representing. of course, profit
taking The bull element in Wall Street evident
ly is proceeding on the theory that the crops are
Congress a better outside demand for securities
will develop. While weather conditions have
been relatively favorable for the growing of
crops. it is still too early to base market opera
tiOns the Idea that the harvests in general
will be abundant especially corn which has
many weeks TO grow before il reaches maturity
The railway equipment shares were in fair de-
mand, and many of the so-called specialtIes were
taken in hand and advanced TO a higher level
A number OF well known banking interests who
are actively identified with prominent proper
ties were buyers of stocks, and It thought
that their operations reflected efforts TO main
tain prices at a high level in order to make a
more attractive market for forthcoming bond
and stock issues. In the last hour dealings were
light in volume. but prices remained strong,
with especial strength in Consolidated Gas and
Pennsylvania The upward movement in the
Gas stock was accompanied by a report that the
next court decision in the S0-cent gas litigation
would be in favor of the Consolidated company.
In few stocks in which dealings We're unim-
portant, small net losses We're recorded.
Current stock market conditions appear TO
be running more in favor of the advocates of
higher prices, and according to the belief of tho
best posted men in the Street improvement Will
be recorded in quotations in the summer months
barring, of course. adverse change in crop
conditions and unfavorable developme in the
world Of business The fact that many securities
are selling at prices which fully measure their
intrinsic value does not necessarily mean that
these issues will not reach a higher level. The
larger interests wnll supplied with stocks
which they are anxious to distribute at better
figures and as a consequence they are doing
everything in their power to attract an outside
demand. and though far they have not
been especially successful, they hope 10 see
before long expression of public confidence
in stocks through an active buying move
ment for commission house account. There
is some indication that the so-callAd cheap is
sues being taken I'm hand by prominent
operators, who doubtless basing their trans
actions on the belief that the quotations of this
class of stocks have not enjoyed the improve
ment 10 which they entitled by the actual
appreciation in their intrinsic merit The
equities in the n-dvidend paying shares are
becoming valuable ey cry day and in time
the low priced railway issues which are not
now in the dividend column will be in n posi-
tion 10 make returns TO their owners The con-
! unued prosperity OF the railroads. as reflected
| in the constant expansion in earnings must
eventually be effective influence in strength
! ening the market position Of stocks which are
not returning dividends. and in this class NAV
be mentioned Kansas & Texas. Texas & Pacific
wabash preferred Erie common. Chicago Great
Western and Colorado & Southern
Money market rates at this centre are rela-
| uVeiy easy. and, rule are below the o,1o-
| lauons al interior cities. Through the return
| movement of funds from San Francisco the
| Clearing House institutions are aceumulatine
| surplus which will serve materially TO place
| the banks in position to meet the derna,,1e
Tor accommodation later in the season without