New-York tribune., 1906-06-14
enlisted. TEX dividend.
Closing prices of active bonds dealt in. Wit
STOCK MARKET OPERATIONS.

Trading In yesterdays stock market not
active. with the exception of the dealings IN a
few issues. while the movement Of values was
confined to narrow limits with more net losses
than gains the close Further reports OF
favorable weather in the crop territory and the
absence Of public interest In speculation were
factors which encouraged some activity on the
part OF the bear element, but losses. when made,
were small and did not suggest important iqui-
dation. ST Paul, rule, moved contrary TO
the general market. advancing more than a
point in the morning operations and maintaining
Its Improvement in the best part Of the day,
Notwithstanding the fact that offerings of the
issue were freely made on the advance. In the
last few minutes of trading its price sold off.
The strength In this stock which developed
few weeks ago. and which has continued prac-
ticaly without interruption, represents specula-
tive operations based the known presence of
a large short interest in the security and on the
idea that the company soon will extend valuable
rights TO its stockholders in connection with the
financing of the extension of the property to the
Pacific Coast. II was reported on the Exchange
yesterday that the company would issue 500.
100000 stocks and $200000OO bonds. but there
was no confirmation OF this rumor and no in
dication of any intention the part of the
directors take the public into their confidence
just at present, and in some circles it was limited
that whatever plans the company had in view
would not be announced until general condi
tions affecting the issue of new securities be-
came more favorable. Last prices a rule were
at the lowest of the day, the heaviest losses
being reported in American Locomotive, Amer
lean Smelling. Brooklyn Rapid Transit, Erie.
the so-called Hill stocks, Union Pacific and
United States Steel preferred
A somewhat easier tendency in the foreign X
mar the helPP that there
will be no exports Of gold to Europe this summer.
while the return movement of currency from San
Francisco. which already aggregates 11.OO0.-
OOO. suggests the probability that reserves OF
the Clearing House institutions Will enjoy i'm
provenent to some extent. though in this con-
nection II should be borne in mind that the
activity in general trade is imposing consid-
erabe burden on the New York institutions.
Exchange at interior points, especially at New
Orleans Is moving against this city, and 1t is
not unlikely that shipments of funds from New
York Will be heavier this year than in past
seasons. Money market conditions however,
are much moro favorable than they were few
weeks ago, and unless there should be an out
burst of great speculative activity the
Stock Exchange rates for call funds doubtless
will continue 10 rule at a relatively easy level
for a number of weeks to come; but, of course,
later on in the year there will be a strength
ening of quotations, owing to the urgent re-
quirements which must be met as a result of
the financing Of the years harvests and the fall
needs Of what probably will be most active
business. So far in the current week the
local banks nave lost more than Sl,obO,OpD In
their operations with the Sub-Treasury, due to
the transfer of a large sum to San Francisco
for the account of the Philippines 1t
announced yesterday that July 10 the Treas
ury Department will call depository banks
for $10,O00O00. which represents a special de-
posit made with the depository institutions
two months ago. the understanding at that time
being that this amount to be returned early
next month. If the Treasury Department finds
that the withdrawal of this amount will result
in disturbance in the money market the sum
undoubtedly will be redeposited, else some
other emergency measure will be adopted by
Secretary Shaw, who believes in the theory
that government funds should be placed at the
disposal of the banks in times of trouble. For
eign money market conditions show no i'm
portant change. rates ruling at a level which
does not suggest the necessity of increased gold
holdings through the importation of the meta
from the United States. The unrest which is
becoming pronounced in Russia is at
the moment the only unfavorable feature of
the European situation, and bankers naturally
are somewhat concerned over the movement of
affairs in the Cars empire. owing TO the
fact that such an enormous amount of Rus
sian obligations are held fl France.
All kinds of reports are now being received