New-York tribune., 1906-08-15
Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.


Trading in yesterdays stock market was made
up in great part Of the operations Of the board
room element and the transactions Of a few Of
the larger outside speculative interests. the gen.
eral public exhibiting no inclination either to
buy or sell securities. Prices were irregular.
with strength in the morning, weakness IN the
early afternoon and further advances in the late
dealings. the final movement leaving most OF
the active Issues at net gains compared with
the closing figures of the preceding day. Even
Brooklyn Rapid Transit. which a weak
feature in the morning. recovered it's loss and
ended the day nearly 2 points above fits low
point, the advance representing. however. moth
ing but covering of shorts This stocks future
in the market is not particularly promising at
the moment, but there IS indication that the
chief holders Of the issue are getting ready TO
throw their shares on the market at present
prices, despite the fact that certain traders are
predicting a quotation Of 90. From financial
point OF view the Brooklyn Rapid Transit's chief
trouble lies in it's heavy interest charges As
to dividenss the prospects extremely poor
just Strength in the high priced Chicago
& Northwestern stock a feature OF the day
that exerted considerable influence on senti-
ment while the with which the general
market rallied from the midday decline also
served to create confidence in the probability Of
gradual improvement in security values. Can
adian Pacific was sold by traders, owing TO the
decision of the directors of the company not to
increase the dividend at this time but there was
no liquidation by the largest holders; indeed. on
the decline the stock was picked up by people
who already own large blocks OF the issue. The
company's annual report received yesterday
| shows surplus after charges and dividends Of
| $S,2680S2. compared with a surplus in the pre-
| OfS IN
creased IN the year more than $11,O0OOOO, while
net earnings increased more than $7OOOOOO
| Canadian Pacific is conservatively and ably
! managed, and stockholders who are now receiv-
| ing 6 per cent eventually will share to greater
| extent in the company's prosperity. Compared
! with Great Northern, which sells much higher
than Canadian Pacific, the latter has as much
If not more. in it's favor as a permanent invest
| ment issue than the Hill security.
| Shipments of currency last year to the West
and South in the crop moving period amounted
| to more than $54.00O0OO. Current indications
| suggest the probability that this sum will be ex-
ceeded this year, yet there is no uneasness in
| banking circles over the future of the money
| market There are possibilities in the monetary
| situation that may cause alarm in speculative
| quarters. but the outlook. at present at least.
! does not contain factors that will upset invest
ment values interfere with the course of
/
worrying more about the car situation than they
are over the position Of money Although the
| Western roads have secured a large amount Of
| new equipment in the last year, railway man
ayers are predicting the worst car shortage In
| the history Of the country. not a result alone
Of expected heavy crop traffic, but of the urgent
demand from merchants and manufacturers for
| freight room And in addition to the car short
age on the railroads congestion on the Great
Lakes is reported. reflection OF which is pre-
sented in the premium now being demanded on
soft coal shipments the regular vessel
freight rates. What the effect OF this congestion
on the railroads and on the waterways will be on
| general business cannot be easily estimated at
present. but II IS safe to say that It will cause
much annoyance TO consumers Such situa-
ton, however. reflects a high state Of business
! prosperity throughout the country, and fore
shadows a tremendous demand on this centre
! for funds. Already the movement OF currency
/ to the West and South has begun in earnest the
shipments Of currency developing earlier than
usually reported. and from Chicago. ST Louis
| and New Orleans comes the announcement that
banks at those places Will be compelled to draw
\ heavily on their Eastern correspondents in tho
course Of the next two months
Money market factors do not promise to bring
4 about trouble in the stock market particularly
! as commission houses and large operators are
| well supplied with time loans extending over the
end of the year. The situation will be carefully
| handled by the New York bankers. Gold will
come in volume from Europe foreign holders OF
money will be willing TO lend their surplus funds
here owing to the attractive rates and the sound
condition Of our credit while the Secretary OF
the Treasury viii adopt emergency measures II
there Is any indication OF acute stringency.
Rates doubtless will rule at stiff level in the
balance OF the year. but stiff prices for money
when representing national business prosperity
are not bear factors on the stock market Call