New-York tribune., 1906-07-20
STOCK MARKET OPERATIONS.

Until the last hour Of trading the stock mar
ket was intensely dull in all departments
irregular movement Of values. with the ten
dency however. in the direction of lower quota
tions. There practically no life in the mar
ket Commission houses had no orders for pub
lie account. leading Wall Street interests were
not actively identified with the course of bust
ness. and board room traders were not disposed
20 make extensive commitments on either side
OF the account. In the last hour, however, there
was an exhibition Of strength accompanied by
heavier dealings though the increase in opera
tions originated entirely on the floor OF the Ex-
change. representing covering Of shorts, which
apparently was induced by the absence Of liqui-
dation following the announcement that there
would be change in the dividend rate on
Amalgamated Copper shares Southern Pacific
and ST Paul were especially strong, but the
movement failed to attract an outside demand.
while il exerted little influence sentiment
which was bearish on the market for the long
pull. Speculation at present is quiet, and, ac-
cording to the views OF the best informed men
IN the Street. there is chance of an active up
ward movement just now, though 1t is not
thought that there will be any serious decline
unless factors OF most unfavorable character
should develop
The money market is not yet IN a position to
support an aggressive movement for higher quo
tations and IL IS not likely that the supply Of
funds at this centre will be large enough TO en-
courage activity on the long side for a number
OF weeks TO come II Is well TO note. however,
that the present dulness in the stock market is
an important factor in maintaining stability in
money and insuring better prices for securities
later on in the season. The technical position Of
the stock market is much stronger than it was
a few months ago. and further liquidation Of
speculative accounts will serve to improve the
chances Of a legitimate bull movement at some
future period While foreign exchange was a
trifle stronger yesterday rates were at level
which encouraged the expectation Of additional
engagements Of gold in London for shipment to
this country. especially as next Monday there
will be S50Oo0O0 of South African gold avail
able in the British capital. That there will be
important imports of the precious metal in the
course Of the next two months is conceded in
local banking circles. despite the possibility OF
objections on the part of Europe to such move
rnent, the only factor working against shipments
being the possibility Of an actual revolution in
Russia.
Total dealings in stocks amounted to 346703
shares. OF which the greater part was supplied
by Amalagamated Copper. Anaconda, Brooklyn
Rapid Transit, ST. Paul. Reading. Southern Pa
cifc. Union Pacific and United States Steel. In
these issues, with the exception of Anaconda,
net gains were recorded at the close while
throughout the list prices as rule showed i'm
proVement as compared with the final figures OF
the preceding day. An advance of more than eight
points in Pacific Coast on small dealings was not
explained by news developments affecting the
property. but it was known that the buying was
Of the best sort and that the desire to secure
control Of the property by important railroad in
terests which have are about TO have an
entrance az Seattle continued urgent
At present Seattle has the Hill Iines-Northern
Pacific and Great Northern. The St. Paul is
building to the coast and has secured right OF
way and terminal grounds. while the Hartman
lines are making preparations TO enter this val
liable territory. The latter have purchased the
only available piece of waterfront in Seattle not
owned by the Hill interests on Elliott Bay, this
property being situated between that owned by
the Pacific Coast Company and property owned
by the Great Northern and Northern Pacific.
while the Hartman interests also own consider
able land bought at high price from the Pa
cifc Coast Company not directly fronting on the
water, the possession Of which will enable the
Hartman people to maintain terminals in the
heart of the city. The Union Pacific directors
have postponed action on the dividend question
until next month. when, 1t is believed. an extra
distribution will be made