New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-24
ENLISTED. .E1 dividend
Closing prices Of chief active bonds dealt in
with net changes follow:
STOCK MARKET OPERATIONS.

In tbe greater number Of active issues there
was a material falling of in the volume OF
business but as q rule prices we're strong Win
final figures at net gains throughout the list
Strength IN Union Pacific was an erecuVe
factor in inducing higher figures in other is
sues while the character Of buying IN this
stock also helped to maintain firm tone in the
majority OF securities IN the five hours OF trad
ing. Buying of Union Pacific was based on a
revival OF the report that the holders Of the
common stock soon would be permitted TO
share IN a scrip dividend Of above 80 per cent
IN preferred stock Of the company. 1t is not
unlikely that the directors Of the Union Pacific
Company have in mind distribution to the
holders Of the common stock, either Of a scrip
or extra dividend and If they decide that such
a payment shall be made the common stock IN
doubtedly will move 10 higher level. especi-
ally as Il IS now a per cent basis. In the
afternoon dealings transactions were extremely
light, traders apparently being unwilling 20
make further ventures on either side OF the
market but there was, however, no material
setback from the advance Of the morning. and
no attempt on the part Of the so-called bear
element TO work actively for lower quotations.
In addition TO Union Pacific, the copper shares,
Brooklyn Rapid Transit, Southern Pacific,
Reading and United States Steel were strong
features, although the operations in these
stocks were comparatively light, that is. as
compared with the heavy trading of the recent
past In the foreign markets prices rule
were higher. and. according 10 cable dispatches.
there was no trace Of the uneasness which de-
veloped last week on account OF the unfavor-
able progress Of the Algeciras conference
Perhaps the most important report OF the day
OF interest 10 the money markets Of the world
was the cable dispatch that the banks in st.
led oy,d
were issuing paper rubIes. If this report proves
10 be true e will mean that the Russian govern
rnent's temporary expedients OF securing money
have been nearly exhausted and that the credit
of the nation Is in serious danger. OF course, If
acute financial disturbance develops II Russia
outside creditors will suffer the most, but II
should be borne IN mind that France, which is
now the largest creditor OF the Russian empire,
is in position TO extend financial assistance TO
an enormous extent, owing to the fact that IN
the last year the Bank OF France has been pre-
pairing for any financial emergency which might
confront the country OF the Gear. The report
from st. Petersburg regarding the suspension OF
gold payments. the suggestions contained in the
Armstrong insurance investigation report, and
the unfavorable outlook IN the coal labor situa-
ton failed 10 create a declining movement in
stocks. doubtless for the good reason that the
market had been sold TO standstiu in last
weeks operations. Even IL the legislature should
enact laws compelling insurance companies 20
part with their vast holdings Of stocks, the
Liquidation would hardly affect the price of
securities. as the selling movement would cover
a period Of five years. IN which time the market
would be able to absorb the issues offered for
sale without injury to the level Of quotations
Wall Street quite generally believes that the
suggestions OF the Armstrong committee will be
adopted by the legislature but IL is not worrying
at all over the possible effects Of the enactment
/ OF law involving these recommendations The
order Of the State Gas Commission that in the
| future the Consolidated Gas Company shall SUD-
/ ply gas in Manhattan at the rate OF so cents in
| duced selling OF the shares OF the company re-
sulting IN net loss for the day Of over points
The hrmness Of the money market at the prin-
cpal interior cities is the feature OF the nresent
monetary situation. rates at Chicago Cincin-
/ natl ana ST. Louis ruling high as In New
YORK, and this fact naturally operates against
: shipments Of currency to this centre In the
current week the local banks sent So 2e2 800 TO
the interior, and received 5000 200 while they
lost on their operations with the sub-Treasury
/ S2561OO0 this indicating a falling of in cash
in to-morrow's statement OF the Clearing House
! institutions. Fortunately foreign bankers are
| lending money here. and IL may be that the
associated banks have been able to reduce their
own loans in the week TO extent which will
/ above legal requirements. Domestic rates for
funds are Well under those prevailing abroad
quotations here for time and call money OF above
. per cent comparing with 3% per cent in
LONDON, rs per cent In Paris and 81 per cent
IN Berlin. Hence IL readily may be seen that
| almost the only sources to which New DIRK
/ may look for assistance the European hnan-
cia4 centres Disturbance abroad result OF
an unfaVorable outcome of the Moroccan con-
ference would. however, influence foreign bank
ers TO keep their balance at home, and a peace
ful settlement OF the questions now being dis
| cussed AZ Ageciras. therefore, is OF great i'm