New-York tribune., 1906-06-08
Closing prices of active bonds dealt in. witt
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
moderately heavy in volume on a movement Of
values which showed decided strength until the
last hour. when under the influence Of profit
taking sales the greater number Of issues sold
we'll under their best figures. In the early deal
ings pronounced strength was shown by Read
ing. Illinois Central. Delaware & Hudson and ST.
Paul while throughout the list substantial max
imum gains were reported. including many of
the low priced securities in which there ap-
peared TO be an active accumulation for specu-
lative account Notwithstanding a sharp ad-
vance in the wheat market, due to adverse
weather reports from the West, there
ganized attempt TO depress values the reactions
In the last hour merely representing speculative
operations incident to the mornings advance.
The early resumption Of activity in Union Pa
cifc and better inquiry for United States Steel
were effective influences in shaping the course
OF trading, while they We're influential in
ating more confident sentiment in speculative
circles over the immdate future of the market.
Further activity in the Wabash debenture BIS
was in line with the arrangements which are
being made for the retirement Of this issue,
against new mortgage bond and preferred and
common stock which will be given in exchange
10 the 6ebenture holders. Erie attracted some
attention owing 10 the favorable showing of the
company in its April report Of earnings which
reflected the fact that the road is not entirely
dependent on its coal traffic for big receipts
there being substantial increase in the amount
Of miscellaneous traffic handled in the month
If II had not been for the suspension of coal
mining in April the company doubtless would
have broken all April records in gross and net
returns. An interesting movement of the day
was in Illinois Central. which made a new high
record price at ls4l4.
Easier rates for money and an advancing ten
dency In the foreign exchange market have re-
suited in discussion in banking circles over the
possibility of gold exports It is contended in
some quarters that recent ease In sterling was
abnormal, that only the San Francisco emer-
gency made gold imports possible. and that with
the return Of money from the Pacific Coast to
this centre rates for exchange will advance 10
the gold exporting point Many loans made by
Europe for American account are now maturing
and in the course of the next few months a
large number Of obligations Of this sort will fall
due, and il not renewed will call for the ship
ment of gold in settlement. It is estimated that
this country owes Europe more than S2OO0o0.-
900. but il should be borne in mind that much OF
the amount can be settled through exports of
merchandise from here, unless there should be a
most adverse change in our foreign trade which
would develop If the crops should run short or
there should be serious check 10 our shipments
OF provisions as result of the packing house
scandal There is some apprehension that in the
next two months foreign trade of the country
will be affected by the disclosures in the meat
packing industry and that this fear is well
founded is reflected in the reports already re-
ceiVed from Europe Of the unfavorable impress
sion created abroad by the recent revelations
regarding the criminal conditions that have ex
lsted in the Chicago stockyards In the first
ten months of the current fiscal year exports OF
provisions from the United States aggregated 10
per cent of the total export trade and il is there
fore easy 10 see TO what an extent an iraportan M
reduction in shipments of this character would
affect the foreign exchange market This feat
ure or the situation is worth considering at this
Time IT. however, the export business is dam
aged the injury will rot be permanent in its
effects, inasmuch the result OF the unfavor-
able developments in the packing house industry
VIII be housecleaning that must eventually
serve 10 create confidence abroad in this mar
ucular lire of Americas trade And the same
'hine may be said of the results that will follow
'he investigation Of corporations
An elimination of all the graft and general rot
I tenness In railway and industrial management
WIN surely follow current disclosures and in the
ehd create renewed trust abroad in our institu-
uohs ana Investments Too much pessimism is
now shown over corporate conditions in the
united States Muck Taking is going too far and
purFeyors OF trouble are having too many inn
lhss- There are more bright features in the sit
uauoh than are credited present and II is
encouraging to note the fact that genuine holders