New-York tribune., 1906-08-04
-Unlisted. fEx dividend
Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.

In view OF the sharp advances recorded earlier
sn the week and OF the strength exhibited In the
morning operations yesterday. check TO the
upward movement In the nature Of realizing
sales and pressure from the bear element in the
last two hours of business was not surprising
The selling was not significant OF change 10
speculative temperament. Wall Street is bull
ish, and according to all indications It Will re-
main in this frame OF mind Tor the rest OF the
month unless the substantial interests should
decide TO cease their operations for higher quo
tations, OF which there is not the slightest in0l-
cation at the moment. There are many people
who have stocks which they are anxious to
market at better prices, and as they are
powerful In resources affecting the Stock Ex-
change machinery. while they are backed by
splendid conditions In the world OF trade it is
not unlikely that their efforts to create a genu-
Inc August bull boom win be successful. though
developments in Russia may come 10 a head in
time TO upset their well laid plans. 1t is
pointed out that the increase in dividends all
ready announced, the resumption OF dividends
on United States Steel common, the probability
Of increased disbursements Union Pacific,
Norfolk & Western, Chesapeake s. Ohio and
other shares TO say nothing Of the chances Of
the placing OF Southern Pacific In the dividend
list will be effective influences in attracting a
widespread demand for securities. but so far
terest on the part OF the outsiders, save In the
case of commission house clients who hold down
seats in brokers offices the hvelong day. and
who generally lose their money The conserva-
tive business interests of the country are not
dabbIing in stocks at present, nor are they buy
ing securities for investment to any extent. their
unwillingness to into the market being
based the present active employment of their
funds in the channels of trade and the high
Foreign houses again sellers on balance
In the local market, while prices OF American
securities abroad were weak as a rule though
closing better under the influence of active buy
| ing In Union Pacific. Russian bonds were weak,
but the general markets abroad showed some
| improvement, and sentiment, according 70 cable
dispatches, was more optimistic over the Rus
sian situation, though there nothing espe-
cially encouraging in the news from the Cars
unhappy country. It is quite generally under
| stood that the foreign bankers who are heavily
interested in Russian securities and Russian in
dustries have agreed TO support TO the extent
! Of their power Russian investments and Russian
credit, though in doing so they may be compelled
70 sell other securities, including American. The
United States IS rich enough TO take whatever
holdings foreign owners OF our securities may
sell. but OF course. heavy liquidation Of our
stocks and bonds will cut this country off from
4 q
In the present position OF the sterling exchange
/ market. which is strong at time when il ought
normally 20 be working toward a lower level
! Exports OF merchandise from this country are
growing and the decline in grain prices is bring
| ing the market TO point that will encourage
heavy exports OF breadstuffs. Already the export
demand IS stronger, and were it not for the SELL
| ing OF foreign held American securities which
has been going for the last week the pressure
of grain bills would be heavy enough TO carry
sterling rates TO the gold import level In the
current week local banks have lost in cash hold
ings an amount estimated at about S5o00pO0
due almost entirely 10 Panama Canal bond pay
ments.
Last hour losses were moderately heavy in the
| greater number OF shares which were the early
leaders in point OF advance the chief weakness
being exhibited by Amalgamated Copper, Ameri-
can Smelling. Brooklyn Rapid Transit. Pennsyl-
vania. Reading. Southern Pacific, Union Pacific
and United States Steel common. The failure OF
Steel common TO advance TO important
tent since the dividend declaration has caused
considerable disappointment in the Street, but IN
view or the vast amount OF the stock outstand-
ing ana tne present fair price for the issue, It's
LACK or movement is not hard TO explain.