New-York tribune., 1906-08-24
enlisted.
Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.

While transactions in yesterdays stock
market much lighter than the enormous
totals Of the earlier days Of the week. dealings
footed up more than 100000 shares on move
ment of values which showed more net gains
than losses in the active issues Though there
great irregularity the undertone was firm
IN most securities, and in few stocks sharp
advances were recorded, notably in the copper
issues Northwest Great Northern. Northern
Pacific Union Pacific and United States Steel
common, the last named being the most extern
sively dealt in share on the list. The preferred
also showed great animation. Buying Of Steel
common for London account heavy, while
il was taken in large amounts by local commits
sion houses Of the first class, the movement en-
couraging the idea that the issue will be made
a straight per cent investment at the next
dividend period Of the corporation. Anaconda's
advance apparently was based the expecta-
tion that the directors of the company will meet
to-day and advance the stock to a higher divi-
dend level. The historic Hill ore deal report
again did service for the so-called Hill stocks,
end it was positively announced by Street
oraces that details Of the operation by which
the United States Steel Corporation will. it is
said, secure the iron holdings OF the Great
Northern Company would be announced rext
week
Whatever benefit deal OF this sort may be to
the Great Northern, it certainly has been more
than discounted in the market quotation OF
Great Northern preferred which is selling
beyond It's actual worth as an investment pur-
chase. Canadian Pacific is intr Lsicaly as good
and as safe an investment and worth as much
= Great Northern and a more attractive pur-
chase either for investment or speculative ac-
| count but it IS not being doomed, and eventually
Will reach a higher level on it's merits. Union
|
with the remainder of its holdings Of the Great
Northern and Northern Pacific and the Street
! is wondering whether Union Pacific needs more
sh. 6aspite the big sUrplrs Shown by its books
| C., whether the conserT Tative head OF the Union
| tactic pany believes that when, in the
course or time. the management Of the FIJI
properties has gone 10 rest the Hill shares
will be as attractive investments as tksy are at
present. Nevertheless 1t costs lone 20 ;ay 10
per cent dividends on S195, ,00O0 900 Union ciiic
| common stock. The movement OF the market in
the closing hours counterpart of that of
the two preceding days. namely. a gradual re-
cession accompanied by dulness throughout the
! list Great Northern's maximum gain of Z
points was cut down a net gain of 3, and in
most cases where early advances had been re-
coFued much of the improvement was lost.
Atchlson ST Paul. Missouri Pacific Reading and
Southern Pacific were heavy features. closing at
mex losses. Can money again loaned as high as 6
Per cent. time money was quoted for all periods
! al . per cent with a premium added in some
cases and sterling exchange was frmer at an
| ADVANCE or ~ points Paris exchange on London
| was strong, and less disposition was shown
abroad TO encourage borrowing for American
| account. These were the conspicuous deve1on.
| ments in the financial situation at homo and
! abroad
Heavy liquidation has taken place in the stock
| market in the last few days. and according 10
| the belief Of many traders the upward move
| nlent. which at no time has been seriously in
| terrupted by the selling. has not yet run its
| course, despite the menace of high money rates
| The tone displayed by stocks while under heavy
pressure has been most gratifying to the inter-
ests who in the market for more than quick
/ turns, and ii is a noteworthy fact that many OF
| the people who took large profits on the Union
J Pacific coup advance are now buying on all
| reactions, and evilce the utmost confidence in
| the future Of values. High money, however
| may check for time the advance, but in view
Of the conditions that making for hrmeT
rates in loan quotations there is no reason to
suppose that well protected accounts and in
ves;Inent holdings Will be thrown on the mar
| ket, though, Ot course. in the case of small
marginal accounts stringent money doubtless
VIII serve to encourage IiquiGation. High money
Is the result Of the nations business prosperity
| Money is not being boarded. II is employed
/ actively in the channels OF trade, and from all
! indications the demands for accommodation in
connection with eXpapdng Industries will con-
tinuc heavy enough 20 maintain firm money
quotations for months TO come. Wall Street.
how ever. like the rest of the country, is willing
to pay good price for funds and after the
urgent requirements Of The crop section Of the
United States have been satisfied there viii be
! TO douat a large "noush return dow TO this