New-York tribune., 1906-08-17
"Unlisted.
Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.

OF the total dealings in yesterdays stock mar
ket, amounting to more than 100000 shares,
the greater part supplied by eight issues.
In Amalgamated Copper Anaconda, st. Paul,
Pennsylvania Reading, Southern Pacific, Union
Pacific and United States Steel common trans
actions amounted to $4,000 shares. more
than two-thirds Of the days entire business, the
operations representing in great part the trading
OF professional interests, and in the case OF the
Hartman issues. buying to some extent by the
so-called public, which was attracted by the
expectation that there would be a dividend an
noUncement from Union Pacific quarters. The
directors OF the company did meet, but up to
the close Of Stock Exchange business they made
no announcement regarding the dividend. though
Il said in well informed quarters that It
had been decided to advance the rate to a Z
per cent basis. OF course, no one directly ac-
cused the Union Pacific directors Of Withholding
their decision the dividend for stock market
purposes. yet there were q few people in the
Street who were unldnd enough to hint that
there were market reasons which induced the
directors not TO take the Street into their con-
fdence. Operators in stocks however, were
permitted to view the earnings Of both the
Union Pacific and the Southern Pacific for the
last fiscal year, and the exhibit made by the
companies presented results that ought to en-
courage great confidence among the holders Of
the securities of the two roads. In the greater
part OF the day prices throughout the list were
strong, but a late decline wiped out most of
the improvement. leaving many issues at net
losses as compared with the final figures Of the
preceding day. In the case Of Pennsylvania,
Southern Pacific and Union Pacific. which ended
at net gains, last quotations well under
the high prices recorded in the early trading.
If it were not for the probability OF heavy ex-
ports Of grain and cotton in the next few months
the statement of the country's foreign commerce
in the month of July. figures of which were re-
ceived yesterday, might cause considerable dis
appointment in money market circles. The
money market is depending gold imports to
offset Withdrawals Of currency from this centre
for crop moving and general business purposes
yet the statement of foreign trade for the last
month shows the smallest excess of merchandise
exports over imports in any corresponding month
ever recorded amounting to only S392S90O, as
compared with an excess a year ago Of $2S,417,-
Sl5 and $14.029536 in 1904 There in
crease in exports Of merchandise in July over
the same month last year. but 1T was small in
comparison with the gain in imports, total I'M
ports amounting in value to $1O7 7621 AGO. against
SS4512 6O6 in July, 1905 the figures for 1905 be-
ing larger than ever reported in any month in
the history Of the United States. The large gain
in imports furnishes additional evidence of the
prosperity Of the United States. 1t shows the
enormous increase in the purchasing power Of
the people and it suggests the probability OF
further heavy expenditures by the American Re-
public in the foreign markets. though 1t is not
especially pleasing to the interests in the stock
market who ase counting easy money. Our
big crops, however. ought to Offset in the bal
ance of the year. the gain in imports. prices
for all food products have reached basis which
is developing a heavy export demand. Cotton
also doubtless will go to Europe in volume this
year. as the prospects favor q large crop. while
supplies abroad are light Exchange rates are
above the point at which gold could he imported
at a profit and there is now considerable doubt
regarding the accuracy of the recent reported
engagement Of S2.OOOO0O for shipment to this
country. All Indications. however. point toward
active exports from Europe OF the precious metal
for American account in the autumn months.
Announcement that the Chicago & North
western Railway directors had decided to ask .
authority from the stockholders to increase the
capital stock to the extent Of $100000000 and
the reported intention OF the ST. Paul company
TO put out its treasury stock naturally created
interest in the Street but they failed influence
10 any great extent price movements. North
west in issuing stock IS merely entering
the race for the Pacific Coast traffic. which in
great measure IS controlled by Great Northern !
Union Pacific, Southern Pacific, Atchison and
Canadian Pacific. with ST. Paul a factor which
soon viii have TO be seriously considered. The !
Northwestern extended to the Pacific Coast win !
give the Vanderbilt interests a transcontinental
line.