New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-27
Closing prices Of chief active bonds dealt In
with net changes follow:
STOCK MARKET OPERATIONS.

While the volume of business in yesterdays
stock market was moderately heavy, transac-
tions were poorly distributed. the greater part
Of the business being supplied by few issues.
including ST Paul Consolidated Gas, Reading.
Union Pacific, United States Steel. Brooklyn
Rapid Transit and Amalgamated Copper AS
rule. prices moved in the direction of higher
quotations. especial strength being shown by
Reading, Union Pacific. St. Paul and Console
dated Gas, the last named security advancing
after initial decline, although losing the i'm
provement before the close On the early break
heavy buying orders We're reported, and from
the low point OF 1854 there was recovery to
above 161. which in turn was followed by re-
action to a point under the low figure which
recorded in the first hour. The bonds of the
company were weak. showing decline OF up
ward Of 10 points since last Friday. Based on
the company's last annual report Of earnings,
the reduction in the price of gas. ordered by
the State Gas Commission. means a reduction
r. the companys gross income of approximately
S2670000 which apparently wipes out surplus
earnings While the order Of the Gas Commits
sion reduces a minimum the surplus above
dividends. IL should be borne in mind that this
eventually will be offset by increased consump-
ton of gas and greater economies in the manu-
facture of the product. which will he brought
about in time especially when the new plants
Of the concern at Astoria. completed. The
Consolidated Gas Company easily can earn its
per cent dividend on an S0-cent gas rate. and 1t
is quite probable that any further large decline
in the price Of the stock will be taken advan-
tage If by Wall Street operators to secure the
issue.
The improvement which took place in the gen
oral market was not due to news DEVELOPMENTS
affecting values, the advances representing in
che
ing for a turn on the belief that the market
had been oversold last week and was in a posi-
ton to sustain a fair sized rally. The strength
in the copper shares was helped by support from
interests identified with the new Butte Coalition
stock. which active strong feature in
the curb dealings. In the last hour Of trading
there were reactions throughout the list. and in
q few cases a good part of the forenoon i'm
provement was lost, notably in the case of Con-
solidated Gas. which ended at a net loss Of 21H.
The afternoon operations in this issue apparently
represented manipulation more than anything
else In the greater number Of securities last
quotations were slightly under the highest, but
a rule substantial net gains were recorded in
the leading active issues. st. Paul a lead
ing, strong feature at a net gain OF 21s; also
Union Pacific and Wabash preferred. the last
named ending IN gain Of 21a. The announce
ment Of the withdrawal Of members Of the
firm Of Kuhn, Loeb & Co from the directo-
rates of all railroad companies with which they
have been connected was not an influence in the
days market, this action was not considered
Of significance beyond the determination Of the
firm TO place itself in a position 70 conduct It's
business in a manner wholly free from connec-
tions with any railroad properties.
Chances for large profits on finance bills nego-
tiated under present conditions in the local
money and foreign exchange markets have been
materially reduced by the recent decline in
| loans being made by foreign bankers at
this centre is not nearly so heavy as 1t was a.
week or ten days ago. Finance bills put out at
! the present time will mature at a period when
conditions doubtless will be in favor OF cheaper
! money and higher exchange, and IL therefore is
easy TO see that bankers are running risk in
going short Of exchange at the present quota
ton unless they are able TO figure a good
| sized profit through the possibility of higher
! rates for funds. The bank statement issued on
Saturday showed I'm the small decrease in local
J bank loans that the placing of foreign funds
! here was large in the last week as in the
| preceding week. but this factor did not create
[ any uneasiness in financial circles. While there
! is a large amount of money tied up in new
/ undertakings in this country. there is still an
ample supply of funds for general use, although
borrowers. Of course. compelled 10 pay a
moderately firm price for accommodation.
1t may come 10 pass in the course of the next
few weeks that rates for money will move to a
higher level. owing the expected heavy de-
mand for currency in connection with trade ex-
pansion. and caution. therefore. is being advised
by New-York bankers I'm speculative operations
al this period Eank reserves in New-York are