The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-07-22
FINANCIAL AND .ooMMERc1AL.

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While the fnst1stA1 da1skoNAe2t1be 1ectof
profit taking ina mrfnber q the Srtvweto6hs'
Il maintained q strong, updertone through
out the seasion and disclosed quite q httlo
reaihsucy 5ustias Aoon ~ tbs realizing sales
were accomplished. The sentiment abroad
was more cheerful Ghap yesterday, for while
quotaHcis ON American stools In London
ahoNed deckfpes, in most cases during the
earlier dealings there was o distinct inn
provenient toRard tbs END Of the. session,
which was not oonfined 70 any class Of b.
c~urities, but extended TO the Russian Gov
rnmen bonds, consols and even Kafirs.
The improvementdb Hsairt pspeS yps TO
garded az q good omen Of q peaceful Sunday
In Russia, while the fractional improvement
In Consois was considered even moro reas-
suring In q broad. sense. It was recalled
that the decline In Kaffirs had been the
result Of selling in connection with the
settlement Of an estate. and the change in
the tendency Of prices was accepted az
proof hat this selling had -csase3. : The
report that the Japanese 6overnrdene 1as
about TO buy six railways at a cost Of about
s125. 600 900, 70 be paid for in s per cent.
five year bonds cadssd.no apprehend9 81 IN
segard 20 the rRoneysdtuauapsfor ithss been
UNDERWOOD for q considerable time that this
matter was under consideration and that II
would be so arranged. as 70 create no dis
turbance in the 6paadat Saarhets. Gensral,
satisfactionwas expressed over the fact that
the Panama bond sale has been oyersub-
scribed several times, yielding a premium
OF 81 200. 900 to The Government. The
widely variant estimates Of the bank state
ment were in a great measure responsible
- A. .L-.N u. --.l-,
TO the publication Of the actual figures, as
the traders hardly knew what to do in view
OF predictions which ran all the way from
q heavy loss Of cash TO a gain Of moro than
$1,000, go. There was a feeling that il the
statement should prove really favorable
advantage would be taken Of it for profit
taking by those who had bought stocks
early in the week. and when the figures
made,their appearance the Street was at q
loss to construe it, as the large increase
IN loans was not regarded with favor.
while on the other hand the substantial
gain in cash could not be considered other
wise than satisfactory. The tendency to
regard the statement as a good one ulti-
mately prevailed, but the volume Of profit
taking did not prove es great as had been
expected, and under the lead Of Union
and Southern Pacific prices again advanced
sharply just before the close, reaching in a
number Of instances the high prices made
IN the first fifteen minutes.
There was no abatement in the demand
for Southern Pacific, but on the contrary
the stock seemed to meet with a wider
favor than on any previous day since the
present movement started. just about @
year ago Southern Pacific first began to
display marked strength, and in August IL
cold at 6sX,. a higher level than had been
touched for a long time previous. Since
then the stock has crossed that figure in
every month with the exception OF May
last. In, seven out OF the last ten months
the price has crossed 10, 30 that those who
bought months 3 at around the present
level have had many opportunities to get
out even o.. at very little loss. The safety
with which speculative operations ave
been Conducted In this stock. has gained
for il wide favor, and although the Street
has no specific kn~owledge,as TO the reasons
underlying fhe present ! movement, the
character. Of the buying and the we'll es-
tabtished level which the stock. has at cur
rent figures have won the cooperation Of a
great many conservative houses. Union
Pacific, like its subordinate, had well sus-
tanned siren 9Th during the days and although
there was u revival OF the rumors that this
company might, secure control OF Chicago,
Milwaukee, and st. Paul.. a more plausible
reason Tor The buying was the possibility
that tho dividend might be increased a
month henoe frome.to Z per cent. a year.
A rise Of four points in st. Paul preferred
on a single transaction was regarded as
an indication that rights would be granted
TO ~stockbolders IN this company. when. Of
course, the holders Of the preferred would
share equally with tho common stock
holders. A. number OF ,stocks. hitherto
Neglected. like. Interborough- Metropolitan
and American Sugar Refining, made sub
stantial gains; and with few exceptions
stocks in general showed advances on the
1ay. The grain and cotton markets were
igdet, with comparatively little change in
prices. , ..
n~- ~.~lx Qxn~L Hwnnan~n maina IntS an