New-York tribune., 1906-07-27
Closing prices of active bonds dealt in. with
net changes, follow:
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
moderately heavy in the forenoon dealings on
generally rising level of values. while in the
afternoon the volume of business was light, ac-
companied by an irregular movement Of prices
with heavy tendency until the last hour, when
the greater number of issues resumed their up
ward progress. Prior to the meeting of the St.
Paul directors there was some bear pressure
against St Paul and other issues, the theory
that the company would adopt plan at pres
ent for the financing of the Pacific Coast eXten-
tension. while following the meeting activity de-
VeIoped on the long side Of the market buying
being based the report that the ST Paul
company would not come into the market for
funds, for the good reason that it was in no
need of accommodation. There was no i'm
portant outside interest. but the tone of senti-
ment in speculative circles much more
cheerful than recently reported, this improve
ment being due in part to the more reassuring
advices from St. Petersburg and to the strength
in the quotations for securities at foreign Capi-
tails All the European markets were strong and
active, especially Russian bonds, in which, how
ever the recovery appeared to be due entirely
to speculative buying. In the last half hour
most stocks were at the best prices of the day,
and closing figures, as a rule, were near the top.
on the advance there was good selling, particu-
lary in Southern Pacific, which at one time sold
one point under its closing of the preceding day.
/ There was a large crowd Of brokers in the steel
stocks, and the strength in United States Steel
/ common was an important factor in the general
| advance. Steel trade conditions are so promis-
| ing that perhaps the steel shares at last are
about to reflect in their prices the Improvement
which is under way in the industry.
In
course of the next few weeks will be watched
with extreme interest by the financial COM
munity owing to the position of money at this
centre and to the unsettled state of affairs in the
| Russian Empire. Russa's troubles apparently
! are nowhere near over, and acute disturbance in
| that country would tend to exert most un-
/ favorable influence on the money markets Qf
the world through the liquidation of securities
and the necessity of foreign bankers to accumu-
late as much money as possible to protect their
holdings Of Russian investments. Exchange ad-
| vanced sharply in the first two days Of the week
as.a direct result of the imperial ukase dssolV-
! ing the Douma, while the easier tone which de-
| veloped Wednesday reflected the better feeling
in financial circles abroad over the Russian out
! look, though this improvement in sentiment was
not backed by an actual change in the attitude
of the people who are fighting the present ST.
! Petersburg government. There have been for
shipments of gold from Europe to the United
! States in the time of the gathering and market
| ing of the crops but views on the possibility Of
such a movement have been considerably modi-
! fed in the current week owing to the develop
| ments in Russian politics. If there is no great
disturbance in Russia this country will secure all
| the gold it requires in the European markets,
| but if civil war should break out in the Russian
! Empire there would be little chance of shipments
hi sid Of fIoa
| port trade balance would be more than offset by
| Iioufdation of American securities for foreign
! account.
Fortunately the United States Treasury is in
good condition, while the country has a Secre-
| tary of the Treasury who believes in placing at
/ the disposal Of the banks government money at
times when the requirements of trade demand
an extra amount of funds. for which mixed
! up currency system makes no provision. The
| necessity Of currency reform does not appeal to
| the ordinary individual when the country has a
! man at the head OF the Treasury Department
who is resourceful and brave enough to forget
precedent and adopt emergency measures for the
relief Of the money market but one Of these
days there may be man in the position now
| held by MF Shaw, as there has been in the past
who may not consent 20 the adoption Of anv
4 scheme ~ which government funds may be
! placed in the channels Of trade. And at such a
! time the weak features OF the currency system
will become painfully apparent. Everything is
| bright and promising the country at present
1 but how much stronger would the insurance OF
future prosperity be II there we're a monetary
| system IN operation under which there could be
no violent fluctuations in loan quotations and n
scarcity OF funds at the points where most
needed. Bankers throughout the country are
preaching currency reform at their conventions
but there is no evidence that they are doing