New-York tribune., 1906-07-19
STOCK MARKET QUOTATIONS.

On light volume Of business stock market
values exhibited considerable weakness. with
maximum losses in many Of the leading issues
Of / per cent and more. though net changes
showed the effect OF a moderate rally in the last
hour. Trading was made up almost entirely of
the operations OF the board room element, its
selling apparently being induced by weakness IN
the foreign markets, damage reports from the
spring wheat district and the absence OF an ac-
tive buying demand for the account Of the
called public. The arguments for and against
an increase In the dividend on Amalgamated
Copper and the varying views Of traders on the
possibility OF an extra distribution on Union
Pacific at the meeting of the directors to-day
exercised what may be called an irregular infiu-
ence on the stocks named, and to some extent
the general list, but the market a whole
was too narrow to be affected materially by
considerations which We're classed as speculative
factors Certain interests continue to assert that
the Standard Oil party is selling stocks and that
present quotations are dear compared with what
they will be a few months hence. but 1t is not
likely that investors are worrying over the out
look or see in present conditions anything that
warrants the sale OF first class American securi-
ties. Speculative and money market influences
may carry the market lower and If material
further declines develop there VIII be some rare
chances to purchase gilt edged stocks and bonds
period Of business depression makes little prog
ress in the Street. despite the continued decline
in values High priced stocks were weak feat
ures; also Brooklyn Rapid Transit
No further engagements OF gold for import to
this country have been made in the last two
days, but exchange continues to rule at about
the gold importing level. and the chances are
that more Of the metal vii be taken in London
for American account in the near future It IS
reported that S1500000 has been shipped this
week from Australia to San Francisco and IL is
not unlikely that additional engagements will
be made there representing payments by Lon
don fire insurance companies of Frisco losses
London has frequently in the past settled its
obligations through the Australian market and
as the demands this year will be unusually
heavy, owing to the low reserves of the New
York banks and the San Francisco disaster. a
considerable amount Of the precious metal is ex-
pected to find its way to the Pacific Coast from
England's antipodes. So far in the current week
the local banks have gained on their operations
with the Sub-Treasury, but this increase is likely
to be offset by the return Of government de-
posits which is under way, and unless there
should be a big gain from the interior and new
gold the bank statement will hardly make the
showing that it did last Saturday. The banks
also will lose to the Treasury on Panama Canal
account as the Secretary has decided to leave
with subscribing banks only one-third OF the
purchase price of the bonds allotted. The neces-
sity of gold imports is apparent, and If this
source Of relief falls Of which there now an
pears to be little chance, tremendous liquidation
of loans will have to be made.
The money market outlook is better than it
was few weeks ago. yet there is still enough
uncertainty to restrain speculative operations in
the securities market 1t may be we'll to keep
in ind @I7o
Russia as to affect the foreign markets to an
extent that would create a formidable barrier
to shipments Of gold to the United States. The
Russian situation is not at all promising. Rus
sian bonds weak in the London market
yesterday, while on the ST. Petersburg Bourse
there was further decline. and rumors at this
centre that there had been a panic IN the Rus
sian capital were responsible. In part, for the
declines in the local market