New-York tribune., 1906-08-03
STOCK MARKET OPERATIONS.

Operators who are in favor of higher prices
for securities continued their campaign in yes
terday's dealings with considerable success, es-
pecially in ST. Paul and Union Pacific, which
enjoyed marked improvement on an active vol
ume Of business. Throughout the list trading
was heavy including an increase in commission
house buying. while at the close the Street
opinion favored the idea that in the balance of
the current month speculation would be accom-
panied by more aggressiveness on the part OF
the so-called public. 1t is quite evident that the
larger interests in the speculative community will
use all the tricks known 20 the Wall Street trade
TO induce an active buying demand before the
inquiry for money from the West and South be-
comes urgent, and it is not unlikely that a GER
tain number OF outsiders will come into the
market, though it is not believed that there will
be widespread public demand for securities at
current quotations, except. perhaps, in the case
OK some OF the low priced issues. in which equi-
ties are rapidly increasing, and which so far
have not fully measured the improvement which
has taken place in their actual worth In this
class may be mentioned Erie common Chicago
Great Western, Colorado Southern, Norfolk &
western Chesapeake & Ohio and Wabash pre-
ferred, stocks which, according to common be-
lief, will sell at materially higher level in the
course Of the next few months, owing to the re-
markably favorable progress being made by the
companies IN the matter Of earnings and physi-
cal Improvements. There is no strong argument
for the purchase Of the greater number OF high
grade issues al present quotations. either as in
vestments or as purely speculative transactions,
but there are many good reasons for interest in
the medium and low priced shares
Profit taking sales responsible for ir-
regularity at times In the day, and in some
sections Of the market there were active sales
Tor the account Of interests who accumulated
stocks in the recent decline but the buying
power was heavy enough to absorb the offer
lngs, without the development Of especial weak
ness. There is a large amount of stock held
Dy substantial market interests that is now
coming on the market. The bull element is not
working Tor higher prices with any philanthropic
Ideas, and the theory that the stock market is
entering period of long sustained appreciation
III quotations is not held in well informed quar-
ters. In their frantic anxiety 10 get out of their
hoidlngs at a profit the pools and individuals
who have been tied up with securities for many
months are putting forth all kinds of extrava-
CANT rumors about the way the market is TO
move IN the future, and they are backing up
their arguments with the probability of diyi-
oend increases and the placing on the dividend
llst OF securities which as vet have made no
return TO the stockholders That there will be
favorable dividend announcements In the near
0N-~NNNN
that the Union Pacific directors VIII advance
the dividend cate Union Pacific stock TO Z
per cent; it is not unlikely that increased diyi-
dends will be declared on Chesapeake & Ohio
and Norfolk & Western. that Pressed Steel Car
common will be restored to the dividend column
and that other companies will give their stock
holders bigger payments. Southern Pacific di-
rectors may pay dividend on the common
though the interests Of conservatism do not
warrant any distribution at present while even
Brooklyn Rapid Transit may go to a dividend
basis. Expectations of larger dividends and
melon cuttings whet the speculative appetite and
Wall Streets big" men hope soon to see
greedy scramble on the part of the little fellows
to buy securities at high prices. Then the deluge.
ST. Paul and Union Pacific marked up
IN rapid fashion, and their advance was accom-
panied by reports that arrangements had been
made by the Hartman interests 10 take over
St Paul. 1t may be said on the best authority
from both the Union Pacific and St Paul COM
panies that there is not the slightest chance. of
ST. Paul passing to the control OF the Union
Pacific. Great Northern Northern Pacific in
te-ests once endeavored 20 secure control Of the
ST Paul. but they failed, taking instead the Bur-
lington, and there is now no more chance OF ST
Paul losing its identity than there WAS sevaroI
years ago. when the Hill element made its ar
tractive offer TO the largest owners OF tha 9,
Paul stock. including James Henry Smith one
OF the biggest individual holders OF the issue
And there is also no probability OF the st pm,
company making any announcement at present
Of its financial plans for its Pacific Coast extern
sion. II NAV be said, however. that the Union
Pacific and ST Paul interests are working ,n
harmony in the matter of Seattle terminals.
Weakness in the foreign markets and further
strength in foreign exchange failed TO cool bun