New-York tribune., 1906-07-26
sUnlisted.
Closing prices OF active bonds dealt in, with
net changes, follow:
STOCK MARKET OPERATIONS.

Stock market values were strong in the greater
part of the day a moderately active volume
Of business. the movement, however, not being
accompanied by important buying for outside
account. Transactions were made UP mostly OF
the operations Of the board room element, though
in the case of the Hartman issues. American
Sugar Refining, St. Paul. Canadian Pacific and
the copper shares there was some activity mani
tested by houses which generally conduct specu-
lative dealings for prominent Wall Street in
terests The rise in Sugar Refining attracted
considerable attention, owing to the recent abb
sence of interest in the security, which several
years ago was considered the most prominent of
the speculative issues. There is not as much
Sugar stock on the market available for specu-
lative purposes as there was at the time when
the issue was a market leader. this being due to
the fact that large amounts Of the stock have
been taken up by investors whose confidence in
the property has been warranted by the excellent
record it has made in the matter of earned divi
dends. Just now the company is enjoying sea-
son Of great prosperity, owing to the activity in
the sugar trade and the satisfactory prices ruling
for the refined product-prices which show good
margin Of profit based on the quotation for raw
sugar. The Hartman issues St. Paul, Canadian
Pacific and the so-called Morgan group were
features, but the upward movement in the stocks
was not due to news developments affecting the
properties, though reports again We're circulated
TO the effect that Southern Pacific would soon
receive a dividend on its common stock and that
there would be some sort Of deal between St
Paul and Union Pacific by which both COM
panies would come under single management
The Hill interests once tried to control OF
the st. Paul. but they could not induce the chief
stockholders in the company to turn over their
securities and it is not likely that the Hartman
people will have any better success. The ST.
Paul directors will, 1t is expected meet to-day,
and Wall Street is again figuring upon an an
nouncement regarding the financing OF the COM
pany's Pacific Coast extension.
Strength in the foreign markets and buying Of
American securities for London account were
factors that contributed to the improvement in
local prices. Market movements abroad re-
fected better feeling over the Russian situa-
ton, though or the surface there was little rea-
son for encouragement over the position Of af-
fairs in the Cars empire telegraphic reports be-
ing far from favorable. Liberal purchases Of
our stocks were made in the London market and
on the local exchange for European account in
creased interest being reported in Canadian Pa
ci(ic, which recently has been inactive but which
is held by the strongest interests in this country
and Europe, and which apparently is scheduled
for a much higher price whenever the general
market develops q sustained advance The
'AN NOP''iiJ iIsiS Hldoe EeIllaTKdDle
progress in the last few years in its earning
power through the physical improvements to the
property and the rapid growth of ths country
through which it runs, gross returns in the last
fiscal year showing an increase over the preced-
ing year of more than S10O00.000 Buying for
foreign account was responsible for the active
offering OF bills against these purchases with the
result Of easier rates in the sterling exchange
market, the decline being especially welcome,
owing TO the advancing tendency exhibited by
quotations in the first two days of the week.
The local banks have lost upward Of S2OUOOO0
to the Sub-Treasury since last Friday, but there
is little expectation of poor Clearing House re-
turn on Saturday