New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-18
Closing prices Of chief active bonds dealt in.
STOCK MARKET OPERATIONS.

Early strength in yesterday STOCK market
was followed by considerable irregularity and
weakness in the afternoon. and in many OF the
active shares net declines were recorded at the
close. notably in the case Of the Copper stocks.
Morning advances in a number of securities.
especially American Smelling, Colorado Fuel,
Reading and Union Pacific. amounted to per
cent and more, but part of the improvement was
lost before the close under the influence OF
heavy realizing sales. Both Union Pacific and
American Smelling made new high records the
strength in Union Pacific being considered a
bull factor on the rest of the list. and the fact
that the best houses in the Street were active in
this issue naturally attracted an unusual amount
of attention to all the Hartman stocks. tnclud-
ing Southern Pacific. As yet there has been no
vigorous speculation in the last named security.
but the indications that within the course
of the next few months this issue will become
one Of the prominent market features Any in
crease that may take place in the value Of
Southern Pacific stock improves the position of
Union Pacific, inasmuch the Union Pacific
company holds as one Of its valuable assets
an enormous amount of Southern Pacific, both
common and preferred. Union Pacific has
tremendously valuable asset in its holdings of
other securities. and it is estimated that within
a short time the income from the cornpany's
investments in other companies will be large
enough to pay all of the Union Paci1c's fixed
charges. Earnings of the road are at a rate
which practically guarantees an increased dvi-
dend on the stock In the current year. Dealings
in bonds were extremely heavy, particularly in
the case of Colorado Industrial convertible
issues Mexican Central incomes United States
Steel IS and the Wabash debenture Bs Total
transactions in bonds were heavier than in any
day far this year.
Conditions in the local money market are be-
coming more satisfactory from the borrowers
point of view, both in the call and time depart
ments. Time funds are now freely offered at
per cent for all periods on good mixed collateral
while the price of call loans rules in the neigh
borhood of the same figure, with the prospects
favoring a lower rate. According to the opin-
ions of the best informed men in the financial
community easier quotations will develop in the
next few weeks. owing to the heavy movement
Of currency toward this centre from the interior
While there is active demand in all parts of
the country for money there is a large enough
supply to meet all requirements. and now that
the financing of the crops is at an end funds will
be better distributed, and as a consequence it
will be easier to secure accommodations at more
attractive figures. AS yet there is no indication
of immediate shipments of gold to Europe but
the fact that money rates are declining while
the Bank OF England is making successful eff
forts to keep the open market discounts at Lon
don near the Bank of England's rate suggest
the proba bility of shipments of gold from New
York just as soon quotations for money at
this centre fall below the rates in the British
capital. Gold that is being sent from New-York
to Mexico will not in any way affect local money
rates. the receipts Of currency from out of
town points are large enough to Offset any loss
which may be made by the movement of the
metal TO the Mexican republic, Gold goes to
Mexico in connection of the establishment of
that country on the gold basis.
The fact that European investors are be:
ginning to make large purchases of American
bonds naturally is factor in the international
money market, as the inquiry for investments
will serve TO provide funds for the liquidation OF
American loans contracted in Europe within the
last few months and which will mature within
the next thirty or sixty days. Foreign buving
or American securities it is believed, will grow
heavy ana OF course. such operations will figure
TO a large extent in the foreign exchange ra9rlAt
A large amount OF foreign capital Is being erl-
ployed IN this market. and l. is not Hkelv M
foreign bankers will care TO withdraw IT as long