New-York tribune., 1906-06-06
STOCK MARKET OPERATIONS.

Transactions I'm Yesterdays stock market were
moderately heavy on a movement OF values
which showed great irreguarity. In the fore
noon dealings the greater number Of issues en-
joyed Improvement, while in the last hour re-
dictionary tendency developed. which carried
quotations well under the best figures Of the
day Probably the failure Of the so-called public
10 respond to the early advance was responsible
for the resumption OF operations for the short
account in the afternoon. especially in Colorado
Fuel. Pennsylvania. St Paul and Union Pacific.
in which the chief declines were reported Union
Pacific losing is; Colorado Fuel and Iron 35s,
and Louisville & Nashville ~. In the other
stocks named the declines were not heavy.
Notwithstanding the final weakness, the net
changes, as compared with the close of the
preceding day. showed more advances than
losses. The downward movement was not ac-
companied by news developments affecting Sc
curities. declines being entirely due the opera
tions incident TO a highly speculative market
Advances which We're recorded in the morning
in the Wabash issues were maintained while
the rest of the list declining, the strength
being accompanied by a revival of the recent re-
port that the management of the company and
the debenture holders committee had settled
their differences and that amicable relations
had been restored between the Gould and the
Pennsylvania interests. In the debenture Bs
there was an advance of more than ! per cent
on an extremely active volume of trading The
demand for Southern Pacific heavier than
reported in many days and the buying of the
stock brought forth the rumor which generally
is used 10 explain activity In this issue-namey
that dividend is soon to be declared on the
stock
The advance in the price of Pacific Coast stock
again calls attention 10 the increasing intrinsic
value OF the issue investment and to the
efforts which certain large interests are making
TO secure control Of the property. The railroad
interests which are planning TO enter Seattle and
companies already established there which are
increasing their facilities would find in the con-
troll Of the Pacific Coast Company valuable
asset, inasmuch the company possesses large
terminals in that city. has big real estate hold
ings and owns railroads we'll as steamships
Seattle is becoming one OF the country's great
ports. Its location both 10 the shipping of
freight 10 the Orient and the receiving from the
railroads Of freight to be shipped is unusually
favorable, and the fact that the biggest railroad
interests in the country rushing their plans
10 have large terminals in the town foreshadows.
perhaps. more than anything else the rise in
wealth and power that must TO this great
Western city. Eastern capital is being heavily
invested in Seattle real estate and general bust
ness enterprises. The population of the place is
expanding at a rapid rate, and its growth has
made necessary increased railroad facilities
which soon viii be supplied by the st. Paul the
Union Pacific and possibly Mr.. Hills proposed
Canadian line: Hartman interests are. IL is
known. anxious 20 secure the Pacific Coast Com
psny. and st. Paul also would like TO control it.
There is not, however enough Of the stock avail
able in the open market for purposes of control.
but II current negotiations go through control
will pass al private sale a price nearer 80
than 40. An offer OF 80 was made recently
for a large block OF the stock and was refused
san Francisco continues TO send money to
New York. receipts yesterday amounting TO more
than Sl.5Oo.O0. making the total so far in the
current return movement upward of $11 500 600
Receipts OF money from the Pacific Coast doubt
less will serve 20 cheaper rates for money at
this centre. particularly in the usual move
ment OF funds from the interior develops this
summer. Regarding the currency movement
however. IL should be borne in mind that rates
Tor funds at all Western points are ruling al
sun figures. indicating good demand for
money, and suggesting the possibility of no i'm
portant shipments TO the East In the Immediate
iuture- Oh course. IL money interior points
declines In price under the New York level
shipments will be made 10 New York 10 take
advantage OF the better quotations here In the
ihst lew days there has been slightly easier
uehoehcy In the money market. which In turn
iias peefl enectiNe In bringing about an advance
III rates fof sterling. though the upward move
'heft ~ tne latter has not carried the price of
ehchanse near the gold exporting point Ster-
hhe Is sun about one cent below the parity Of
! exchange and about three cents under The leve,