New-York tribune., 1906-08-16

Transactions in yesterdays stock market were
not heavy in the general list, but in few
shares, notably the Hartman issues and Read
ing, a fair volume of business was transacted
rising level Of values. Both Southern Pa
cfc and Union Pacific made new high records.
the former selling at SIS and the latter at 1919
and retaining the Improvement in the final deal
ings. There We're no new factors affecting these
stocks. the advance being based on the expecta-
tion of an increased dividend for Union Pacific
and the placing of Southern Pacific in the divi-
dend column, this belief attracting a large num-
Der of new buyers and forcing to cover an OBJ
stinate short interest which has existed in these
| securities for long time, and which doubtless
will resume operations the minute the good news
is out the two properties. Speculation was
somewhat broader in the coal stocks and in the
Vanderbilt group, while in the metal shares in
terest was less pronounced than recently noted,
though prices a rule were strong and in line
with the general course of values General de-
velopments affecting the stock market situation
were extremely satisfactory to the advocates of
higher quotations. crop weather continuing
favorable and railroad earnings large while in
addition there was a substantial gain by the
banks in their operations with the Sub Treas
ury, which, of course. tended to encourage a
hopeful feeling over the money market outlook
In the last hour the majority of stocks were re-
dictionary under the influence of profit taking
sales, the Hartman shares. Pennsylvania and
! Brooklyn Rapid Transit being among the few
! exceptions OF the total business, amounting
| to more than 950O00 shares. five stocks, Reading
! Southern Pacific, Union Pacific Pennsylvania
! and Amalgamated Copper. supplied about two
! thirds
The demand for money from st. Louis has
begun earlier this year than usual, owing to the
| early marketing Of the Texas cotton crop. and
| the fact that Texas supplies large proportion
| OF the cotton grown naturally induces the belief
| that active shipments of currency will be made
! to the Southwest in the near future. Fortunate
| ~, the United States finds wide market abroad
for its cotton. This means that there will soon
be a large amount of cotton bills in the exchange
| market, with the promise Of large gold imports
| from Europe. Gold ought soon to come to these
shores in volume, and it is not unlikely that the
| Secretary of the Treasury will facilitate the
| movement by placing with importing concerns
| an amount of gold equal TO the sum engaged
pending the arrival of the metal There will be
| no trouble in the money market this fall unless
| all current signs are at fault There will be,
however, stiff rates for loans in the balance Of
the year, but this prospect does not worry Wall
| Street as II is believed commission houses and
| supplied
| with time funds to meet requirements from now
| until the close of the year. There is strong
| bull sentiment IN speculative circles at present
| Optimistic talk is heard regarding every stock
on the list, and il is not unlikely that the public
| may soon be induced 10 take a more active part
| in the daily transactions on the Stock Exchange,
| especially as brokers, almost without exception,
| are advising the purchase Of stocks at present
! prices II is thought that the low priced issues
! will sell higher. That interest is being
taken in this class of securities is reflected in
| the activity in such shares Colorado South
| ern, the Wisconsin Central issues. Missouri,
| Kansas & Texas and United States Steel COM
! mon.
From excellent sources Of speculative informa-
tion it is learned that the people behind the Steel
! shares expect a material appreciation in the
| price of Steel common. Assuming that this issue
| IS permanent dividend basiss it's present
price is not dear, but, unfortunately there is no
| guarantee that the Steel Corporation will be
able 70 MAINTAIN the common in the dividend
! class for any length Of time. The iron and steel
business is now more prosperous than It has
ever been in the history Of the trade but when
business depression develops. as It VIII at some
future period. earnings of the steel companies
VIII fall off as much as they increasing
! and as a consequence there will he little chance
| OF a surplus large enough to warrant dividends
, on junior securities. There is an enormous
amount Of United States Steel common outstand-
I ing and II requires phenomenal earnings to pay
dividends on it. There is every reason to be-
! lievc that the steel industry will enjoy another
wear at least OF prosperity The demand for steel
! for 1891 delivery is active, and several Of the
large dependent companies have withdrawn
from the market sellers og the product for de-
livery n the current year. owing to the we'll filled
condition OF their order books