New-York tribune., 1906-07-25
Closing prices Of active bonds dealt in, with
net changes. follow:
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
While the stock market showed advances in
the opening dealings. the general course Of
values in the greater part Of the day was in the
direction OF lower quotations, maximum losses
in the leading active issues amounting to per
cent and more. Declines apparently were due to
professional operations rather than TO outside
liquidation, commission houses not being fac
tors in the trading either side Of the account
except to a small extent in Brooklyn Rapid
Transit, St. Paul, Reading, the copper shares and
the Hartman issues, in which falling values at
tracted some public liquidation. Traders on the
floor OF the Exchange were bearish owing to the
failure OF the public to respond 70 Mondays ad-
vance and to the selling for foreign interests,
which in the last two days has amounted to up
ward OF $4,000 shares. Foreign operations in the
local market have brought about a material
change in the gold import situation. Rates for
sterling have advanced to a point which pre-
cludes the possibility Of further engagements Of
the precious metal at present for shipment TO
this country, but this is offset by the improve
ment in money market conditions, which have
been much strengthened by the developments OF
the last fortnight, especially in regard to the
relation between the banks of the country and
the federal Treasury. Secretary Shaw has de-
posted with national banks throughout the
United States aggregate Of $25, ,000 600, while
he has announced that he stands ready to make
further deposits in the fall if the requirements
of the money market become urgent. Even If
the Russian situation develops conditions that
may tend to cut us off from the foreign gold
market, there should be no disturbance in money
in the autumn relief will be afforded by our
strong national Treasury.
Russian bonds in Paris and London made
low records, but the general European markets
exhibited a rallying tendency, while in foreign
discounts there was no indication of uneasiness
on the part of bankers abroad over the Russian
outlook. Russia may soon have on it's hands
a civil war, but it is not likely that Russia's
obligations will be repudated, no matter what
the outcome may be. and it is reported in well
| informed circles that strong interests are buy
ing Russian bonds at their present low quota
tions, both for speculative and investment ac-
count. The Russian As sold at 69Ia yesterday,
while the 3s declined to 5S prices much lower
! than in the time of the recent Japanese and
Russian war, the low figures for the As then be-
/ ing S6i4 and for the 3s 1872 1t would seem as
if these securities had fully discounted the worst
| that may happen in the Cars country while
the same thing may be said of the general mar
lSet for securities in Europe. though the actual
| development of a revolution doubtless would be
! the signal for further aggressive attacks on
vested values. There are few factors in this
country that furnish encoura cement for opera
tors who are endeavoring to create activity on
! the bear side of the market, the only arguments
that favor short sales being based on the poss-
blty Of great disturbance abroad and the re-
fusal OF the public TO take active part in
| speculative operations. The friction betweap
the Hill and Hartman interests over the efforts
| of the Hartman people to get a strong footho1d
in Seattle may, later on. supply some bear am
munition, but it is not conceivable that the fight
between the Great Northern and the Union pa
cinc viii in any way tend to reduce the value
OF the respective securities. The feeling between
the Hill and Hartman people is about as bitter
as ii at the time of the Northern Securities
trouble, but the chances are that the country,
will survive and that the Great Northern. the
Northern Pacific and the Union Pacific Will do
an enormous business at Seattle to the benefit
Of the town and the companies stockholders
According to a dispatch received yesterday the
Union Pacific has begun condemnation proceed
ings against the Northern Pacific in Seattle to
secure station land for its Portland-Seattle ex-
tension.
Union Pacific is handlin:, an enormous busi-
ness as reflected in it's report of earnings for
the month of May just received, showing an
increase In gross of $950061 and an increase
IN net Of $32s.l4S, and the idea that the diree
/ loFs VIII decide at their next meeting to make
an extra distribution to tho etoolrbo1aar =
! pelng strengthened. AS TO Southern Pacific
however It Is not believed in conservative quar-
ters that the position OF the property despite
present favorable earnings. warrants the dec
laration of a dividend on the common stool,
Southern Pacific, 1t is said, is being bought again
By Mr. keenc. but in view OF the lasco OF the
keene pool in this issue two years ago it is
not likely that there viii be any important public
/ response 10 the current movement A sbsrn
decline in Brooklyn Rapid Transit was one ~
the factors which attracted selling in other narts
of the list yesterday the movement in the
Brooklyn stock being based on a report that the
State Railroad Commissions decision in the
lO-cent fare case would be against the COM
pany. There was a slight suspicion of a rally
in the last half hour but in the greater num-
ber OF stocks final quotations were not mach