New-York tribune., 1906-10-30
Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS,
changes. follow:

OIUCh MARK Ell UPERATlUNS.
Transactions in yesterdays stock market were
made up almost entirely of the operations Of
board room traders, the chief exceptions in
which evidence of outside interest was presented
being supplied by Amalgamated Copper United
States Steel common and Pennsylvania. Open
ing quotations, as a rule, showed advances as
compared with Saturdays final figures, and
throughout the forenoon the tendency generally
was IN the direction of higher prices. though the
dulness of trading confined Improvement to small
fractions in the greater number of shares In
the subsequent dealings irregularity developed
and in the last half hour of trading declines were
recorded in most parts of the list, Pennsylvania
being the only issue in which material strength
exhibited. This stock advanced more than
three points. the movement being accompanied
by talk of an increased dividend at the meeting
of the directors this week. Indications certainly
favor I per cent rate for the stock, the point
being made that the board will advance the
dividend on the stock to this figure in order to
make 1t easier for the company to make addi-
tional commitments for purposes connected with
the completion of the vast projects now under
way for the betterment OF the road, both as re-
CARDS its passenger and freight traffic facilities
With per cent dividend guaranteed, new
stock issue. of course. would have greater chance
OF success tnan under the present D per cent
rate The Pennsylvania Railroad has outstand-
ing S20.0O0,0O0 of bonds convertible into stock
at SO. on the basis of $50 share. which would
be 40 as quoted the New York Stock Ex-
change. and It also has outstanding more than
500 900 of bonds convertible into stock at -
on the basis of par value of $50 so that it is
quite likely the present advance will bring out
some of the bonds convertible at 70 while If
the price should reach 80 on per cent divi-
dend further large conversion doubtless would
be made. as it would be more profitable for the
holders 10 change the bonds into stock Not
withstanding the weakness in the late dealings
the majority of issues showed net gains at the
close, with the chief improvement in Canadian
Pacific, Great Northern, National Railroad Of
Mexico issues. Pennsylvania and Chesapeake &
Ohio
Careful buyers of stocks, while exercising eau
ton at present in purchases, owing to the pos
sibility Of slump following the election, appear
willing, nevertheless. to take good securities at
all current recessions. There are plenty Of buy
ers for such issues as ST. Paul Pennsylvania,
Union Pacific. Canadian Pacific and the Steels.
United States Steel common is being accumu-
lated by strong interests, and the assumption
is that the dividend soon will be increased pos
sbly at the directors meeting to-day, owing
10 the heavy earnings of the corporation and
next twelve months. In the pig IRON market a
famine practically exists, and to make the situa-
ton more aggravated car shortage has de-
veloped which promises to reach serious proper
tions, but these factors serve a good purpose
perhaps. they help to prevent runaway. iron
market that might end in disaster. Canadian
Pacific, by reason OF its wonderful earnings from
traffic and its large receipts from its invest
ments in lands, continues to be quietly absorbed
by local and foreign interests while st. Paul
finds buyers whenever any one offers it for SALE
Its popularity with investors being greater than
that of Union Pacific or Northern Pacific, owing
no doubt. to the conservatism of the COM
ranys management, the good past record of the
road In the matter of earnings and dividends
the rapid growth Of the country through which
the property runs and the large increase in
traffic that will result from the proposed ex-
tension of the road to the Pacific Coast There
are good reasons for the purchase of first class
Tfhares on declines. Doubtless there viii ba a
arp break in prices If Mr.. Hearst is elected
Governor. but such a break bargain hunters
will be on hand TO take stocks that other people
| do want.
Efforts OF the banks 70 strengthen the mone-
tary situation at this centre have been effective
| in bringing about material reduction in loans
which has offset the decline in cash holdings
| due 10 shipments OF currency to the West and
| South. 1t is not unlikely that there will be a
further loan reduction in the current week. un-
less there should be wild outbreak OF specula-
ton on the Stock Exchange. of which there is
| little chance at the moment, ewing to the un-
easiness in the Street the political situation
| Fortunately the banks have been able 10 trans
| fer TO trust companies part OF the burden CT
supplying the needs Of borrowers. but notwith-
standing the somewhat better conditions In the
general monetary situation, it should not be as
su'led fo- minute that the make. Is about TO
enter @ long period OF easy rates for loans Ac-
cording to the belief OF the best informed bank
ers in New York and abroad. money will rule at
a firm level throughout the world for the rest of
the year. while at this centre there may be pass
ing periods of extremely high rates before the
beginning OF 1907. though acute disturbance ia