New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-03
Enlisted
Closing prices of active bonds dealt in with
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
Activity in Yesterdays stock market was con-
fined TO a few shares, but in the general list
prices were strong, despite the fact that there
was no outside response to the speculative buy
ing movement in Union Pacific, the copper
shares Reading and Southern Pacific Union
Pacific was again the chief feature of interest
and the sharp advance in the preferred natur-
ally attracted attention to the various rumors
afoat regarding the company and intensified the
belief that matters of material Importance to
the stockholders of the Union Pacific company
were being discussed by the management, par
ticularIy in regard TO the company's holdings of
the securities of other roads The advance in
the preferred, the first movement of importance
in this issue in several years, created the i'm
preston that there would be a distribution of
the assets of the Union Pacific company In
which the preferred holders would share with
the common. while it was reported on circum-
stantial grounds that the company would or
ganize banking corporation to take over the
stock interests of Union Pacific in Southern Pa
cific and other companies. The preferred en-
joyed a maximum gain of more than { points,
while the common advanced points, with its
last price at a net gain of 37s points. The
strength in the copper shares followed the adj
vance in the Rio Tinto issues abroad, and the
character of the buying suggested accumulation
by important market interests who based their
operations on the strong position Of the metal
at home and IN Europe. Rio Tinto shares have
enjoyed advance of SO share in the last
few days, and it is pointed out by interests iden-
tilted with the Amalgamated and Anaconda
companies that the stocks of these two concerns
remarkably cheap In comparison with Rio
Tinto. Last prices in the general list We're
strong at about the best figures Of the day.
In many banking houses objection is made to
the Atchison's bond plan the theory that the
3 per cent rate the issue will make it
more difficult TO sell the old As, but this APP
parently does not bother the Atchison manage
ment, which points to the fact that the greater
part Of the former issue has been sold to the
stockholders and that as long the latter
willing To take the bonds the company need not
concern itself with the complaints of bond deal
The bonds of a short maturity
with the conversion privilege limited TO the next
six years, and 1t therefore may be assumed that
the directors believe all high class investments
will sell lower income basis in that tins
idea which is quite generally held in con-
servative investment circles though the quail.
fication is made that prices for securities in
general may until after the next Presidential
election average a level which will return as
much as. if not more than, that which be OBJ
tanned at present. Prices for most securities in
the investment class are abnormally cheap and
the yield cOrrespondingly high, and in view Of
the soundness Of the conditions governing
investment values such a situation would be diff
ficult TO explain on any theory other than that
vested rights In this country are In danger of
collapse were it known that the speculative
movements of the last two years are respon-
sible for the big decline that has taken place in
solid investment securities. as well in those of
a wholly speculative character. Marketwise good
stocks have been injured with the bad but in
trinsc values have not been damaged To re-
turn TO Atchison it is interesting to note that
though the system has increased its mileage by
30 per cent since the organization of the present
company, its total capitalization a mile has
decreased, and even if there should be no in
crease in the mileage in the next twelve months
the time in which paymnts on the new bonds
will be made the total capitalization at the end
of this period would only be $4,000 mile
So far in the current week the local banks
have lost their operations with the Sub
Treasury less than 81 100000 while 1t is esti-
mated the shipments to the interior have been
lighter than reported week ago. Unless there
fore, there has been large expansion in the
loans, to-morrow's Clearing House statement
ought not TO show material falling off in the
reserve above legal requirements though this
item may be affected by the weeks operations
in connection with the May interest and div-
dend disbursements. At its weekly meeting yes
terday the Bank OF England made no change in
its discount rate, the movement OF holdings in
the week not warranting reduction. which in
London financial quarters had been hoped for
Reserve declined fSJ0000 but the proportion of
reserve to liability much more favorable
than at the corresponding time last year Money
conditions in London strong enough to per-
nit Withdrawals of gold for Paris account; in
Paris the situation is better than it has been in
months, while the same may be said of con-
ditions i'm Berlin. In the United States financial
conditions throughout the country stronger
than they have been for n year more, both as
regards the position of the open money market
and the federal Treasury. and for the informa-
ton of people who are uneasy over the situation
here il is worth reporting that New York soon
will be a large lender OF funds in London.