New-York tribune., 1907-01-05
Enlisted TEX dividend
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS.

stock market values were strong throughout
the day a moderately active volume Of bust
ness which represented both covering Of shorts
and buying for the long account Brokers on
the floor reported that the character Of trad
ing much better than recently recorded.
meaning that the substantial interests were
taking securities. that renvestment of Jan
uary interest funds was under way, and that
the market losing its appearance of profes
sionalisrn. which for many weeks has been the
prominent feature of the dealings. One Wall
Street observer put forth the opinion that the
speculative community. in advancing prices in
the face OF the Interstate Commerce investiga-
tion of the Hartman properties. showing
its contempt for the administrations activity In
the matter of finding out few things about
corpora tions, sbut it would have been much bet
Ter to have fopined that investors were becom-
ing more confident in the value OF American
securities through the efforts of the adminstra-
tion TO root out the bad features Of corporate
management and TO make the railroad and in
dustrial concerns obey the law. The investi-
cation of the Union Pacific may show that the
company is Immaculate. but If there is any
thing wrong the stockholders are entitled to
know It, and the Interstate Commerce Com
mission proposes to eliminate any evil that may
exist. Securities in general. at least their in
trnsic values. have been improved through So
of Union Pacific or any other security need take
alarm over the tendency of the government to
exercise benefcent supervision over the coun-
trys corporations.
The proceedings OF the Interstate Commerce
Commission yesterday In the Union Pacific mat
ter brought forth many interesting facts in con-
nection with the vast financial operations Of that
company and the determination Of the Hartman
interests 10 become the dominant factors in the
American railroad situation. An officer of the
company testified that the road had bought s28,-
1231 100 Of the Illinois Central stock since July
/. sS2.S44.2OO common and s7,2O6 400 Of the pre-
ferred of the Baltimore & Ohio, s1O0000 600 of At
Gibson preferred, s14,2S5.745 of the New York
Central, and large blocks of ST. Paul and Chi
cagO & Northwestern. These are excellent in
vestments for the Union Pacific. and their pur-
chase naturally may be considered bull argu-
ment the stock, inasmuch the return from
these investments will help the company main
tain its 10 per cent dividend rate. but the own
ership OF these securities gives the Union Pa
cifc power in the railway world which may
not be for the best interests of the shippers and
the general public The fact remains. however
that the Union Pacific controls vast assets, and
even If it should be compelled to divest itself OF
it's holdings in other companies it's financial
strength and its ability to make money would
be impaired In the greater number of
stocks final prices were at near the best fig
ure OF the day. buying in the last hour through
out the list showing the Vigor that marked
the earlier transactions Short sales were made
to test the strength of the market. and they
suited most satisfactorily TO the advocates of
higher prices. Amalgamated Copper was an ac-
tive strong feature Of the afternoons trading
the advance being helped by the great strength
of the metal This issue American Smelling
Canadian Pacific, st Paul. Colorado Fuel, Great
Northern certificates Northern Pacific. Reading
and Union Pacific of the active issues enjoyed
net gains Of than per cent.
According TO the known movement of money
in the current week the local banks have gained
a substantial amount of cash, and this fact with
the relative ease in call money rates in the last
two days suggests the probability of favorable
showing in the weekly return of the Clearing
House institutions to-day. In their operations
with the interior the banks gained s24S2.-
100. receipts being chiefly from nearby points,
though a fair movement of money from the West
and South reported, with indications Of
heavier shipments in the future In the
current month the government will call upon the
depository banks for S12000,00o federal money
recently deposited to relieve the monetary strln-
gcncy. while after February there will be due
az the Treasury s26,0oooC0 more government
funds placed In the channels OF trade two
months ago, and the need therefore, of large
return movement OF currency from out of town
is apparent. furthermore X readily may be
seen that with s2so0o.0e Cmost of which is held
in New York; going out or the depository banks
there T be little chance of long period of
easy rates IN TIE loan market the receipts
from the interior unless unusually heavy, VIII
not much y@0re than offset The government, with