New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-25
unlisted. TEX dividend.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS
transactions in yesterdays stock market were
moderately heavy in volume on a movement of
values that showed pronounced strength in all
parts of the active list especial Improvement
being reported in the Hartman shares. in which
aggressive operations for the account Of inter
ests identified with the Union Pacific COmpanv
were noted Southern Pacific enioyed net gain
OF more than points, while Union Pacific closed
at net advance of 213 points trading in the
latter security being heavier than in any other
issue. Southern Pacific was second In point Of
activity, being closely followed by Am4lgamated
Copper and Reading, and 20 some extent by
UNted States Steel common. which in ac-
tive demand by commission house traders hut
which failed to record material price improve
ment, owing TO heavy realizing sales. The up
ward movement in Southern Pacific was accom-
panied by rumOrs Of an increase in the dividend
on the stock but IN official quarters the report
that the company would pay better dividend
rate was not Endorsed. Earnings OF the South
ern PACING Company have been heavy In the last
year and all indications suggest further expan-
sion both in gross and net income in the course
of the next twelve months, but in we'll Informed
circles II is not considered PROBABLE the directors
of the company will place the dividend rate on n
higher plane in the immediate future. In some
quarters Of the Street. however Il Is said that
in order to attract public interest in the HarrI-
man securities the Southern Pacific dividend
will be increased IN the hope Of bringing into
the market buyers who will carry both Southern
Pacific and Union Pacific TO a materially higher
quotation level. Union Pacific interests are tied
up with the company's convertible bonds and II
they are able TO advance the price Of the stock
to the conversion level they will be IN position
10 turn the bonds into stock and sell the latter
In the open market.
So far in the current week the local banks
have gained on their oper tons with the Sub
Treasury upward of S2.5O00p0, but they have
lost on the interior currency movement an
amount large enough 10 offset the re-
ceipts from the government. The chances there
fore favor a bank statement showing unimpor-
tant differences as compared with last weeks
return, unless the Inconsistencies Of the average
system employed in compiling the statement
should bring about large changes in the cash
item. The money market outlook does not sug-
gest the development Of a period of easy rates
for loans, though at the moment call money Is
ruling az a cheap level; nor does the position OF
the foreign exchange market suggest imports n
gold from Europe in the fall, when the demands
this centre for money from the interior will
be active. According 70 the belief Of the best
informed foreign exchange bankers the United
States will not be able TO secure the precious
metal at the European capitals unless extraordi-
nary inducements should be offered, but absence
OF gold imports will not cause a panic in the
money market. while further shipments of gold
from New York would not upset financial CON
ditions in this country. Foreign exchange is
ruling at a level slightly under that at which
gold could be sent to Europe at a profit the
strength in the market being due 10 an active
foreign demand for remittance and a scarcity of
bills in New York Monetary requirements IN
connection with the gathering and marketing Of
the crops will be heavy, notwithstanding the
prospects of relatively light yield of grain and
cotton, and the local financial institutions will
as usual. be called upon to send large sums of
money 10 the West and South. These shipments
will reduce bank reserves, but in the event of
stringent money the Secretary Of the Treasury
doubtless will deposit government funds in ma
uonal banks under the provisions Of the AIdrich
law WIllcn permits the federal Treasury to leave
government funds in depository institutions
Genera! money market conditions do not war
rant great speculative activity on the Stock Fly
change. but at the time they do not en-
courage the idea. which is held in some quar-
ters or serious disturbance in the financial mar
hets In the course of the next few months. The
amount Of money in the country is Increasing
and II is being actively employed In the chan
nels or trade, but spectators who deal in stocks
on borrowed money Will not be able secure
accommodation at easy rates until there is a
falling of in the demand for funds in mercantile
circles Certain powerful banking interests who
are tied up with stocks and bonds are making
great efforts to bring about higher prices for
securities in the hope of attracting a demand
from the public, but far the latter has made
great response and IT is not believed outside
buying OF securities will be an active factor in
the market for long time to come. Many Sc
curities selling at attractive level but
the public has its money we'll employed in
oIHeI qudl 'eiS 10 LAKE al dCIlNe interest IN
stock market movements. Conditions governing
the actual worth of stocks apd bonds are
strong and warrant the purchase Of good
issues at prevailing prices. especially in the
case OF railway mortgage issues, the pre-
ferred stocks of Industrial companies and
such shares Baltimore * Ohio, St Paul,
Delaware & Hudson. Canadian Pacific. Great
Northern, Pacific Coast and Union Pacific
On all reactions Delaware & Hudson is bought
by prominent banking interests who believe the
sell at 1tCh hieha
level owing TO the large business handled by
the company and the favorable results obtained
10y the present management of the road