New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-04
ENLISTED. Tex dividend.
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS.

Stock market values moved in the direction Of
higher prices in the greater part Of the day on
a volume Of business that showed improvement
over the total dealings of the preceding day.
though transactions were poorly distributed and
not representative of an active public demand
Powerful interests in the Street, who for good
reasons are anxious TO bring about better quota
tons are responsible for the current advancing
tendency, and if they carry Union Pacihc
into the '-fftes" they will be particularly graft
fed owing TO the fact that the subscription priv
ilege to the new Union Pacific convertible bonds
closes on July 10. Union Pacific was the leader
throughout the five hours of trading, but in view
of tho heavy buying of the issue its advance
was not important, and much less than that
recorded in several other shares in which there
was a lighter movement, as for instance, Anal
ganated Copper St Paul, Great Northern, An
aconda and Northern Pacific. Sentiment was
bullish, despite stiff money rates and gold eX-
ports. The Street apparently believes the ufhe
ripe for an upward movement. AS far as gen.
eraI conditions and current quotations are con-
cerned il is right in its conclusions, but the
fact that bank supplies are not heavy, while fur
Their gold exports may be made, suggests the
wisdom Of caution IN operating on the long SIDE
Of speculation at present There is no lndlca-
ton that the men behind the bull aggresslveness
are buying stocks for keeps. They are working
to create public enthusiasm in the market TO
the end that the outsiders will relieve them OF
their burdens which they have been carrying
for many months and in order 10 attract the
-
that such purchases will bring outside money 10
the Street. AS the goods these interests have 10
sell are valuable the public VIII not ma llsei
with gold brick its hands Il II takes the
offerings and locks them up in strong boxes. II
is not an especially favorable time for small
margin operations. Stocks a rule closed at
the best, last hour dealings being accompanied
by greater activity than at any other t!n2e IN
the day.
4 list Of leading railroad bonds shows an aver
age price of 91lh, compared with 81 at this time
q wear ago. 961A in 1905 and 9212 in 1913. the
latter year being one OF low market quotations.
Since 1908 there has been great increase IN
the actual worth of the securities IN question:
the gain since 1905, when quotations for stocks
and bonds were at the top notch, has been
heavy, and all indications point toward furtheE
appreciation in the intrinsic value Of railway
MORTGAGE issues Yet prices are selling at the
poorest level ever known in proportion TO the
strength of conditions underlying railway mort
cages and as consequence the current TnaFKet
presents many rare opportunities Tor the IN
weston There are no safer investments than
the bonds Of the leading railway properties, as
for instance such issues as the Atchtson general
As the Baltimore & Ohio As, the Chicago Bur
lington & Quincy joint As, the New YORK cen
tral 3hs the Northern Pacific prior lien As, the
Rock Isand refunding As and the Union Paclhc
first general As The market is filled with at
tractive bond offerings, and bond houses believe
the demand soon will begin 10 broaden, and
that the great congestion will be relieved. Fac
ties are sound and there IS proba bility Of
change. There are signs in some quarters Of &
healthfuI read1ustn1ent Of the countrys indus
tries to a uuieter basis, but such a movement
will not be accompanied or followed by trade de-
preston The crops according to all reports,
will be far better than recently indicated, and
it is moro than likely that any loss in yield will
be offset in great part by the big supplies left
over from the record breaking harvests Of a
year ago
Railroads reporting yesterday added further
testimony 10 the splendid condition Of the coun-
try's business, and presented additional reason
for the belief that period Of dividend reduction
is not in sight Southern Pacific for the month
Of May shows a gain in gross of 81. l32, 539,
good part of which was put into the property,
the increase in net amounting to only S15S,154.
Union Paci7c's gross receipts for the same time
increased 81 270069 while net increased S371,-
$50 ST Paul showed a gain in gross Of $685.
3o3 and though net returns were not published,
II is understood they were above those reported
for the same period in the preceding year. Rail
road earnings are beginning to receive more con-
sideration in Wall Street as market factors,
and the same thing may be said Of the results
obtained by the industrial corporations. receipts
Of the latter in the last fiscal year making the
best exhibits ever recorded Big surplus earn
ings which in most cases run beyond dividend
requirements, are especially significant, owing