New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-09-06
STOCK MARKET OPERATIONS.

There was no lack of news developments yes
ter6ay IN the stock market both favorable and
lnfavorabIe; but the bullish came last and
the market. after early uncertainty and dispcsl-
ton to decline, turned in the afternoon trading
and closed strong and active. with final prices
the best of the day and such net advances made
as So points in Union Pacific. 3I2 in Great
Northern ~ in Northern Pacific. rs In St
Paul and Reading. rs in American Smelling
and Refining common, 3 Z in Delaware & Hud-
son and rs in Missouri. Kansas Texas com
mon. The failure of the Stock Exchange firm OF
Watson & Co. had not been unexpected, al
though Street rumor had not been busy with
the name of the house; and Ii was supposed
that the price recession on "Wednesday was t.
some extent due to selling in anticipation of the
assignment The firm has been bullish
wheat which in the last few weeks has had 4
serious decline. and is understood also to have
been q bull the Hill stocks during the larger
part of the great slump in those issues
The announcement Of its assignment was fol-
lowed by partial rally in stocks on the ia
rniliar theory Of the bad news being out but
II was not until after word had come that the
Interborough- Metropolitan directors had taken
the expected action OF passing the dividend on
the preferred stock that the market definitely
rallied. the trading becoming broad and active.
at rapidly advancing prices. with the announce
ment Of the increase i'll the Burlington dividend
rate and the declaration of an extra dividend Of
per cent on the stock. Weakness of the copper
tations for the metal by the New York Metal
Exchange had for a time a depressing influence.
but in the late trading AInalgamated Copper
advanced with the rest OF the list, closing with
a net gain for the day Of l point eau money
touched 81. Per cent but closed at . to 2i2.
most Of the days loans being made at "a. lime
money continued in good supply. with quota
tons unchanged from the comparatively low
figures ruling the previous day.
Rllrnors were revived that the Morgan inter
ests had secured control of the Union Pacific,
but these reports were speedily and authorita-
lively denied and probably were not factor in
the advance in that stock. Concidently with
these reports came the word that the Union
Pacific bond syndicate had been dissolved. Sew
eral months ago. # may be remembered, Union
Pacific common had q considerable advance, ard
II was said TO he the desire Of the syndicate to
put il up to q level at which the bonds could
be converted into stock. stock could be sold
and bonds could rot. Bur that effort if really
made was unsUccessful the stock hating many
points under the figure necessary for profitable
exercise Of the conversion privilege. The bonds,
when distributed, for only small percentage
is understood to have been disposed of, will pass
into the hands of the powerful interests now
raj to suppose that at the first favorable OppoT-
tunity another effort may be made to work
Union Pacific up to the bond conversion level
The passing Of the marlborough Metropolitan
dividend had been commonly expected and was
taken as assuring the passing of the dividend
guaranteed by the New York City Railway
COMPANY on the Metropolitan Street Railways
stock although indication was given in the
brief statement issued at the close OF the board
meeting The traction issues were strong Man
haitian gaining 2 points. Third avenue point
and marlborough Metropolitan preferred u
poInt while the common closed unchanged from
Wednesday. There were no transactions in
Metropotan