New-York tribune., 1905-08-01
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market
were moderately active on movement OF values
that tended in the direction of higher quota
tions throughout the five hours Of trading. Last
prices in the leading speculative issues well
as in some of the substantial investment shares.
the best figures OF the day, with tho
chief gains in American Smelters, American
Sugar Refining, Consolidated Gas, Delaware.
Lackawanna and Western. Mexican Central,
National Lead and Pressed Steel Car pre-
ferred, and Tennessee Coal and Iron. In these
advances stocks ran from l per cent to per
cent, with exceptional gain of 15 per cent in
Lacka wanna, the latter stock selling 246 points
above the low price for the issue in 1904, the
high price of the day being 4251s. The advance
in this issue was not accompanied by news de-
velopments affecting the property. the upward
move, which involved only 100 shares, doubt
less representing nothing than a specu-
lative turn in the stock. OF course, at its pres
ent price it is not likely that any well in
formed investor will buy Lackawanna, espe-
cially when there many other first class
Investment securities selling at lower quota
tions. There were no important developments
affecting the various shares dealt in but the
general tone of the days from various
parts Of the country rega riding the business
situation and the position of the crops supplied
sufficient argument for builishness OIL American
railroad and industrial stocks and bonds Heavy
profit taking sales in Atchson, Louisville and
Nashville. Norfolk and Western. and Reading
Irresponsible for small fractional net losses.
In Canadian Pacific and the 500 issues there
a good investment demand, and talk was
heard Of higher quotations for all the stocks
OF companies allied 10 the Canadian Pacific.
Commission houses We're fairly busy in the
day, and the larger speculative interests were
active in suggesting the wisdom of buying
stocks at present prices. AS frequently pointed
out in this column in the recent past the
powers that be in Wall Street are anxious for
better prices for securities in order to dis
tribute their holdings TO the public. and from
the of the market in the last few weeks
it is quite evident that success is attending
their plans. The general impression is that
quotations Will move to a higher level but
perhaps il may be well at this time for new
buyers to exercise great caution i'm their pur-
chases. The time is not far distant when there
will be a big demand New York for funds
to finance the crops, which i'm turn will be fol-
lowed by active demand from Paris in
connection with the financing of Russian loans
to say nothing of probable Withdrawals for the
account of Japan of money subscribed in this
country for the last two Japanese bond is
sues The local banks none too strong
in reserves above legal requirements, espe-
ciaily in view OF the enormous loans out
standing which in the last two weeks have
expanded So, ,539. 300. For time the tremen-
dous power exerted on the local monetary situa-
ton by few banks which are interested in
maintaining low rates for call money doubtless
will to prevent a material advance in
lending quotations. but eventually the force of
natural conditions must be reflected in higher
rates for funds. Call and time money remained
at unchanged quotations yesterday, while ster-
ling exchange was 10 points under last weeks
closing price for demand. Finance bills are
still being put out, but there must be limit
TO this foreign borrowing and settlement
which even large supplies of cotton. grain and
commercial bills In the fall may not be able
satisfy.
According to adpices received yesterday from
the Northwest, the condition of spring wheat
is far better than recently reported, while ac-
cording to the reports received from Chicago
the movement of grain and general merchan-
disc is much heavier than recently expected. In
all lines there many encouraging factors
and a consequence the holders Of securities
naturally feel that the time is ripe for an active
bull campaign In securities. despite the fact
that the greater number OF stocks are selling
at prices that more than measure their intrinsic
worth There some stocks that are selling
their actual merit, and these issues doubtless
win move higher with the general list. II should
be remembered that in Wall Street, when gen
eral conditions favorable. speculators with
the help OF the money lending banks, are able