New-York tribune., 1905-06-23
enlisted.
Closing prices yesterday of active bonds dealt
in. with net changes, follow:
BONDS
STOCK MARKET OPERATIONS.

Stocks were strong in the greater part Of the
five hours of trading on a volume Of business
that again reflected the presence in the market
of substantial interests and commission house
operators of the first rank. The activity yester-
day and the day before has dispelled the notion
that the stock transfer tax will seriously inter-
fere with the prosperity of Wall Street, while
the increase in dealings also has dispelled the
idea that the market will run through the sum-
mer without an active buying demand at fire.
quent intervals. Trading was heavy in all parts
of the list with the largest operations in Balti-
more and Ohio, Arnalgamated, Atchison, Illinois
Central, Louisville and Nashville, Pennsylvania,
Reading, Rock Island, Southern Pacific, Union
Pacific, Norfolk and Western, United States
Steel preferred New-York Central and Canadian
Pacific. Buying of the last named issue was
for the account Of the same interests who have
been accommodating the security for the last few
months, and in quarters where Canadian Pacific
information is trustworthy it said that
material advance was looked for in the price Of
the stock There are many good reasons why
the issue should go to better quotation level,
and it is not at all unlikely that within the
course Of the current year its price will sell
in proportion to the market valuation
Of a number Of other high grade securities
which are not bit more valuable as invest
rnents. Advances ran from 1 per cent TO 9 per
cent in the leading shares The Hartman
stocks, Reading and the United States Steel
issues were in good demand throughout the day.
and, despite heavy realizing sales, last figures
showed the larger part of the maximum i'm
provement. The strength helped by the
overextended short interest, to which attention
frequently has been called in this column. At
the close sentiment bulish and higher
prices were predicted.
There has been a gradual improvement in
stock market values since May %, when the
leading active railway shares showed an aver
age price of 11452 compared with the present
average of over 120, while similar appreciation
has been recorded in the industrial issues This
movement tends to prove the theory that in the
dull summer markets prices enjoy a gradual
enhancement, despite the absence of an active
outside demand reaching a materially advanced
level before the so-called public begins to take
an active part in speculation. Bearing this
phase of the speculative situation in mind, many
careful operators are quietly accumuating first
class securities in the confident expectation that
eventually there will be a demand for stocks
that will enable them to sell their holdings at
handsome profits. In view of the various ia
vorable factors in the general situation there is
much reason for the current optimism in Stock
Exchange circles Railroad companies through
out the country continue to show heavy gains
over this period year ago, when traffic was by
no means light; bank cearngs are largely in
excess of those in 1904; the country's foreign
commerce is expanding. the iron and steel trade
is active, notwithstanding a healthful reaction
in some lines, and the crops are progressing in
4 most satisfactory manner. These features
form a combination that does not augur well for
tie people who propose taking the bear side of
stocks for an indefinite period. Mr.. Keene and
eeveral other Wall Street men Of wide expert
ence are buying stocks, and they will sell out
TO the public several weeks months hence at
no loss.
Time money appears to be strengthening es-
pecially for the longer maturities. which implies
belief that funds will be active IN the late
summer and the fall. The demand for four,
FIVE and six months money has increased ap-
preciaby In the last few days, while there has
also been larger inquiry for thirty-day money
TO guard against possible bulge in call money
rates around July l. Although there is little
faith placed in the prediction that is heard in
quarters that there will be disturbance in
the local money market in the course Of the
next few months, bankers realize the fact that
there are certain elements in the situation that
undoubtedly will bring about higher quotations
for loans later on in the season. II is prob
able that at remote period large transfers of
gold viii be made from New-York to Paris
This movement win be coincident with the No