New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-03

Transactions in yesterdays stock market
were moderately active in volume on a move
rnent Of values that tended. rule. in the
direction Of higher quotations There were
periods of irregulartty due 20 realizing sales.
but the sales thus made failed to encourage
large selling movement, traders generally being
bullsh, while the more important speculative
interests were not disposed to operate on the
short side Of the market. The amount Of gain
to be sure was not large on the total days deal
ings. In the greater number Of cases fractional
Improvement only was recorded, but the mere
fact that advances were more common than
losses naturally served TO create some enthusi-
asn among the holders Of securities. particular
" the holders who are carrying stocks on Dor
rowed money. Such stocks as Analgarnated
Copper, Reading, Southern Pacific. Union Pacific
PENNSYLVANIA, Rock Island and United States
Steel common were actively dealt in at advanc-
ing prices although their final figures showed
onIv fractional improvement. In the afternoon
part Of the early gain lost, while the closing
hour witnessed an important falling off in the
volume of trading. There were no important
especial significance in the character of specula-
tton and little upon which could be based pre-
dic+ion Of the course Of values in the immediate
future Sentiment was divided over the prob
able movement OF prices in the balance Of the
week
Although last weeks bank statement showed
an Increase in reserve above legal requirements.
money rates continued to rule strong in yester-
days market, while according to the views OF
the leading bankers rates would not show any
material decline in the course of the next few
weeks. The idea that there will be no dis
turbance in the loan market this fall naturally
encourages the advocates Of higher prices on
the Stock Exchange TO look forward to fur
Their period Of advancing values for. securities.
although for a brief time it IS thought there will
be considerable irregularity and hestancy in
speculative movements. Prices are admittedly
high among the investment issues for purely
investment buying and a consequence many
people who have money to invest wisely
waiting for better opportunities to accumulate
high grade issues, placing their funds in the
mean time in savings banks, where they are
able to draw per cent, a rate which is much
more attractive than the income that may
be secured the majority of first class in
vestmcnt securities. From the speculative point
Of view, however, stocks look attractive on the
slightest reaction, for the good reason that the
larger speculative interests have not yet parted
with the majority Of their holdings. for the
reason that the public is not largely committed
to the long side and for the reason that condi-
tons in the business world offer no encourage
ment for the operators who would like to see
lower prices. There is a we'll defined idea that
in the course of the next few weeks. or posi-
bly, months. there Will be material advance in
the quotations Of the low priced issues, which
in the improvement in the bull market Of recent
months There are a number Of so called low
grade securities which have gained rapidly in
intrinsic worth in the last year, and the increase
in their actual value Of course has improved
their chances Of dividends