New-York tribune., 1905-08-10
ENLISTED.
Closing prices yesterday of active bonds dealt
in with net changes. follow:
STOCK MARKET OPERATIONS.

Stock market values were strong in the early
part Of the day on an active volume of business.
There was good demand in the leading issues
from prominent Wall Street interests. especial
~ in Union Pacific. ST. Paul, Atchison. the steel
shares. Reading and Delaware and Hudson In
the last named stock a new high record price
was made at 20531 This stock is a per cent
issue and at its present quotation it returns to
current buyers less than 81 per cent. yet there
appear to be many people who are willing to
take the security at its prevailing quotation In
some quarters there is idea that the direc-
tors of the company will increase the dividend
rate, but among the interests who we'll in
formed regarding the property it is not thought
likely that any change will be made from the
current figure. There is only small supply of
Delaware and Hudson and Delaware, Lackawan-
na and Western available for stock market pur-
poses, and naturally the slightest demand causes
marked appreciation in the prices of these
hard coal issues In the last hour the general
market became weaker under the influence of
heavy profit taking sales, with the result that
there were more net losses than gains in the
active list, although losses generally were con-
fined to small fractions, the chief exception be-
ing Northwest, Consolidated Gas, Northern Pa
cif1c Sloss- Sheffield and Tennessee Coal and
Iron. in which on small transactions declines
ran from to per cent Offerings were we'll
taken. and despite the sagging tendency at the
close traders a rule were bullish In view
of the fact that prices have been advancing
without an important setback for many weeks,
a good sized reaction would help rather than
injure the prospects of a bull market Among
the active shares which showed net gains at the
close We're Amalgamated Copper American
Smelling and Refining and Atchison. num-
Der of houses advised their customers to stay
0f ha rLe dafn ito
regarding the peace negotiations at Portsmouth.
Conditions affecting the actual value of Sc
curties continue move In a direction that
encourages bullishness in Wall Street and as a
consequence of the prevailing optimistic senti-
ment traders are not willing to take active
position on the bear side of the market, although
IT is admitted that in many cases stocks are
selling for more than they actually are worth
Moreover, in number of securities there is a
topheavy speculative account. but even this fact
does not lead to aggressive operations for the
bear interest. Eventually such a situation VIII
result In lower prices throughout the list In
the mean time, however, it is likely that the
greater number of issues will move to a higher
level, while 1t is not considered probable that
there will be any important disturbance In the
Street, even If good sized reaction should de-
velop in the fall months. The money market is
being closely watched at the moment. There is
little probability Of material change in rates
in the immediate future despite the low posi-
ton of the bank reserves. especially as there is
large supply of foreign capital available for
use in the local money market, in addition TO
large amount of time money which is now being
put out on call. Later in the season. when
the demands from the interior become more
urgent and when the readjustment of Russias
finances is undertaken. there will be higher
for loans this centre +HeD 4bara
may be a temporary disturbance in speculative
accounts on the Stock Exchange 1t NAV be
we'll to bear I'm mind that the larger banking
interests in the financial community are espe-
cfaly interested in maintaining stability in the
securities markets. and of course they will do
everything in their power TO prevent disturb
in money.