New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-24
STOCK MARKET OPERATIONS.

on a heavy volume of business stock market
values advanced throughout the greater part Oh
the five hours OF trading. There may be a lew.
rear factors in the current situation, but wall
Street-at least, the speculative element OF the
financial comrnunity-is not interested IN the
possibility of the development Of influences that
NOV, work for lower quotations the Stock Elk
change Nothing is talked about except the
magnificent condition of the country's industries
tho favorable crops of the current year and the
nrohah ilitv of further expansion in all lines OF
trade. These factors appear to say that prices
for securities must continue to 90 ahead as they
have been moving for so many months past out
there are just few people who beheVe thaI
values may suffer a serious setback If specula-
tors insist in continuing their campaign for
higher quotations at this particular time. Such
an idea, however. is not popular In the leading
speculative circles and the person who advances
it is branded as a confirmed pessmist. Never
theless 1t sometimes pays to be a pessmist as
far as the stock market is concerned. Stocks at
the close were under the best of the day owing
to realizing sales but as a rule net gains were
recorded the chief exceptions being supplied by
Brooklyn Rapid Transit, Metropolitan and
Northern Pacific among the active shares. The
Industrial issues again We're prominent features
many of the shares of this class. which for
long period practically have been dormant, ex-
hfbiting life as. for instance. American Grass
Irvine. which closed the day at a net gain of
over two points. It is understood that the
Grass Irvine Company is in much better finan-
cial condition than it year ago. The rail-
way equipment shares New-York Air Brake, st.
Paul New-York Central Louisville and Nash
vile and Kansas City Southern preferred were
strong features.
Foreign exchange was strong, demand rates
advancing to a point near the level at which
gold may be exported at a profit. Money rates
were easier than recently recorded, but there
was nothing in the position of the money mar
ket that warranted the opinion that was ex-
pressed in some quarters, that period of great
ease is about to develop. Conditions in the
money market of course. have improved in the
last fortnight; that is rates for call loans have
moved to a lower basis, but in the same time
decided strength has developed in foreign ex-
change with all indications pointing toward
shipments Of gold from New-York. If there
should be a large outward movement of the
precious metal the effect would not be To in
crease operations on the bull side of the secur-
tiles market. Stocks being bulled by the
men who are large holders and who are anxious
to dispose Of their possessions at higher prices.
The public however refuses to take an active
part in the speculation. and unless there should
be a heavy outside demand the big spectators
may have SOME difficulty in carrying their
stocks. The larger banking interests are not in
favor of bull speculation at this period and it
may become necessary for them to express their
protest in a manner which will bring about
forced liquidation the Stock Exchange In
the greater number of securities prices sell
ing at a level that fully measures the improve
nnent that has taken place IN the intrinsic worth
of investment issues. and while at the moment
this phase of the speculation is not being con-
sidered by the operators. whc believe that
enormous profits are awaiting them ON the bull
side of tie market sooner or later it will be-
come a prominent factor in the situation.