New-York tribune., 1905-11-28
sUnlisted. TEX dividend
Closing prices of chief active bonds dealt in
STOCK MARKET OPERATIONS.

r-o,sact{ons In stocks were heavier in volume
than on any day in the current year with the
exception of the operations Of Monday, Feoruary
27 when total sales amounted TO l99'uOu
shares, against 1,715,82S in the five hours OF
trading Yesterday large proportion Of the
business was supplied by the industrial issues
in which many sensational advances were re-
corded the upward movements not being ac-
con,panied by news developments affecting the
various properties, although in the case OF the
stocks of the Southern iron companies the rise
in quotations was followed By the old reports
of a merger of all the iron concerns in the
South The fact that Tennessee Coal and Iron
advanced for the day over II points. making
gain since Monday a week ago of 19 points,
naturally created the belief that something
more than manipulation was responsible FOR the
advance especially as the shares OF other iron
companies that may be mixed up in Southern
iron deal also have enjoyed marked improve
ment in the same time. Sloss-S Sheffield advanced
6 noin+s while Republic Iron and Steel was up
over = for the common and nearly for the pre-
ferrad If was a field day for the industrial
shares Indeed, the movement in these issues
was more pronounced than recorded III many
months, and the rapidity Of the upward move
ment caused some uneasiness IN the conservative
circles of the Street and led to cautious selling
bv many operators With the exception OF
Atcbinson which was helped by the companys
exce11ent report of earnings; Canadian Pacific,
which is advancing on its merits; 81 Paul'
Kansas City Southern preferred and Reading
the active railroad shares failed to share to any
important extent in the days buoyancy. Al
though Union Pacific was dealt in 10 the amount
of over 100 600 shares, its net gain was only IL
While final prices were under the pest hsures
of the day, sentiment in speculative quarters
was buIIish traders predicting further advances
1,oct, leland issues were heavily Sold supplying
the onlv important weak spot IN Inc seherai
market Various reports regarding the proper
- nome of them favorable, were circulated, but
they failed of confirmation. The street mas not
bean hulIish on Rock Island for a long time
NJ, ,o LOST 80 and the preferred points.
-,,, ,~esen+ nosition of the stock market does
o+ encourage the idea that there Will be any
thing anproaching panic, as far as the DuiiS
are concerned in the near future, but there are
of course certain factors in the current spec"iA
49, that suggest the possibility of passing sharp
reactions in quotations. Bull markets geherd1lly
s~a oooo,nnanied by material declines, and in
view of the great advances that nave taken
nIeca especially III a number of the industrial
- a. NAV be well at this time to shorten
oiI In sneculative operations for the rise. That
,ba General level of values will sell higher In
| tho course of the next few months is conceded
| nv almost every in the Street despite the
foc+ that in many issues prices already more
than measure the actual worth of the securities
| -enresented but il is conceivable. nevertheless,
| +ha+ there may be some quick declines of sufh-
cient extent to wipe out small traders who trust
| to small margins General conditions governing
.be investment situation as bright as they
| have been at any time in the last month, and
+bs+ Is ga wing good deal. but il securities are 10
| he rushed I'D several points day, as in the case
| of Tennessee Coal and Iron and American Smelt-
| ing the level soon will be reached when specu-
1ativa conditions will demand halt and bring
| .bo,,+ neriod of trouble for a number of over
| enthusiastic bulls The larger speculative in
+erests that is the capitalists who have been
behind the market for many months, are not
In favor OF such movements as were reported in
Tennessee Coal and Iron yesterday, and If there
ebonrd he a sudden break they would not look
ON II with disfavor. They well supplied with
fur6s They are interested in seeing slowly
advancing market and If there should be a
break they would not be affected. Indeed. they
would he the ones TO come to the support Of the
market
Much better conditions have developed ir
| money While rates are not declining precipl'
tatelv their course nevertheless is downward
and the whole course of money, in short, is
| toward lessening tension. Now that the proba'
| Iilitv Of gold exports has been eliminated by ar
| 90 sing of money in Europe, relaxation in money
rates on this side of the Atlantic will be enectu
| aIlv promoted by the return of currency from
the crop regions 10 the money centres A iaTgt
| amount of cash amassed in the South anc
west to finance the crops. but ii has for th'