New-York tribune., 1905-08-30
ENLISTED. TEX dividend.
Closing prices yesterday of active bonds dealt
in with net changes, follow:
STOCK MARKET OPERATIONS.


Stock market values responded with no uncer-
tain tone to the Portsmouth announcement that
the japanese and Russian peace plenipotentia-
ries had reached basis upon which a perma-
nent treaty of peace could be negotiated
Throughout the list prices were strong in the
early dealings but following the news from the
New-Hampshire town more pronounced strength
developed. advances Of from 1 to ? per cent be-
ing common, while in some issues even greater
improvement was recorded. notably in the case
of Canadian Pacific. which advanced for the day
per cent, closing at its best price. Indeed
throughout the list last quotations generally
at the highest figures Of the five hours of
trading. Among the active issues the chief i'm
provement, outside of Canadian Pacific,
corded by Atlantic Coast Line, st. Paul, Erie
Louisville and Nashville. New-York Central
Pennsylvania Southern Pacific, Union Pacific
and the United States Steel shares. Erie COM
the most extensively dealt in stock in
the market and its price sold at high
record level. In the last hour there were heavy
profit taking sales. but the market showed a
great power of absorption. commission houses
being large buyers After the close of business
the greater number of commission houses put
out advices suggesting the purchase of stocks
at the current level. OF course. some traders
sold on the theory that all the good news was
out, and that therefore the time had arrived TO
take the opposite side of the market. There
not many traders who would care to be caught
short Of stocks despite the fact that stocks are
selling at the best figures of the year and in
the majority of cases at the best quotations ever
! recorded. Trading in japanese bonds was enor-
nous in volume at advancing prices.
ing by local and London interests. purchases
being made the expectation that the stock
will reach materially higher level on its merits.
There is no good reason why this security should
rot sell at better price in a bull market, such
as the Street is now enjoying. particularly
the stock represents company that is rapidly
becoming one of the greatest railroad properties
in the world. With its through line from Mont
real to the Pacific Coast TO say nothing Of over
five thousand miles of branch and leased lines
all running through country that is expanding
wonderfully in mining agricultural and manu-
featuring pursuits, the company occupies posi-
tion that ought to commend its securities to all
thoughtful investors. Northwest and Great
Northern are great properties. but Canadian Pa
oifc is just valuable In the low priced issues
there are well defined indications that prominent
interests are accommodating these stocks to hold
for higher prices. especially ST Louis South
western preferred, Chicago Great Western. Mis-
souri,, Kansas and Texas and Colorado Southern
While the Gould shares have not been popular
for many months, ii is not unlikely that buying
in St Louis Southwestern stocks and Wabash
VIII soon become more active while it is quite
certain that Missouri Pacific will not long re-
main a laggard. The crops in the Missouri Pa
cifcs territory unusually bountifuI the
farmers in that region prosperous and the
manufacturing activities in Missouri are grow
ing, all of which means more traffic for the
Missouri Pacific, we'll as for other roads in
that part OF the country According to the ideas
OF well posted market followers II will nav to
watch the Southwestern Railroad shares
There was no material change in money mar
ket rates loans being made and renewed on call
on an average Of per cent. How long this low
rate will continue II is impossible to predict ow-
ing TO the great control exercised on the money
market by the powerful financial interests bur
TO the ordinary observer who watches the drain
on this centre for interior account ii doubtless
appears that quotations ought to advance at
once. II may be put down a fact however
that the leading banking interests do not ex-
pect disturbance in the money market this fan
despite the low position of the reserves and the
constant calling on New-York for funds for
crop moving purposes. Able men control the
money market at this and other centres inc,us
Ing the foreign capitals, and there Is tbe-a
fore. no occasion for uneasiness over the c,,rren.
position OF bank holdings. The interests of tb
big men require an easy money market hut
of course, there may be sudden fiurries IN oou
money rates within the next few months sucb
iurries may be accompanied by passing Iin,,,da-
: ton OF speculative accounts In the stock market