New-York tribune., 1905-06-22
sUnlisted.
BONDS.
STOCK MARKET OPERATIONS.

Advancing values, accompanied by an expan-
sion in the volume of business, marked the
course of Stock Exchange operations yesterday
The presence in the market of a number Of sub
stantial interests and larger buying orders for
the account Of commission house traders were
effective arguments for higher quotations. which
specula+ors short of securities quickly appre-
ciated. The short interest has been growing in
the last few weeks, and in many stocks 1t has
reached proportions that suggest 20 clever fol-
lowers of the market the wisdom OF taking the
long side of speculation on the theory that the
shorts viii rush to cover their contracts on the
first appearance of an active outside buying de-
rnand especially such a demand viii be
based on conditions affecting the actual worth
of securities In yesterdays transactions the
shorts doubtless realized the weakness of their
position. while number Of operators who were
well informed regarding the technical situation
Of speculation were active in taking advantage
of the re-entrance to the speculative field of
prominent Wall Street interests and outside
public traders. Total sales amounted TO more
than 100000 shares compared with e daily
average Of less than 100000 shares IN the last
few weeks, and the fact that there was such a
large increase in dealings naturally encour-
aged the expectation of further Improvement in
values in the balance of the week. There
many good reasons why stocks should advance.
Conditions governing the real worth of securf-
ties are so strong that IT appears absurd to
operate the bear side of the market for more
than a turn; yet there are a number of opera
tors who believe that prices win go lower before
q sustained advance develops
Prices were strong throughout the day. clos
ing figures showing net gains of / per cent or
more in the leading active securities. Ameri-
can Smelling, Northwest, Consolidated Gas.
Sheffield, Tennessee Coal and Iron and the
United States Steel shares We're leaders in point
of advance. and rule in point of activity.
the trading in these securities with Reading
Pennsylvania Union Pacific and Baltimore and
Ohio supplying a large part Of the days opera
tions. Reading was taken in enormous amounts
the expectation that the directors of the
company would increase the dividend but the
demand for the issue brought active offerings of
the stock on the market, and as consequence
the price failed to make important net gain.
its last quotation standing at Sc, net advance
of only 4. Union Pacific also felt the effect of
heavy realizing sales, while number Of secur-
tiles showed in the final prices the influence OF
selling by interests who accumulated stocks sew
eral weeks ago when quotations were selling well
under the present range Of values. There were
no particular developments in the day account
ing for the sudden change IN the character of
business on the Stock Exchange, but traders
in the progress of the readjustment of the
Equitable Life affairs reason for enthusiasm
the bull side of the market. while they also ap
parently began to realize the remarkable
strength of conditions underlying the invest
nent and speculative situation. Sentiment was
bush at the close and predictions of further
improvement were freely made in banking
circles There was no material change in the
money and sterling markets.