New-York tribune., 1905-06-29
STOCK MARKET OPERATIONS.

,, dealings in Yesterdays stock
market prices advanced throughout lhe i'"
gains in the active issues amounting " Pc
cent and more while in the afternoon traolns
good part of the Improvement was nlalhldiileu'
dssn,ta active realizing sales. Commission
bouses reported more optimistic feeiins aiiloiis
their customers over the future or Vaiues' re-
eaction of which was seen In the increased puy-
ing for so-calIed public account, especially III
the stocks of the representative companies as'
for instance, Baltimore and ONO, FehlsS "ii''
Union Pacific st. Paul, New-York Centrai ana
Canadian Pacific. The low priced seouii'io9
,yara strong features as well as the higher priced
stocks. and the fact that the demand was 50
n-ou distributed in all parts of the list encour-
aged the idea that powerful interests were act
ivelv engaged In operations for a general ad-
,oa On light dealings Chicago and Northwest
ern enioved a. maximum gain of points Wnle
Cbicapo Terminal preferred advanced b points
and Northern Pacific about points. New-fork
Central, Pennsylvania and the STOCKS OF co'i-
panies controlled by the latter system were
features. also Erie, Louisville and Nashville and
st. Paul.
There were no developments arectlng
the various issues in which important advances
were recorded, the upward movement being due
to buying based on the presence In the market
of substantial interests and the understanding
in speculative circles that the better class of
Wall Street traders favors higher prices. Nat
urally the advance attracted certain amount
of profit taking, but the offerings were not
heavy enough to bring about important declines
from the top prices, last quotations being near
the best of the day. Speculative enthusiasm Tor
the rise prevailed in all markets. cotton, corn
and wheat as we'll as stocks, advancing under
| the influence of active bull operations The
most doleful reports received (by the way
lin fold n rIfE
damage from insects and the weather, while the
cotton market was flooded with predictions that
this years cotton crop would be far under the
normal. owing to decreased acreage and a late
start for the plant. Although these reports
were effective in advancing the cotton and
grain markets, they failed TO upset sentiment
the Stock Exchange, doubtless owing to the
refusal of traders TO place any faith in the
mors which bore the earmarks of gross exag-
geraton.
| There are number of people who doubt the
permanency OF the current strength in the stock
| market but the best informed interests appear
| to believe that the advance will continue until
| the larger holdings pass to other hands at sub
| stantially higher quotations There is large
| amount of stocks and bonds ready for sale at
better prices. and the fact that efforts being
made by the leading operators and financial in
terestS to bring about bull enthusiasm ought TO
1 suggest the danger or DelnS snort OF securities
| at this particular time and the wisdom of NOV
| ing with the leaders. irrespective of conditions
| affecting the actual worth of securities Values
| often move contrary to these conditions. owing
| to the powerful influence that the larger Wall
| Street men able TO bring 10 bear the
| market: but in the present case the factors
| derlyng the investment worth of stocks and
| bonds are, rule moving in direction
| favorable to legitimate bull operations. There
| some securities that selling for all and
more than they are worth, but such little
| thing does not count when bull activity once
| develops. OF course. at some period investment
value, money market rates and other known
factors Will remedy the evil OF fictitious level
| OK quotations. and there is reason to suppose
that after the bull activity Of the current year
becomes exhausted prices will not again seek
! lower level. Before that time comes It is likely
| according TO the most careful market Observers
| that Union Pacific, Canadian Pacific ST Paul
| Reading. the copper shares. the steel and iron
securities and In fact, most OF the active ssuea
| will sell materially above present quotations.
| While arrangements complete for the July
| interest and dividend disbursements, It is not
| safe to assume that the monetary position will
| not again occasion concern until the outflow OF
| currency TO the crop regions OF the South and
| West gets underway two months hence II
| there were no other element In the situation
the low bank rssarvas would keep money fxom
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