New-York tribune., 1905-07-08
Closing prices yesterday Of active bonds dealt
IN with net changes, follow:
STOCK MARKET OPERATIONS.

IN the greater part Of the five hours OF busi-
ness stock values were strong on an active
volume OF trading that was we'll distributed
throughout the list with the heaviest opera
tions in Union Pacific, Reading, Amalgamated
Copper. Sugar Refining, st. Paul. Tennessee
Coal. the Erie shares. and the United States
Steel issues. Union Pacific in excellent de-
mand the report that the directors OF the
company had definitely decided to place the
stock on per cent basis next week, while
Reading made another new high record, the
buying of the stock being accompanied by
various immoderate predictions of the future
level the issue will reach. Reading is already
dear as a per cent coal stock but, of
course, a consideration OF this sort will have no
effect on the price at time when the bull
fever is growing. In the best part OF the after
noon prices remained strong. especially in the
United States Steel issues, Tennessee Coal and
Iron, and Reading. Southern Pacific was also
in fair demand, and, following the report that
the Union Pacific directors would increase the
rate Union Pacific common, there was a
rumor, which originated in we'll informed cir
cles. that Southern Pacific would be placed on a
per cent basis, while after the close Of busi-
ness it was said that Union Pacific would sell
at 40 before it reacted points. II Union
Pacific is to become a permanent 3 per cent
will not be extravagant. while If Southern Pa
cific receives per cent it will not be unreason-
able to look for a better quotation for this
stock. Norfolk and Western and Baltimore and
Ohio are to be advanced to better dividend
rates. and both stocks therefore may be con-
sidered cheap at their present quotations. es-
pecially Baltimore and Ohio which will be
placed on a per cent basis, and which is now
selling many points under Union Pacific. which
is not a bit more valuable as far as invest
ment worth is concerned. It is thought that
if the bull movement continues Canadian Pa
ci1c will be among the issues TO enjoy marked
Improvement, as there is little OF the stock
available for market purposes. while there is
a considerable short interest in the shares. This
security has been bought for many months by
people whose chief desire to accumulate It has
been based on the intrinsic value OF the stock.
The market was firm at the close. despite a
heavy volume OF profit taking sales, Union
Pacific being among the shares in which
realizing sales were large enough to bring
about small net loss. Tennessee Coal and
Iron again in good demand and higher
price was predicted. The stock for technical
market reasons. well for reasons based
on the increasing value of the Tennessee Coal
and Iron property. naturally has attracted a
considerable following in Wall Street
Operations for higher stock market prices in
the last few days have been for the account of
powerful financial interests including large
number OF people who for many months have
been tied up with stocks and bonds, which they
are extremely anxious 10 distribute among the
public Naturally. therefore the big men
are taking advantage OF the present in
the money market. the favorable outlook for
the crops. the absence OF disturbing develop
ments and the general strength OF business
conditions throughout the country. to encour-
age public activity IN securities. That the pub
lie, TO some extent has re-entered the market
is reflected in the growing volume Of trading
In the increased attendance at commission
houses and the larger transactions OF commits
stantly advancing prices. as have been wit
messed in the last week. encourage outside in
terests in speculation. and It is not ct all i'm
probable that in the course OF the next few
weeks material further Improvement will be
recorded and that in the upward movement the
larger spectators and underwriting syndcates
will be able to get out OF stocks at handsome
profits. With this view Of the outlook In mind
many careful operators are taking securities at
present prices. although in a number of cases
quotations more than measure the actual in
vestment value OF the issues. These buyers be-
lieve in moving with the tide Irrespective Of
general conditions. and a consequence the
probability OF higher money rates later on In the
season fails TO uneasiness In their ranks
According 10 the known movement of cur
rency IN the last week. the local banks have
lost more than 100000. but nothing is known
regardng the movement OF loans II Is useless