New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-07-29
ENLISTED
Closing prices YESTERDAY Of active bonds 4
IN, with net changes. follow:
STOCK MARKET OPERATIONS.

Trading in yesterdays stock market showed
an increase in the voluu,e OF business as COM
pared with the operations Of the preceding day.
while the course Of values again tended in the
direction of higher quotations Commission
houses were more active throughout the general
list. The leading Wall Street interests apparent
ly were more willing than IN recent days to take
a positive stand on the bull side OF the market.
and a consequence a large amount of bust
ness was done in the chief active stocks. such
as Baltimore and Ohio, Reading, Union Pacific.
ST. Paul and United States Steel preferred.
There was notable expansion in dealings in all
the prominent issues. and naturally the spec
ulative community believed that the increase in
transactions foreshadowed an aggressive re-
sumption of activity on the part of the more
important Wall Street operators. Baltimore and
Ohio and the entire group of so-called Pennsyl
vania stocks were in good demand throughout
the day, while nearly every high grade stock on
the list received attention. both from investors
and spectators. Gains of 1 per cent and above
were common. Although heavy profit taking
sales were reported in the afternoon. the range
Of values at the close was not materially under
the best prices of the day. final operations be-
ing conducted in manner that indicated great
confidence on the part Of the ordinary SPECTATOR
in the stability of the present bull market. In
the bond department activity also prevailed,
especially in the Wabash debenture Bs. Senu-
ment at the close was bullish and higher prices
were predicted for to-day's market. irrespective
of the showing of the Clearing House banks in
their weekly statement.
According TO the known movement of money
In the week the local banks have gained S1.4S6.-
600 in CO sh holdings. To-day's bank statement,
however may not show the changes indicated.
owing 10 the unknown movement Of money.
which recently has become such important
factor in the weekly statement Of the Clearing
House. All indications point toward higher
rates for funds in the fall, but at present the
position of money is hardly considered as uncer-
tain, because Of the fact that it depends largely
on the state OF foreign exchange. Should bor-
rowers be deprived of access to exchange there
would be an abrupt change in the condition of
money. but that is contingency that is not
looked for in the immediate future. Although
exchange has fiuctuated somewhat in the last
few days. and perhaps shown tendency to
advance, it is expected that the exchange houses
will continue uninterruptedly TO issue their So
called finance bills for several weeks to come
Call money, rather than exchange, should be
watched for developments. Call loans lately
have relaxed. which means that borrowers have
been taking time money more freely and putting
out call such parts of their loans they
temporarily have had no use for. with the result
that call rates have weakened. When the heavy
demand for currency from the crop regions sets
in il will be reflected in a stiffening in call
money and that presumably promptly will in
crease the inquiry and likewise raise the rates
for time money
Reports received last night from the CONNER
cial agencies covering the last week show en-
couragfng progress in most lines of trade In
view of the promising outlook for the crops and
the strength in general business conditions
throughout the country it is not surprising that
Wall Street sentiment is bullish Prices of
course, for the greater number Of securities are
high enough, far intrinsic value is con-
cerned, but this consideration is not seriously
discussed in speculative circles when SO manv
bull factors occupy the speculative mind. There
practically is no doubt regarding the immediate
tendency of quotations. but it may he well ia
bear the fact I'm mind that prices cannot move
in one direction all the time. The day will come
when there will be big setback despite the
talk that is now current intmating that moth
ing but bull activity will prevail on the Stock