New-York tribune., 1905-08-20
ENLISTED.
Closing prices yesterday OF active bonds dealt
in with net changes, follow:
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
Transactions in the two hours of trading were
relatively light in volume on movement of
values which showed unimportant net changes
at the close. Early weakness was followed by
final strength There were few features OF in
terest in the general market. spectators ap-
parently being unwilling TO deal extensively
pending more definite news from Portsmouth re-
garding the probable outcome OF the peace
negotiations. Notwithstanding the snags that
so far have been reached by the peace commits
sioners the leading Wall Street bankers believe
that permanent peace will be concluded before
the envoys sail for their homes this idea doubt
less being based the financial side Of the
situation Money pressure that is the influence
Of the biggest fnanciers in the world, unques-
tionably is being exerted on the side of peace
and this influence may become more potent in
settling the differences than any other factor
The weekly bank statement showed, expected
falling off in cash and reserve holdings, al
though the decline in cash not large as
indicated by Fridays estimates. Cash decreased
over S3.O00,000, loans increased S6210OOO de-
posits increased 81, 500, 100 and reserve above
legal requirements decreased So 491, 125. Re-
serve now stands at S9355 615 as against $5S,-
613015 in the same week last year and S21,-
05S.300 in the year before. Loans now
heavier than ever before in the history OF the
associated banks. After the publication of the
bank statement the stock market disregarded
the unfavorable changes and advanced with
considerable vigOr throughout the list Perhaps
the departure Of Baron Rosen from Portsmouth
to confer with President Roosevelt a factor
in creating bull sentiment. The close was steady
at the advance. final prices showing net gains in
the greater number Of issues.
money before long, but despite the low position
Of the Clearing House banks reserve above
legal requirements no important disturbance Is
looked for in the money market Rates, how
ever, may go high enough to check mad specu-
lation in the stock market. Many people who
have been buying stocks at high prices may, in
the event of a sudden calling of loans be COM
PEELED TO liquidate their holdings, possibly at
loss but far actual trouble is concerned
in stocks and money, of sober judgment
believes that such development will be
corded this fall. Furthermore it is believed by
the best infor ID interests in the Street that
in the of the next six months prices for
securities will sell many points above the cur
rent level. There good reasons for this
sort of confidence in the market but the small
trader ought, nevertheless, to exercise great
caution in operating on the bull side at existing
quotations. good sized reaction is due. Prices
had been advancing without important setback
until Friday, and even the decline at the end of
the week failed TO restore sound speculative con-
ditions. Bull markets always accompanied
by big reactions and there is no reason to sup
pose that in the present case sharp declines will
not occur. At the close OF the week traders
sentiment was somewhat bearish. although the
larger interests expressed great confidence in
the theory that the bull market had not yet run
It's course.
1t is encouraging to note the remarkable ex-
pansion that is taking place in railroad earnings
in all parts of the country. Big traffic receipts
reflect industrial prosperity which, OF course
makes for stability in investment values and
speculative enthusiasm on the Stock Exchange
For the first week in August railroads reporting
show gain, as compared with the correspond
Ing period year ago, Of over per cent. In the
same week last year earnings of the same COM
panies were over / per cent larger than in 1903;
in 1903 they over IL per cent larger than
IN 1902 and in 1902 they per cent larger
than in 1901 1t therefore will be seen from
this comparison that returns in the current year
are exceptionally heavy Improvement is not
confined to any one section of the country
Losses when made have been due to special
causes as for instance. in the case of the
Southern Railway for the second week In Au-
gust, when slight decline was reported, traffic
doubtless having been checked by the yellow
fever in New-Orleans. The increase in earnings
means in the case of a number of properties
! argeC dividends and the placing of certain
shares which nevee have received dividend in
the investment column. II is understood that
Missouri, Kansas and Texas preferred soon will
receive its initial dividend. Norfolk and West
common will be raised to per cent basis
in the fall and it is said In well Informed quar-
ters that the Canadian Pacific directors will
raise the dividend on Canadian Pacific stock TO
Z per cent at the next dividend meeting Cana
dian Pacific has been absorbed by prominent To-
cal. London and Canadian interests. and IL is
their intention TO hold the stock for a much
higher price. II is thought that the low priced
issues will become features In the near future
Chicago Great Western is booked for a higher
quotation; is Missouri Kansas and Texas
Colorado Southern and Wabash