New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-18
unlisted. tex dividend.
Closing prices yesterday of bonds dealt ii
STOCK MARKET OPERATIONS.

While there was increase in the volume OF
trading as compared with the total dealings OIL
the preceding day. there was little PUBIC IN
terest in the market, and great amount OF ao-
tivity on the part of the leading speculative in
terests AS rule. the operations represented the
transactions of the board room element and az
forts by few of the speculative pools TO adj
vance prices to higher level In the early deal
ings quotations moved in leisurely manner
toward better figures and 1t not until the
last hour that any indication Of weakness de-
veloped The declines were not large, nor were
the morning advances. but the late selling move
unent was heavy enough to wipe out in many Is
sues the early improvement, quite number OF
shares closing at net losses as compared with
the final quotations in Mondays market. The
best strength was shown by Amalgamated Cop
per. Brooklyn Rapid Transit, Jersey Central.
Delaware and Hudson. the Missouri, Kansas and
Texas issues. and Reading. Delaware and Hud-
son was favorably affected by the old ruTnor
that the New-York Central had secured control
of the property and that guaranteed dividend
Of 10 per cent would be paid on the stock, while
the Kansas and Texas shares were advanced on
the rumor of dividend declaration on the pre-
ferred in the future. 1t is not thought like
y that the latter stock will soon be placed on a
dividend basis, although it is quite certain that
the property is working toward a dividend basis.
Money rates were slightly easier at this centre,
bur foreign discounts were again strong, while
sterling exchange continued to move against
New-York
Money market conditions do not encourage the
idea that long period of ease in rates for loans
will develop in the Immediate future. There
is no chance Of further gold imports at present,
and there is little prospect of a falling off in
the demand for funds in Connection with legiti-
mate business and financial transactions. Money
doubtless will rule hrm throughout the world
in the next few months for the good reason that
in all financial centres there is an urgent in
quiry for accommodation incident to the
financing OF new securities issues, to the expan-
sion OF general trade and to the requirements
Of investment corporations for the January in
terest and dividend disbursements. Little at
tention so far has been given to the calls that
will develop later on in the season, but it may
be we'll this time to take note OF the fact
that the prominent bankers, upon whose Shout
ders falls the burden of supplying the funds al
ready are making preparations to meet future
demands For this they are anxious to
maintain quiet speculation in the securities
markets They not making efforts to bring
about period of serious liquidation in the
stock market, but they are, nevertheless, work
ing to restrain bull enthusiasm at this time
They realize that the high priced shares are
selling for more than they worth from an
investment point OF view that is, In the greater
number Of cases. and they see no reason why
the credit resources Of the banks should be
strained just in order TO help spectators carry
prices to fictitious level. Many spectators
who want to see higher prices are turning their
attention to the so-called low priced issues but
the fact should not be lost sight Of that in the
last three months even this class Of security has
enjoyed Improvement Some of the lower grade
issues may receive dividends in the future but
at the moment there is no prospect Of general
dividend distribution.
Although cotton is beginning to move IN
moro normal manner, the demand for exchange
is so heavy that the supply OF bills in the local
exchange market is not large enough to depress
rates for sterling. Exports of cotton are in
creasing. and a consequence the amount of
bills coming the market is much heavier
than 1t was week ago. but from present indt-
cations there is chance OF a change in tbe
current tendency OF sterling quotations In
yesterdays market further strength develoned
demand rates advancing % points and in GER
tain quarters the idea that this country might
be called upon to send gold abroad was enter
tanned. The best informed bankers however
do not believe that an outward movement will
take place this year. The exchange market ia
in a most interesting position at present and If
will pay TO watch II carefully.