New-York tribune., 1905-08-12
enlisted Tex dividend.
Closing prices yesterday OF active polioS u'"''
,r;+I ,,e. changes follow:
STOCK MARKET OPERATIONS.

Stock market values were strong IN the greater
part OF the day an active volume OF Ousiile'S
throughout the list. The leading investment Is
suas again were in demand, especially st. Paul
Union Pacific New-York Central. Pennsylvania
and Great Northern preferred, the last named
security moving to a new high record price at
3O6. with net gain of 1914 per cent. There was
no news affecting the Great Northern property.
but the earnings of the company in the last
twelve months and the excellent prospects for
big traffic returns the current fiscal year nat
urally attracted attention to the stock, both for
speculative and investment account Like
I.ackawanna and Delaware and Hudson, there is
little OF the Great Northern preferred available
for stock market purposes and, OF course. the
lightest demand for the issue has material ef-
feet on it's price. Great Northern made splen-
did record last year. and there is every reason
to believe that in the current year the showing
will be better. Less interest than recently
reported was taken in the anthracite shares. but
in view OF the striking advances made by these
issues in the last few weeks the refusal of op-
orators TO deal actively in them was not at all
surprising. Pennsylvania was in demand from
substantial market followers; also Union Pa
ciflc New-York Central, Louisville and Nash
Vile, St Paul and Canadian Pacific Canadian
Pacific Of the strongest features in the
active list. advancing 10 new high level on
buying that came from interests identified with
the property and people who are quite convinced
that the stock is one Of the cheapest OF the high
grade issues on the list So many of the first
class investment securities are selling above
Canadian Pacific that it is not at all surprising
that this issue is coming into prominence as a
candidate for better quotation level The
Canadian Pacific stock intrinsicay IS worth
as much as Great Northern preferred North
west and several other gilt edged securities and
the chances are that 1t will sell mich higher in
the course OF the current year While there was
a large volume Of profit taking sales in the last
hour, prices ended the day at net gains I'm the
greater number Of issues. Delaware and Hud-
son was among the few issues that were ad-
versely affected by realizing operations
Buying OF stock in the current market rem
resents an excellent class Of operations. and
according to the reports received from the lead
ing commission houses further transactions for
the long account will be undertaken in the i'm
mediate future, despite the fact that in the
greater number Of securities quotations are at a
level that more than measures their intrinsic
worth There are so many encouraging factors
In the present situation affecting the business
outlook In the United States that It is not at all
surprising 10 see speculative activity In favor
OF higher prices on the Stock Exchange: but
II may be well to bear in mind that quotation
cannot move in one direction indefinitely es-
pecially when in the majority OF issues values
have more than discounted favorable trade con-
ditions. The fact that there are still nanv
stocks In the hands OF the more important bank
ing interests naturally attracts buying at pres
ent prices The large holders, however. in tbe
last few weeks have sold some OF their specu-
lative possessions. and as a consequence the So
called public is more actively Interested In the
stock market than the casual observer inagInes
Fortunately the present outside following "a
well backed by large financial resources and
IT is therefore not thought likely that in the
event OF higher money rates there viii be anv
widespread disturbance in the specuIative
markets. Every effort will be made bv the
New-York bankers to prevent trouble in the
money market this fall but the chances how
ever, favor higher rates for loans The hanks
will welcome a better rate for money Hisber
loan quotations Will not necessarily prevent
further improvement in securities. although at
the time OF the development of advancing rnona,,
rates the leading speculative interests may ba
inclined TO operate for lower prices on the Stock
Exchange. Outside OF money market uncer-
tanties there is nothing in the current situation
that suggests more than the ordinary caution tn
speculative operations.