New-York tribune., 1905-08-09
unlisted. TEX dividend.
Closing prices yesterday OF active bonds dealt
IN with net changes follow:
STOCK MARKET OPERATIONS.

While the course of values in yesterdays stock
market exhibited great irregularity. the final
tendency was in the direction of higher quota
tions last prices showing net gains in the
greater number of securities Many of the
standard investment issues enjoyed marked i'm
provement on a small volume Of business Lack
awanna, for instance. making new high record
at 450 on transactions of only 400 shares. while
Delaware and Hudson, on larger dealings. went
above 200 advancing for the day 21a per cent
to 211a. the closing figure Illinois Central and
Manhattan also among the investment
issues Of the first class which moved toward a
better quotation level. The leading active
shares, as a rule, presented few important
changes, the new buying and the realizing sales
being about evenly balanced in most cases. the
result of which was unimportant fractional
gains declines at the close. Amalgamated
Copper ended 4 up, American Smelters 4 down,
Erie Il up, Union Pacific q UP. Reading IS
down and the United States Steel shares Ss
down. 1t readily may be seen in studying the
changes in the active list that there was not a
preponderance of speculative activity on either
side of the market. but for the advocates of
higher prices there encouragement in the
fact that attempts to put values lower were not
successful. 1t may be we'll to note that quota
tions advance easier than they decline, and that
on the least appearance of bear activity com
mission house customers withdrew their interest
from the market The general developments of
| the day were favorable from stock market point
of view. Traders inclined at the close to
take the bull side of speculation. Money was
easy while sterling exchange was down points
There is no doubt in the minds of the greater
number Of Wall Street authorities that stock
market values will move TO a higher range in
the future, despite the fact that the course
of the market has for a number of weeks been
consistently in the direction of better figures
Quotations for many stocks, indeed for the ma
jority of stocks fully measure the investment
value Of the securities, but this consideration
counts for little in period when conditions
governing the actual worth of stocks and bonds
are favorable when the larger speculative and
banking interests are anxious to bring about
higher prices and when money rates are at
low level. AS far money rates are concerned
1t may not be safe to operate on the theory that
quotations for loans will rule for indefinite
time at the current cheap figures. inasmuch as
there distinct signs that before long there
Will be material change in the level of loan
quotations. At the moment, however the
money market is in a position that encourages
bull activity. No one can say how long this
abnormal situation in money will last 1t was
only a few years ago at this time that a DOW
erful band of Western stock market plungers
bulled stocks with money indications pointing
toward higher rates. The prediction was then
freely made by this element that there would
be no advance in rates, notwithstanding the
low reserve above legal requirements but sud
denly the force Of natural conditions became
paramount in the money market and as a con-
sequence there trouble in the stock market
Probably it will be little time before there
will occur similar change in the present money
market. and in the mean time prices for securi-
ties doubtless will be pushed higher The wise
man. however, will begin to shorten sail
in the speculative sea. keeping a wide open eve
to the windward