New-York tribune., 1905-08-15
'Unlisted
Closing prices YESTERDAY Of active bonds dealt
STOCK MARKET OPERATIONS.

A large amount OF buying orders for commits
sion houses accumulated over Sunday and these
with the decided interest in the market By the
leading speculative operators In the Street, were
responsible for a strong opening throughout the
list Of active securities Transactions were
we'll distributed. The largest sellers were board
room traders. their holdings of stocks being the
chief source Of supply from which orders for
public account were filed. There were also somo
realizing sales by outsiders who had large paper
profits that were converted into cash. but the
effect Of these sales was not important as
far as prices were concerned. until the after
noon trading, when there was gradual weaken
ing in most parts OF the market The declines
however were not heavy enough TO bring about
losses at the close, the greater number of issues
ending the day at q net Improvement as COM
pared with the final figures in Saturdays trad
ing. The fact that there not a more
tensive reaction surprised many of the 'old
timers" Of Wall Street Conditions governing
the current market cannot be compared 20 the
conditions OF the past, and IT is therefore unwise
make predictions based the movements OF
years gone by. Nevertheless, it may be well
to bear in mind that prices Will not move in one
direction indefinitely. Quotations are. in the
majority OF cases. above the actual worth of the
securities as investment propositions, but as
the larger financial interests are anxious TO
bring about a higher level at time when
general conditions favorable to bull
enthusiasm in Wall Street and throughout the
country, II is not likely that the question of
intrinsic value VIII count for much until there
is a radical change in the money market
Many Of the high grade issues again were
in demand. while the lower priced shares ap-
peared TO be taken by d good class of buyers.
The largest advance in the active list
-
closed at a net gain of over seven points. Net
gains Of l per cent and above were common
throughout the list with the heaviest show of
strength in American Tobacco Corn products
preferred, Denver and Rio Grande issues, the
Missouri. Kansas and Texas shares Missouri
Pacific, Northern Pacific. Union Pacific United
States Rubber, Wisconsin Central and Canadian
Pacific. The last named stock was bought by
the same interests which for so many months
have been bullish on the security, and. according
TO the information received from people who are
close TO the company, there will be further
material rise in the stock, as the interests who
are buying the security believe that the stock
is worth much many Of the other stand
ard shares which selling at better prices
There many good reasons for bull sentiment
on Canadian Pacific. 1t is a 6 per cent stock
OF great intrinsic merit. The earnings of the
there is every reason to believe that the i'm
provement that is now under way in the COM
panys traffic receipts Will continue for years to
come. especially as the development Of the
great Canadian Northwest has hardly started
II the current bull market runs on, Canadian
Pacific ought 10 be one Of the leading features
The Southwestern railway stocks also were
features, and the fact that these issues had
been dormant for so many weeks encouraged
the idea that bull movement OF large pro-
portions had at last begun While many care
ful market authorities argue that the advance
In stocks has gone far enough for the present
they do not hesitate TO predict that after IN.
fall demands for money have been satisfied
there VIII be further Improvement In ouota
tions, basng their opinion on the exnactad
large harvests and the expected expansion =,
the country's industrial activities
IN TIE course OF few weeks. possibly by the
middle Of next week. the movement Of money
from the important financial centres To tbe cro-
regions VIII be largely increased and as circ,lrn
stances have not permitted anything like ade-
Quate preparations for monetary requirements
In connection with the harvests OF 1905. it is
reasonable to presume that there will be an
early stiffening IN lending rates With m.
banks and other financial institutions ioined IN
an endeavor 10 prevent actual disturbance I'm
the money market nothing approaching trouble
is looked for but, nevertheless II z certain thar