New-York tribune., 1905-08-22
SCnlisted.
Closing prices yesterday Of active bonds dealt
in with net changes follow:
STOCK MARKET OPERATIONS.

On moderately heavy volume of business
stock market values moved toward higher prices
in the majority of issues in the greater part Of
the day. The only exceptions among the active
list to the advancing tendency were supplied by
Union Pacific Erie and Amalgamated Copper
in which small fractional losses We're recorded
at the close. Erie failed to show any sympathy
for the rest Of the anthracite list but the issue
was heavily sold for profits its lack of decided
strength was not surprising to close observers
Of the market. Reading, Delaware and Hudson
and Central of New Jersey We're strong features
of the coal group, Reading selling at a new
high record price. while Delaware and Hudson
and Central of New Jersey sold close to their
best figures recorded in last weeks market. At
l15B Readings highest and closing price the
stock returns to the investment buyer at present
less than per cent, and. in view of the fact
that the company is not big trunk line de-
pending for its dividends in great part on pros
perty in the coal business, the security is GER
tainly not cheap at its current price Neverthe-
less, the Street believes that it will touch at
least 125 in the course of the present bull move
ment. Neither is Delaware and Hudson cheap
al its ruling price, but even in the Of this
security it is predicted that quotation of 300
will be recorded. Doubtless the advance in this
stock has brought on the market a number Of
small holdings, but it is likely that the move
ment in the issues has disturbed the control
There are certain interests who would like TO
secure control Of Delaware and Hudson, but it
is not likely that they would be willing to pur-
chase the property at current prices even if it
were for sale. Delaware and Hudson is a sub
stantial old concern, and owners Of its securities
are advised not to part with them
The course of the local and foreign markets
encouraged the idea in speculative circles that
the larger financial interests at home and abroad
were confident of a satisfactory outcome Of the
peace negotiations at Portsmouth. To be sure.
there was nothing in the days developments
at the New-Hampshire town that encouraged
the belief that all moving toward a favora-
peace plenipotentiaries. but the Street was
inclined TO place more faith in the attitude of
the leading bankers of the world regarding the
matter than in news notes and suppositions from
Portsmouth. The banking interests are factors
that will have to be considered by both Russia
and Japan in either settlement of the war or
in a continuance of hostilities, and IN num-
Der of we'll informed quarters it is believed that
already both nations have received a hint that
there will be little money forthcoming in the
event Of further fighting. The fact that the
high priced issues were strong features natural
ly served to increase confidence in speculative
circles respecting the probability of a further
advance in the general list, and the irregularity
that appeared at times and the small declines
that were registered in few issues were due
entirely to realizing sales, the bear element not
being active in any part of the list Closing
figures, as a rule, were at near the best
quotations of the day. There was no material
change in money or exchange. although time
rates for loans were slightly f1rmer, while ster-
ling trife lower Saturdays poor show
ing of the associated banks failed to create
nervousness in banking or speculative circles,
it believed that, despite the low condi-
tion Of the bank reserves. a way would be pro-
vided by the big" inanciers to prevent dis
turbance in the money market this fall, at
least until the larger interests have disposed of
their stocks Then. perhaps. money may be
put up.