The daily morning journal and courier., 1905-08-11
gi1ru,rctuI.
TESTERDAT'S STOCK MARKET,
Oscillation of Prices Slightly Wider Flight of High Grade Railroad Stocks.

Oscillation of Prices Slightly Wider
 Flight of High Grade Railroad Stocks.
 New York, Aug, 10- Operators in stocks had to deal to-day with news of far reaching and radical consequences to values The report of the agricul- tural department on the August condi- tion of the grain crop and the presen- tation of terms of peace by Japan to the Russians might either one be thus designated. The oscillation of prices of stocks was slightly wider than had been the daily range in the immediate past, but there was scarcely any change in the hesitation and uncertain ty of the movement Early in the day after an opening resistance to the sell ing which was in evidence late yester- day there was pronounced pressure up- on the market. Prices gave way quite generally to below last nights level. This was variously interpreted as a movement to take speculative profits in anticipation of a favorable government crop report or as a raid upon the mark ct for the purpose of securing stocks at lower prices. Whatever the purpose of the movement it was commonly accept ed as coming from professional specu- lative sources. The character of the support encountered on the downward course of prices proved more impressive to sentiment than the selling itself and brisk recovery followed. Then there developed the amazing flight of prices in many of the high: grade railroad stocks to dizzy heights which made new record at every fresh bound This became the feature of the market and was so extrayagant in it's demonstra- tion as to awaken uneasiness and thus develop a heavy tone for the general list. The figures of the government crop report while proving fully as good as anticipated proved to have been so well discounted as to have little effect | on stocks A corn crop well in excess Of the greatest previous crop in the | country's history is indicated while the combined winter and spring wheat crop gives promise of q yield only of a few million bushels below the bumper crop of 1901, in which year, however, there was a notable shortage in the corn crep The news from Portsmouth was less reassuring because less defi- 1 mite. As for the astounding movement 1 in gilt edged railroad stocks, if it were what it purported to be it would clear ly indicate such a. congestion of capi- tai seeking investment as might be ex pected to be followed by a prompt overflow into other channels, as the prices of the highly prized stocks rise beyond it's reach. But the suspicion was plainly felt that while the move ment was intended to convey an im- pression of tkis condition it might be due to machinations in the market of l those hoping to progt from the impress sion thus created. The phenomenal up- ward course of Delaware. Lackawanna and Western for some time past has had the effect of tightening the grasp of holders on other high priced railroad stocks and thus facilitated todays out burst. The brisk upward movement at the last led by St. Paul made the clos ing strong and decided the predomin- ance of gains over losses in the general list Of active stocks.
 Bonds were irregular. Total sales par value, $3,275, ,oO0. + .~.-
 United States new As advanced half per cent. on call.