New-York tribune., 1904-10-25
BONDS.
STOCK MARKET OPERATIONS

STOCK MARKET OPERATIONS.
7, sts present optimistic frame OF mind wall
0,reef does not allow itself 10 become disturbed
Bver the possibility OF serious developments as
n result OF the remarkable action OF the Rus
Faan Baltic feet in firing on English fishing
Frnacls In yesterdays stock market was no
trace OF rneasiness over the startling announce
rneut that Russia had committed an act which
might lead 10 grave consequences prices Tor Sc
vu,rities af1er fractional declines at the opening
eKhibiting aggressive strength IN the greater
humber OF issues. with long list OF net ad-
gances at the close. wonderful instance OF
The markets power OF resistance 10 enormous
realizing sales and heavy liquidation for for
Rign account was shown throughout the day OF
ferings being easily absorbed by buying power
Ehich was heavier in volume than the most san
F7lfne bull operator believed possible, in view of
khe chances Of an unfavorable change in the pc
Fition OF international politics affecting Rus
ola and England Doubtless the conservative
element in the Street, well as the ordinary
stock market trader. believed that the firing by
the Russian ships on English vessels would be
explained !n a manner satisfactory TO both ma
tions and this theory was reflected in the gos-
sip heard IN banking parors and commission
house Offices, and in the support which securi-
ties received from the most substantial inter
enormous in volume. with the heaviest dealings
IN Amalgamate5 Copper, St. Paul, Erie. Brook
lyn Rapid Transit. Chicago Great Western. Col
orado Fuel and Iron. Mexican Central, Penn
sylvania- Reading. American Sugar Refining.
Rock Island. Southern Railway. Union Pacific,
the Steel stocks and Ontario and Western. The
last named issue enjoyed maximum advance
OF over 3ia points on total of business that
amounted TO upward OF 10000 shares. Street
opinion the Ontario and Western New-E Haven
deal has not undergone any change, despite the
refusal OF the New-Haven people officially 10
confirm the reported purchase Of the Ontario
and Western for NeW-Haven account, while the
advance in the stock suggests the belief that
control Of the property viii pass TO the New
Haven on dividend guarantee Of not less than
21k per cent. Indeed there is excellent author
lty for the statement that Ontario and Western
stockholders viii receive this rate which. OF
course. would entitle the stock TO a higher price
In the London market no great disturbance
was reported, despite a moderately active sell
tng movement IN the early dealings. and at the
close prices for all securities showed a harden
ang tendency. which on the London curb amount
ed 10 positive strength. The fact that financial
circles in London were not seriously upset over
the North Sea incident doubtless served to
create confidence in this market over the prob
ability Of a peaceable settlement OF Russia's
surprising attack inoffensive English ships.
AS 10 the London selling IN this market an ex-
PLANTATION is easily found IN the attractive op-
portunities that were offered on the advance
6or profits. Low priced stocks were again ac-
tive features throughout the day. especially
Chesapeake and Ohio, Chicago Great Western,
Colorado Fuel and Iron, Rock Island, Mexican
Central, Erie, and Southern Railway United
States Steel preferred supplied one Of the few
Instances Of heaViness, and in this respect the
stock followed the course which II deyeloped
an last weeks market. IN which realizing sales
were heavy enough TO Offset new buying. At
tts present quotation this security is selling
STeu under its best price recorded !n the bull
market OF 1902. but at an advance Of over 80
points as compared with its low quotation last
spring. when It solo at 49s1. AS all indications
IN the Iron and steel trade point toward year
OK excellent earnings. Steel preferred cannot
be considered dear at its present price, and the
chances are that its pause IN its upward move
ment is due entirely TO distribution OF stocks
by people who desire TO convert paper profits
into cash.
American Sugar Refining was strong and ac-
five, also for a time Amalgamated Copper.
According 20 authorities on the copper situa-
fiOE, the market for the metal is gradually i'm
proving. with prices at the best figures since
ae1L May lne upward movement being due 20
heavier foreign buying and the more hopeful
outlook in this country for trade expansion.
The large exports Of copper have kept stocks
a the metal down 10 a safe limit and they
have made the position Of the copper market
most favorable one from the sellers point OF
view Although foreign houses were heavy
sellers in the local market. they failed 10 ofer
any Of their holdings OF Canadian Pacific which
maintained fair degree OF strength through
out the day. the stock selling at one time un
ward Of point abcFe Saturdays last quotation.
Coincident with the strength in this issue there
WAS further improvement IN the 800" stocks.
while the upward movement was accompanied
by predictions Of much higher price for both
me common and preferred shares Erie was
dealt In 70 the extent OF over 100000 shares
a. q net gain Of Ia
money market rates remained at an easy level
nut sterling exchange was strong advancing 20
The highest point recorded in the last few weeks
The prospects Of lower rates for exchange are
not promising at the moment, but this Is No.
worrying the Street, owing 10 the fact that the
locsl banks are well supplied with funds while
az present there is need Of gold imports. os
course. with declining wheat exports and En-
nopean realizing sales IN American securities
eAenaAge rates are apt 10 rule firm, despite the
-~1Ae outward movement OF cotton. There Is