New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-09-28
BONDS.
STOCK MARKET OPERATIONS.


Further activity the part Of the bull ele-
Iaent marked the course of dealings in yester-
days stock market Operations OF this element,
however failed to attract a widespread specu-
latiVe demand for securities. commission houses
not being important factors in the days opera
lions as far as buying for general public. ac-
count was concerned. Thsre we're. however,
heavy purchases by OF the leading houses
IN the Street for the account Of bull pools and
rich individual spectators good part Of this
business representing the transactions of the So
called Western element, which is supposed to
be headed by John w. Gates. who. It may be re-
called also was at the head of the speculative
movement that ended In disaster in September,
1902. Prices were strong throughout the greater
part OF the day. with especial strength in Union
Pacific and United States Steel preferred, in
which advances OF over per cent were recorded.
Both Of these stocks sold at their best prices Of
the year, Union Pacific crossing 102. while United
States Steel preferred sold as high as TOSS
an active volume OF trading. Despite the ex-
oellent annual report OF the Atchison system,
which was published yesterday, there was no
unusual demonstration of strength in the Atchi-
son shares. their failure 10 record a material
gain doubtless being due TO realizing sales by
traders who bought these securities several days
ago on advance information regarding the char
acter Of the yearly exhibit. The idea that Union
Pacific interests are buying into the Atchison
property with the view OF becoming dominant
factors in that company is gradually disappear
ing. owing to the fact that people who are we'll
informed on the Western railway situation have
made statements showing that while certain in
vestors who are interested in the Union Pacific
property have placed idle money in the Atchison
shares and that while a number Of other capital
fists have taken Atchison stock purely as an in
vestment proposition. these operations merely
represent q belief in the future OF the Atchi-
son property by prominent capitalists and not
a movement 10 secure control of the property.
A favorable weekly government report on the
condition of corn naturally increased the conf
dence Of the bull element in their ability TO
bring about further improvement in the railway
shares, while heavy buying the curb Of
Northern Securities stock for the account Of
London and the announcement that the offering
OF Panhandle bonds had been quickly dis
posed of TO investors encouraged cheerful SEN
timent in Wall Street circles That there is
good demand for first class investment securi-
ties Tor the account Of genuine investors is
hected IN the successful sale by Speyer & Co.
an6 --uhn. Loeb & Co. OF the 100000 bonds
OF the Pittsburg, Cincinnati, Chicago and St
Louis Railway Company.
In the general railroad list further strength
shown by Canadian Pacific, both in the
local and London markets, transactions repre-
senting in great part actual investment pur-
chases. Earnings OF the Canadian Pacific have
been remarkably heavy in the last few months
the increase from July 20 the third week in
September amounting to nearly 100000 COM
parison being made with a period year ago.
when traffic was also heavy.
Strength in Northern Securities on the curb
was accompanied by rumor that the differ
snces between the Hartman interests and the
Aorgan-HM interests in the Northern Secur-
tiles Company would soon be settled In a man
ner satisfactory TO all concerned, but there was
no confirmation OF this report in quarters where
information on tae Northern Securities situation
Is supposed 20 be Trustworthy. Naturally a So
luton OF the Northern Securities rnuddle In a
way which would eliminate from the general sit
uation the opposing propositions for a settlement
CT the long drawn out controversy over the dis
traoufion OF the securities which were taken
over by the Northern Securities Company at the
time OF its organization would be a DEVELOPMENT
OF the greatest Importance affecting the West
ern railroad situation and the relations between
the leading capitalists OF the country. In the
late afternoon dealings prices sold off from the
best Of the day, but closing figures showed a
long list Of net advances