New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-13
BONDS.
STOCK MARKET OPERATIONS.

SlUEA MhhkEl UfEdhllUNo.
Further improvement was recorded in yester-
days stock market a volume of business
that reached the large total of S20.S7S shares in
the two hours of trading Opening quotations
were well above the closing OF the preceding
day while throughout the short session the ten
dency was generally in the direction Of higher
Level. with the most striking gains in Canadian
Pacific Iowa Central. Southern Pacific, wabash
preferred. Steel preferred. Chicago Union Trac-
ton. Illinois Central, American Tobacco, United
states Leather and Big Four" Canadian Pa
cific was one of the strongest features on the
list On a volume Of business that included in
vestuent purchases and covering by traders
VINO recently made efforts to bring about lower
quotation for the stock. AS the supply of this
issue available for speculative purposes is ex-
fremely limited short sales quite likely to
prove disastrous TO the traders who believe that
they profit by operating that side Of the
account. Its strength exerted a sympathetic
influence on the 500 stocks, which small
dealings enjoyed marked improvement. In we'll
Informed quarters the prediction is confidently
made that Canadian Pacific and the Mime
epolis. 81. Paul and Saut Ste. Marie securities
viii sell at materially higher level in the
course Of the next few months. owing 10 the in
creased investment interest in the shares by
focal, Canadian and European capitalists, this
Interest being based on the increasing intrinsic
value Of the properties. Great industrial ex-
pansion is under way in the country traversed
by the lines Of these companies, and, owing 70
the opportunities Presented for profitable farm
ing. population through new settlers is rapidly
Undressing, and as a consequence towns are
being built and new industries created the re-
suit OF which is increased business for the rail-
roads Strength in Illinois Central stock was
not explained by developments affecting
the property, the demand for the Issue doubt
less representing investment purchases and pos
sibly speculative movement TO bring about an
attractive price for sales by speculative holders
Of the issue AS there is little of this stock
floating about the Street, ii is not difficult
matter to advance it.
The weekly statement of the associated banks
proved & much better exhibit than was general
ly expected, owing to large decrease in loans
which effective in offsetttng TO a material
extent a decline in cash of S6,244, 700 as an in
fiuence on reserve above legal requirements
Loans decreased nearly S15.o00000 while de-
posts fell off $50 100000. the decline in the
latter representing the loss in cash and the re-
duction in the loan item. The suggestion was
made that the decrease in loans possibly re-
flected a sale of securities by the banks. bank
holdings of securities IT may be recalled being
carried in the loan account. Following the pub
lcation of the statement moderate reactions de-
veloped in the stock market and the close
prices We're under the best, many OF the active
issues showing small fractional declines. COM
pared with Fridays last quotations. Sentiment
at the end of the business day bullish. and
higher prices were predicted in this weeks mar
ket, especially in the high grade issues. In which
investment capital is moving. There ex-
cellent reasons for the purchase of the solid
dividend paying stocks and the shares that
in line for dividends. as, for instance Missouri
Kansas and Texas preferred. which will. at no
remote period be placed a dividend paying
basis. Naturally, the dividend prospects Of the
preferred will improve the market value OF the
common, but outside OF dividend considerations
the common stock will doubtless. move to
higher level owing to the active accumulation
OF the stock for local and foreign account. 1t
may be that the Rockefeller interests are not
willing 10 see the control Of the property in the
hands of Dutchmen. and as a consequence they
may become active buyers of the stock. Indeed
in Fast weeks market Standard OIL buying Of
this issue heavy. The control. however
now rests with the Amsterdam people. and, ac-
cording TO the reports received yesterday from
the other side, the price Of the common shares
viii go TO 80 the current movement.
Among the men who are intimately Identified
with the railroad and general industrial aotiv-
sites OF this country sentiment over the outlook
IS extremely optimistic and it IS believed that
notwithstanding the advance that has already
taheh pace ID the STOCK market, prices VIII
reach higher level owing TO the large amount
OF money in the United States and the willing
ness OF capitalists 10 invest their funds in the
prime investment issues Of American railroad
and industrial corporations. Speculation mas
not yet reached the danger point and passing
sharp declines thai may develop will not change
the opinion OF the bull element regarding the
future OF values. There are some stocks that
are dear at present prices, Erie common
United States Steel common and Colorado Fuel
and Iron. but the solid dividend payers such
as the per cent Canadian Pacific the 6 per
cent Pennsylvania and the per cent ST Paul
are not get selling above their investment worth
-