New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-10-29
BONDS.
STOCK MARKET OPERATIONS.

bIUGh MARKET UPEhA41UNc.
Wau Street awoke 10 the fact yesterday that
there VIII be no war between England and
Russia, and as a consequence Wall Street opera
tors covered their short contracts on an ad-
vanuing scale Of prices, while commission house
trading for public account was resumed, the
volume OF business for outsiders amounting TO
large totals in all the active issues. Many strik-
ang advances were made and as a rule the i'm
provement was maintained throughout the Eve
hours OF business. last quotations showing
long list OF substantial net advances. which
amounted IN many instances TO above > per
cent The upward movement naturally at
Gracted a certain amount OF realizing, but the
demand for securities was heavy enough TO Of
set the selling pressure. especially in the stocks
which suffered severe losses in Thursdays mar
ket Although transactions were under the
record Of the preceding day. the volume OF bust
ness nevertheless was exceedingly heavy with
the greatest activity in ST. Paul. Erie. Ontario
and Western. Pennsylvania, Reading. Rock ISL
and. Southern Pacific. Union Pacific. United
States Steel preferred, Chicago Great Western,
Amalgamated Copper. Chicago Terminal Col
orado Fuel and Canadian Pacific. The last
named stock more than recovered its loss Of the
preceding day, while the rights" also sold
higher on a fair demand. Good investment buy
ing was reported in Canadian Pacific: also in the
500 stocks, the last named showing marked
srnprovenent the common advancing from the
opening at ssh 20 above 49, while the preferred
enjoyed a maximum gain OF Oh points. In well
informed quarters il is thought that 500
common Will sell well above par on the cur
rent movement. There IS only a small amount
OF the stock available for market purposes, and
the same thing may be said OF Delaware. Lack
awanna and Western. which made On small
dealings a sensational move from 299 TO 800.
the advance not being accompanied by news
developments affecting the property The I'm
preston is general in wall Street circles that
the Lackawauna directors VIII soon make an an
nounoement which viii add to the income OF the
stockholders.
All the anthracite coal shares were strong.
Erie advancing "a points for the day. Reading
Ia. Delaware and Hudson rs. and Ontario and
Western q.
A careful examination Of yesterdays market
ought 10 impress on the minds Of market fol-
lowers that the present speculation in securities
is something out Of the ordinary. and that the
factors controlling the upward movement have
greater strength and more significance than
Wall Street has experienced IN many years. De-
spite the fact that securities have already en-
soyed marked improvement, as compared with
their low quotations Of the year, there is every
reason 70 DelleEe tldL the demand Tor STOCKS
and bonds VIII continue for a long time to come
70 an extent that VIII bring about even better
prices than those now current. A remarkable
public demand has developed, powerful enough
10 take the market cut OF the hands Of the peo-
pie who started the huh movement. and as long
this demand continues Il IS not likely that
the substantial Wall Street capitalists viii be
disposed 10 place obstacles IN the way OF fur
Their Improvement In quotations. Moreover the
large Wall Street interests know that negotia-
fions affecting various transportation companies
are under way and that the nature Of these
negotiations warrants the purchase of stocks
and bonds at present figures. or course. prices
have reached a point where there viii be reac-
tions. such as those which developed Ia the
speculation Of Wednesday and Thursday. and
the small operator should therefore exercise ex-
IRENE caution in buying stocks al this level,
backing his purchases with margins large
enough 20 Withstand the temporary setbacks
that are incident 10 all advancing markets
Bearing IN MIND that the leading active issues
enjoyed net Improvement averaging > per cent.
while such gains as 5lk were recorded in Sugar
Refining. rs IN Delaware and Hudson, pos in
Iackawanna, . in 500" common, and ~ in
Pacific Coast. II viii readily be seen that condi-
lions prevail IN WAN Street that do not favor
activity on The bear side OF the market.
10 '--ei eii6"ss4ilel-B OF gold Tor Shipment
70 Europe were announced. Sterling exchange,
however was strong and IN foreign exchange
circles IL vas thought that further exports of
the metal would take place next week. Cold ex-
ports however DO not worry banding circles.
lnasnuch as monetary conditions IN New-York
and throughout the country are sound. while
the possibility Of disturbance Ia the money mar
Aet ls considered extremely remote The most
encouraging feature Of the local money market
situation is found IN this weeks movement Of
money with the interior. which shows gain to
me Aew-2ork banks Of over 100000. reduc-
ing The net loss Of the banks on su accounts for
me week 10 less than 100000 Efforts were
MADE yesterday 20 advance the rate for can
BY the larger banks and trust cornpanjes re-
uectea supply OF funds at this centre large
enough 10 keep the rate al a lower level