New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-23
BONDS.
STOCK MARKET OPERATIONS.

Transactions in yesterdays STOCK market
showed q falling off in volume, as compared
with the heavy totals OF last weeks daily aver
age. but there was, nevertheless. fair demand
I'm the morning from commission houses, and
further interest in trading for the account Of
bull pools and substantial speculative oper-
ators. In the afternoon sales were heavy
enough to offset the early strength. and as a
consequence the greater number Of active issues
showed net losses at the close, with the heav-
lest declines among the prominent shares in
Amalgamated Copper. Reading, Onion Pacific,
Missouri Pacific. Louisville and Nashville, New
York Central and Pennsylvania. In the early
trading Brooklyn Rapid Transit, Reading and
United States Steel preferred presented pote-
worthy instances of activity and strength, the
upward movement, however, not being ex-
planned by news developments affecting the
properties
Buying of Brooklyn Rapid Transit and Steel
preferred doubtless represented accumulation
by people who believe that at present quota
lions both stocks are cheap and will be among
the leaders of the market in the next few
months. despite the fact that their prices al
ready have enjoyed substantial appreciation.
Notwithstanding the improvement that has
been recorded by these issues. there are various
good reasons for confidence IN the theory that
the upward movement is not yet over the
prospects for both companies extremely
bright while the shares are held by some OF
the strongest houses in the Street. AS a mat
ter of market gossip 1t is interesting to note
that the prediction was made in the Street yes
erday that United States Steel preferred will
sell at par before Christmas and at 100 in the
course OF the winter months. Wall Street is
prolific with predictions at present. and they
all appear to favor the bull side OF the market.
At the moment there certainly is nothing that
encourages the idea that sustained bear cam
paign could be brought about.
Doubtless the weakness in the afternoon was
due TO the desire Of many operators to tighten
their stock holdings the holiday and to sell
ing induced by advance in call money rates
to 31s and + per cent. A frmer tendency In
money rates ought to be expected at this period
and the tightening of yesterdays market caused
no surprise in circles where the course of money
in the last few weeks. including the gold export
movement, has been closely watched. Some
loans were called by prominent money lender
who subsequently put out money at the adj
vanced rate, which extremely profitable
operation for the lender and a somewhat un-
settling development for traders in stocks, who
| have been depending on small margins to carry
them through their speculative transactions
a time when all indications pointed to higher
| quotations for loan accommodation. While there
were no further engagements of gold for export
| the condition of the foreign exchange market
! foreshadowed additional shipments at the end
| of the week and more enga genlents next week
| unless there should be q material change in the
| sterling and money market situation. So far
| the exports of gold have failed to weaken ex-
| change rates, the shipments of the last few
weeks having been followed by a hrmer ten
dency in sterling quotations. OF course stronger
rates for money at this centre will attract cur
| rency from the interior, and there IS therefore
| no reason for uneasiness over the local none
tary position.
| It was thought in the day that the Western
| element distributing stock while It was
| evident that traders were testing the bull ac-
| count with the hope Of being able to find some
| point OF weakness which would be susceptible
! 10 aggressive operations for lower prices The
| extent of the decline, however, was not par
| ticularly encouraging TO the bears. The more
| important market interests appeared willing 70
| let the reaction run for the good reason. no
doubt, that they were anxious to buy securities
| at cheaper prices with the view of higher quo
| tations in the course Of the next few months
Liquidation by the smaller commission houses
was a feature of the afternoon trading this SELL
ing being looked on by conservative observers
| as a favorable development, It meant the
! elimination of weak accounts and the strength
| ening of technical market conditions Last
prices were generally near the lowest of the
| day. net losses in many of the active issues
reaching per cent and above, as for instance.
| Amalgamated, which showed a net decline or
Is, Sugar Refining 211, Canadian Pacific 10.
| Louisville and Nashville l. New-Yor Central
Us. Rock Island rs. and Union Pacific IL