New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-01
BONDS.
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
heavy in volume a movement OF values that
showed great irregularity in the early dealings
and decided strength IN the afternoon trading
There was a good demand for the high class in
vestments. such as st. Paul. Delaware and Hud-
son and New-York Central. while there was also
an active volume of buying orders in Union
Pacific, Louisville and Nashville Reading and
some of the low priced issues, although the
operations in the last named were not signif-
icant OF legitimate investment interest in the
shares. There are number OF the cheap stocks
that are entitled TO sell at a higher level on the
practical certainty that they will at no remote
period double IN intrinsic worth. but in the ma
Jority of the low priced securities are SELL
ing for all they worth. while they have
more than discounted whatever improvement
may take place in their real value through the
expansion IN the country's industries in the
course OF the next year. The fact, however that
many stocks selling up to their actual worth
does not signify that they will not enjoy further
Improvement II the general market continues
to advance the poor shares will rise with the
good. While there are a number OF people in
the Street who believe that the month of Deoern-
Der Will witness irregularity and lower prices In
the stock market, the best informed observers
are not willing to admit that the general course
of values will not be IN the direction Of higher
a bear campaign unless money market conditions
should undergo a radically adverse change.
At the moment there is no indication that
there will be disturbance In the money market
despite the low level of local bank reserves
There IS plenty Of money IN the country, and
the minute that rates for loans In this centre
advance. currency from all parts Of the United
States will begin to flow this way In volume
The stronger tendency in the loan market In
the last ten days has been effective in attracting
funds from the West. while It has been an in
fuential factor IN bringing the gold export
movement to an end. for the present. at least.
Exchange in Paris and Berlin on London IN
yesterdays market was higher. In the local
market receipts of bills were moderately heavy,
while the demand was not urgent, and
consequence thu general tendency in the d.
rection of lower rates. demand sterling closing
several points under the last price of the pre-
ceding day. It is likely that the weakness OF
the cotton market IN the last few days will be
followed by a larger export demand for the
product, as foreign buyers have been holding off
in the last two months to a certain extent
owing TO the high quotations. and to the belief
that 1t would be impossible for the bulls in cot
ton to maintain artificial prices for an extended
period. According to the government report
over 100000 bales of cotton have been ginned
in the current crop year, which compares with
about 6SO0000 in the corresponding time a
year ago. This exhibit shows that there is a
large amount of cotton in the country as a re-
suit OF this seasons harvest. and Il foreshadows
active shipments to Europe at prices that will
be satisfactory TO both the shipper and the
consumer.
Strength in the general list In the afternoon
was helped by the improvement in the stocks OF
the representative companies. the advances in
the latter being considered forecast of a closer
community OF control among the big trunk lines
and the anthracite coal properties. The United
States Steel securities while closing above their
lowest prices OF the day, showed net losses IN
both the common and preferred the decline in
the latter amounting TO 1 per cent The sinking
fund bonds also failed to enjoy Improvement
In view of the enormous activity in these issues
In the last week weakness at this period IS not
surprising. inasmuch operators naturally de-
sire TO take advantage OF present prices TO con-
vert paper profits into cash. And IN this par
tioular many other stocks acting in the same
way, but there appear to be no lack of bull SEN
timent and no disposition on the part Of the sub
stantisl market interests TO bring the bull move
ment 10 an end In Reading transactions on
the basis OF full stock amounted to over 100000
shares the heaviest dealings recorded except IN
United States Steel common. In which total
operations amounted to over 214.OOO shares.
Readings extremely favorable earnings FOR the
month OF October helped the stock All the coal
roads are now reporting excellent results even
the Erie company at last presenting improve
ment In both gross and net returns. Certain OBJ
servers continue TO insist that the public is not
in the market. but il is only necessary 10 refer
to the enormous dealings that are recorded daily
on the Stock Exchange TO realize that there is a
large outside interest in securities
s