New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-10-05

STOCK MARKET OPERATIONS.

C4VGA ufGhA1
A sensational advance in St Paul stock in
yesterdays market on an enormous volume OF
dealings was not accompanied by news develop
ments affecting the property, but the Street was
filled with rumOrs regarding the Northern Secur-
tides situation. involving settlement in which
the St Paul company would figure as an i'm
poFtant factor. Rumor said that the Northern
Pacific company would pass into the hands OF
the St Paul through a sale by the Union Pacific
OF its Northern Pacific stock holdings 70 the Chi
cage Milwaukee and St Paul Railway. while It
was also reported that interests identified with
the Erie would Join with the st. Paul in buying
control OF Northern Pacific. Evidently these ru-
Fnors were not based on facts as interests con-
nected with the Northern Securities Company
said that there was change IN the Western
railway situation. The most interesting report
IN connection with the point advance In
ST. Paul stock was that James J. Hill was heav-
sly short OF this stock. and that the opportunity
had been taken TO squeeze" him. Opening at
1891 st. Paul advanced TO 167. closing at 166. a
net advance for the day OF 6k per cent Al
though the upward movement IN this issue and
the strength n Union Pacific. Missouri Pacific
and several other prominent shares caused con-
siderable uneasiness on the part Of the short in
terests through Dut the list. conservative opera
tors considered the improvement in the stocks
named an indication Of manipulation that might
encourage speculative Generalization. They
therefore advised enthusiastic public traders to
curb their fast developing desire TO purchase
securities. The fact that London was an active
buyer in the local market naturally attracted in
terest to the so-called international issues, but
the chief factor in the days operations was the
sharp advance in St Paul to level that returns
a little over per cent the investment.
St Paul is a solid investment issue, and there
Is no reason TO suppose that the people in con-
troll OF the property will countensnce any opera
ton which may affect the investment value Of
the company's securities: but II is unfortunate
nevertheless that the stock is advancing under
the influence OF manipulation, rather than
through the medium Of investment purchases
Union Pacific made a new high record for the
season. while throughout the list securities sold
at their best prices OF the year In the last hour
moderate reactions were recorded in the greater
number OF stocks, and at the close quotations, as
a rule, we're under the best figures OF the day.
United States Steel preferred failed to respond
70 the influence Of Union Pacihc's strength
which was so effective in other parts Of the list
Doubtless the interests which have been pushing
Steel preferred higher in the last week took ad-
vantage OF the strength in St. Paul and other
issues to liquidate their holdings of the Steel
shares. Canadian Pacific was strong feature
on local and London buying. enjoying a max
fmum advance OF over / point This stock is
cheap IN comparison with ST Paul and other
high priced railway issues, and this fact appar-
emily appeals TO investors as the issue has been
largely bought for investment account in the
last few weeks Regarding the company's
finances II is interesting TO note that for the
fourth week in September gross earnings show
an increase OF $4,000. making gain for the
month OF S2SS000 and gain from July / OF
n STR
Northern Securities stock On the curb. OF course
was q factor in helping along the various fairy
tales regarding the Northwestern railway situa-
fion- Steel preferred closed at a net loss OF IL
per cent
Last weeks decline in hank holdings brings
the period OF higher money rates nearer. but it
does not foreshadOw disturbance in the local
money market. Higher rates for loans are in
evttable. while imports OF gold in the course Of
the fan probably win be made. London. accord
tng 10 cable dispatches. expects a demand on
that centre for gold for American account. but
q viii do all In its power 10 prevent a large
movement OF the metal to this side. II how
ever. We have the credits abroad and II we need
the money. efforts on the part OF foreign bank
ers 20 prevent gold shipments TO the United
States win not be successful. Fortunately. our
exports OF cotton at present are heavy IN vol
unae, and as a consequence this country is piling
up trade balance in Europe which may have 10
be settled in gold. The possibility OF a with
araWal by the government OF federal deposits
in national banks is becoming more remote. as
The national Income is now running In excess of
expenditures; while the prospects do NOT favor
deficit for the year. in spite OF the grave fears
o. Democratic politicians. who are trying To con-
vince voters. In their usual clumsy prevaricat-
ing way that the country is on the verge OF
1TsTr,
concerned Democratic readers are invited to
Examine the movement OF government finances
n me last eight years as in that time gold re-
serve OK s4o0OO0oo0 has been established and
extraordinary and unusual expenditures. such
as me cost CT the war with Spain. amounting
70 over SoVoce0o00 and the Panama Canal nav
Alent' nave been made; yet the country's Treas
Wy Is ~ a sound condition, with no symptoms
9l the weakness that governed Treasury condI-
Cons IN the last national Democratic admins
uaoon- Ano IN the last four years the national
interest bearing debt has been reduced % a.,
extent OF si47.ss5.s3o. while in the same time
VIII extraordinary government expenditures In
Guiding the 100000 Panama Canal pavrn.r,
ue osSa balance In the Treasury. exclusive 30