New-York tribune., 1904-10-24
THE WEEK IN WALL STREET.

Stock market values reached the highest fig
ures OF the year last week on volume OF trad
ing that averaged over 100000 shares each
day. While there were heavy realizing sales
the presseAe was rot great enough to bring
about at any time material reactions. despite the
fact that operations OF this character were ac-
companied by activity on the part OF certain pro-
fessional dealers 20 force lower range Of quo
fations. Stocks advanced under the influence OF
enormous public buying purchases, for outside
account being heavier than at eny time since
the bun market OF two years ago, orders coming
from al parts OF the country. with a particu-
iGrly heavy inquiry from the West and South.
In addition 20 the purely speculative buying,
commission houses reported that investors were
taking stocks out oe the market this tendency
being marked in first class railway mortgage
bonds and in high grade stocks. such as ST.
Pau, Canadian Pacific. Delaware and Hudson.
Manhattan. New-Eork Central and Pennsyl-
Tania. That there Is a large amount of idle
capital seeking investment is reflected iE the
operations on the Stock Exchange. IN the
outside market and IN brokers Offices, an In
stance OF the Widespread demand for good IN
Testments being furnished by the eageTness on
the part OF capitalists TO buy the new Mexican
bonds. which were brought out by an American
syndicate headed by the banking house Of
speyer & Co.
While foreign bankers were active conpeti-
tors for the Mexican loan. the Mexican govern
snent awarded II 10 American fnRnciers. and in
doing so the Mexican republic furnished further
evidence Of the financial strength of New-York
and its growing influence as worlds money
power. Industrial activity in the Mexican re-
public has shown marked expansion In the last
ten years. owing 20 the stability OF the govern
ment, the natural resources OF the country and
the placement of large amounts OF outside capt.
tai in the various trade channels CT the coun-
fFy. As consequence OF Mexico's prosperity
american investors are willing 20 subscribe TO
che Mexican government securities, ana to the
securities Of its railroads and Industrial corpor-
aoons IN the last week large hlocEs of Mexican
Central stock were bought in the local market by
prominent interests, and in well informed cir
cles the idea was current that the security
would enjoy further materisi price improve-s
EnenG
II is interesting 10 record the fact that. not
Tithstanding the great appreciation in stock
market values in the last six months. quotations
for most securities are stin well under the high
record figures OF 1902, the only noteworthy ex-
ceptons among the active issues being Manhat-
tan, which IS selling six points above its best
price of 1902: Ontario and Western, which is
seven points above the record OF that year, and
Sugar Refining ana Peoples Gas, both of which
are about one point higher. In many quarters
Il is believed that. while the stock market may
suher set5acks. prices VIII in the course of the
next few months, advance 10 The records of two
years ago while the more enthusiastic specula-
tors predict e-en better figures than were re-
corded In l:O2 In order 10 sell on level OF
The last bun market Baltimore and Ohio must
advance % points, St Paul 25 points, Louis
Vile and Nashville % points. Metropolitan 80
points, Missouri Pacific % points. New-York
Central 33 points Pennsylvania 80 points
Southern Pacific Il points Union Pacific
points. United States Steel common "a points.
the preferred i points Consolidated Gas 10
goints and Colorado Fuel and Iron G6 points
In view OF conditions affecting speculation II
does not seem improbable that securities viii re-
cover the balance OF the loss which followed the
collapse OF the bull speculation In 1902. hut at
this stage OF the markets progress great eau
uon ought 10 be exercised and small operators
ought 10 have their accounts well margined. as
a sharp reaction .ray develop ct any moment
IN tho following table quotations for number
OF leading active stocks are given. showing the
movement cf values from the high prices of 1902
30 the low icvoi II l903. the high prices made
IN last weeks market and the net advance
since the low points Of the preceding year: