New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-10-23
BONDS.
STOCK MARKET OPERATIONS.

In the two hours Of business in yesterdays
,.ools market transactions amounted to nearly
7oooOOo shares on a movement Of values that
a.1 Nth substantial Improvement in the
greater number OF issues. NotwithsIaNo ii-s
enormous realizing sales few stocks solo uhoer
she closing level OF the preceding oAS' l1e
volume Of buying orders being heavy enough y
Offset the selling except In brooklyn A11PiU
Transit ST Paul. Metropolitan Secuil NC
rorolitan. Ontario and Western Southern ia
- T-r,on Pacific. While the Metropoli-
tan shares were weak Manhattan enjoyed &C.
,,des strength. advancing TO a new high record
rrioe for the year and closing at q net gain OF
Ia ne, cent Striking features Of the days
advancing tendency were supplied by lhe an
fhracite coal securities, which moved toward
better prices on extremely active oeaIiheA tO'a'
transactions IN Erie alone amounting TO over
ia OOO shares No news developments accom-
named the heavy operations IN these STOCKS
hut the Street appeared TO be enthusiastically
hullish over the outlook for large earnings n
the hard coal business this year, While i was
ta,,e,-as that a closer concentration Of control
among the anthracite roads would be one OF the
important announcements OF the near future
70eisu-sre and Hudson was traded in 10 the
extent OF 64 600 shares. unusually large total
for this issue. on a price movement that re-
shifted in a net gain Of ~ per cent. Erie com
mon gained Ia while the first preferred closed
at a net gain Of / per cent and the second pre-
ferred IA per cent. Canadian Pacific resumed
SIS inward march, which was interrupted Fri
dav by realizing sales, the stock reaching new
high price for the year at l25 on a volume OF
business that included investment purchases
and active covering Of shorts. From what is
known regarding the amount Of Canadian Pa
A. ,1..+F-r mr.
would appear extremely rash for Spectators TO
operate on the short side OF the issue. especially
IN the current market, when general sentiment
Is Overwhelmingly in favor Of higher quotations
Cor about every stock On the list.
weekly bank statement showing an In
crease in cash and reserve holdings and only
small expansion in loans naturally served 10
create speculative optimism. while Il proved
most reassuring TO the conservative banking
element in the Street. According TO the Clear
ing House exhibit loans increased nearly $4,000
CO., while cash holdings increased So 535,S00
bringing the available money supply of the
local banks to S3l7. S03.1O0. compared with
S24O.372, 100 in the same week year ago. AS
q result OF all changes reserve above legal re-
quirements increased 81. S96.O50 10 Sl7.s53 925
against SI7 944 4JO at this time in 1903 and ST..
Isl AIS IN 1902. few weeks ago the best
observers thought that money rates would work
appreciably higher. but unless there should be
q marked falling OF IN bank holdings IN the
course OF the next month the fall season doubt
less win pass without a material change in quo
fations for loans from the prevailing level OF
per cent for call funds and 3i2 10 3% per cent
for tine contracts. In view OF the particularly
favorable money market conditions and the en-
couraging growth Of business revival. It IS not
AZ sll surprising that money is moving into the
stock market and that the public throughout
the country Is willing 10 make ventures in the
speculative field. Although prices for stocks
are selling many points above the low record OF
the year. Wall Street is looking forward to
further Improvement IN securities. and even the
most farseeing and experienced men in the
banking community are conservatively bullish.
There certainly is excellent reason for the in
vestment OF idle funds IN the attractive stocks
and bonds OF American railroad and industrial
companies. Increasing interest is being taken in
the industrial shares. and IN yesterdays market
striking Improvement was recorded by Arnalga-
mated Copper. which enjoyed a maximum ad-
vance OF over four points; the American Snaelt-
ing Issues. Allis-Chalmers and the railway
equipment shares. United States Steel preferred
failed 20 record large net gain for the day.
owing 70 the heavy pressure OF profit taking
operations