New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-10-15
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS
Transactions IN yesterdays stock market
were heavier in volume than any preceding
day this year. amounting TO l5O062S shares.
compared with 1857, 32S shares on March %.
the best record Of the year until yesterday
While the bond market was also extremely
tive. total sales we're under the record for 1904.
Throughout the day quotations showed great
strength especially in the industrial list.
ard, despite frequent profit taking operations,
che market closed practically without re-
action. Advances OF from to per cent were
common while in some stocks even greater i'm
srovelnens was recorded. notably in American
ice preferred, Brooklyn Rapid Transit. Inter
national Power. Louisville and Nashville New
York Central Panhandle" Pressed Steel Car.
Rock Island preferred. Tennessee Coal and Iron.
Union Pacific and United States Steel preferred.
net gains in these issues exceeding two points.
Enthusiasm in speculative circles over the in
dusirial shares WAS helped by the encouraging
sepcT1s from manufacturing centres regarding
the prospects for increased business in all lines
Of trade and by the relative cheapness Of the is
sues; that Is the steady dividend payers. Peo-
PIES Gas. which enjoyed a ret gain OF 2 per
cent. was taken by an excellent class OF buy
eEs ane the same thing may be said Of the OPP
erations in ATnalgarnated Copper. Sugar Rein
Eng. the railway equipmen; shares. International
Paper issues. United States Steel preferred and
International Pump While the last named
stock lightly dealt in, il advanced over per
cent and interests identified with the Company
were Confident that the price Of this issue would
sell many points above its current level. The
oompsnys orders are increasing al a rapid rate
and net earnings are encouVagingiy large
Commission houses were active factors in the
days business. the public being more heavily
committed to the long side Of speculation than
recorded on any day this year Some observers
foolshly insisted that the public was not in the
market. but the mere fact that transactions
amounted TO 100000 shares proves eonclusiveIy
that the stock market was not professional
affair
The public is IN the market: Il Is buying stocks
with the confident expectation that prices viii
eel higher, and the professional element know
tng thai the public is interested in speculation.
naturally is inclined to work for better quota
tons. Doubtless the market would be helped by
sharp reaction. but bull operators appear con-
hdent thai no important break in prices is i'm
Eninent Last quotations were generally al or
near the best figures Of the day. An idea Of the
enormous operations and violent fluctuations in
quotations may be had by an examination Of the
detailed stock quotation table which is printed
an another column.
Offerings OF new bonds by various railway
companies in the last few days furnish a re-
Election OF the growing confidence Of railroad
men and hnanciers in the present situation in
the business and investment world. while they
fndioate that the policy Of spending large sums
On the physical betterment Of the properties is
90 be resumed at once. The bankers who handle
these bonds find ready market for them
among investors and they appear to be salts
lied that the time is propitious for placing FIRST
class mortgage issues before the public The
money market certainly favors new financing
by railroads. while the temperament OF invest
oTs is cheerful enough TO warrant the belief thar
people with Idle money will be glad 10 place II
into the attractive offerings that are being
made by railroads which believe in spending
money on their properties. The Central Paciec
bond issue has al been sold announcement IN
Ills effect having been made yesterday In
some circles the increase In railroad compspies.
interest charges resulting from the issuance OF
new bonds. doubtless viii be criticised but II
should be borne in mind that the money re-
celVeo from bond sales will be used TO such
Booo purpose that the earning power of the
roads viii be enlarged. and as a consequence
net earnings viii expand proportionately. A
ae| months ago. when the outlook for busi
ness revival m this country was not promising
NE railroads cut down In their OUTLAWS on I'm.
t'S'Sai4Sht ACCOUNT and made no atenpt 10 sell
bonds, Ss they wisely believed that such action
would be unsafe until the outlook for future
business WAS clearer. Now. however. business
Is on tae mend. railroad earnings and hank
dear1ngs are increasing. the money marker
position is sound. and there is every reason n
looA forward 10 scar Of results that win fulv
justify The expansion an railroad companies in
nrIes: charges.
al immediate advance In money rates is i'm
probable. as the reserve ef the Clearing House
institutions remains at comfortable apuy,.s
"slcn ought 20 show an Increase in to-dsy.s
weekly bank statement According IN the
known movement Of money in the week the 10
ca hanEs have gained more than S5OOOOoo
ngalnst loss Of over $7.UOO.OO & week 40
Fns gain WIS due 20 excess reoeip;s fro.n ,bo
1So- treasury representing payments for gold
received az san Francisco and Treasure o.,,-
hsshis larger than the governments income ,or
we week az this centre. Il should No, IA os-
nOln1o from this weeks movement az y,o,o,,
ho~eseT thnt the demand for currency from tbs
west ana South nss slsekened or ts sho,,, -
pass Our OF The situation as a money rnarl-o,
iaeto'. The outward aow doubtless VIII go
Inoe ior several weeks. bot there need he -
i><r OF strineeney IN the loan r.ays,s, :. 49,.