New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-22
BONDS
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
Stock market trading was large in volume
Throughout the day on a movement Of values
that tended I'm the direction Of higher prices in
the greater part of the five hours of business.
Commission houses were we'll supplied with
orders. while the various bull cliques and the
so-called uptown element were again identified
with the bull side Of speculation although at
times there appeared to be cautious selling by
substantial interests, sales Of this character
doubtless representing the desire Of certain
operators 10 secure their profits at the present
level in the hope Of being able 10 buy the
stocks cheaper in December. In some quarters
Of the Street it is confidently believed that there
will he periods of reaction in the coming month
when il will be possible to buy stocks to
better advantage than at the current level. but
there also number Of people who appear
20 be quite convinced that the reactions that
may develop IN December will he no greater in
extent than those which have been reported
quite frequently ~ the recent daily operations
The general course Of the market has made such
progress toward a better quotation level that
passing setbaczs have hardly been noticed. but
the fact remains, nevertheless, that throughout
the last two weeks there have been healthfu
declines. which have served eliminate many
weak holdings and have acted as tonic TO the
speculative condition Of Wall Street. There
arc too many fayora bic factors in the situation
TO encourage the idea that bear campaign
could be successful in the present market, and
even if there should happen 10 be a slight
squeeze IN money rates over the end of the
year 1t IS not likely that a sustained downward
movement would develop. Wall Street is bullish
and it apparently has made Up its mind 10 enjoy
g cheerful Thanksgiving ana Christmas
Trading IN Union Pacific stock was heavy in
volume. and furnished the leading feature OF
the day. Buying of this issue came from ex-
ceiient sources. including interests identified
with the Hartman properties. and Street opin-
ion favored the theory that the advance in its
price and the absorption by insiders fore
Swallowed developments affecting the property.
Union Pacific common some day may be placed
on a per cent basis. and its present price &C
cordng to the investors point OF view indicates
that higher return will be made. otherwise.
investors say. why should this per cent stock
be selling above the companys first mortgage 4
per cent bonds. which, of course, come ahead Of
the common stock in the matter of interest
disbursements? Standard Oil brokers were buy
ers Of United States Steel preferred. While bro
kers representing substantial financial interests
were active in Amalgamate ted. American Smelt-
ing and Refining. Reading, St. Paul and South
crn Pacific. In these stocks gains averaged 1
per cert. and despite realizing sales in the after
noon good part of the improvement was main
tanned at the close Canadian Pacific also
taken by d good class of buyers and people who
are well informed regarding the property and
the character of the current movement in the
stock freely predicted that its price would reach
$50 before It suffered material setback. The
question of Canadian reciprocity viii doubtless
be taken UP by the special session of Congress
which President Roosevelt has intimated he viii
call after his inauguration, and IL is believed by
many careful students of business and politics
that legislation viii be enacted which will be
OF the greatest benefit to Canadian industries.
which, Of course will be an important factor
81 the welfare of che Canadian Pacific Railway;
also the American railroads of the Northwest.
large amount Of Canadian Pacific stock
owned by strong financial! interests is being lent
In the Street and il may go hard with the oper-
stors who sold the stock short in expectation OF
being able 10 complete the transactions favor
ably through the new stock If the owners of the
stock that has been lent should suddenly decide
20 make a cali on the borrowers. Among the
low priced issues. Detroit Southern preferred,
American Locomotive. American Car and Foun-
dry Mexican Central. American Hide and
Leather and Missouri. Kansas and Texas Were
:n fair demand. According 10 tie attitude Of
certain foreign and local interests on the last
named stock 1t IS likely that its price VIII reach
q better level in the course of the current bull
wave. Earnings Of the company have shown a
remarkable gain since the first of July, and
there Is some reason Tor the belief that the pre-
ferred stock win he placed a dividend basis
next year. The large increase IL earnings in
tho lsSt month s. especially noteworthy. owing
10 the fact that corn has not ye; begun TO move
81 volume.
Repgrfs received yesterday from the West
en- railway fTaalc managers Nere extremely
gratifying. practically ~ roads reporting im-
proyemeal e. general business. with the outlook
favoring ~ aEortage il the course Of the
next few months. The result Of the recent e!ec-
ton has had favorable effect on the railroad
business throughout The country. az buyers Of
general merchandise are now willing to come
into the market more freely with the conse-
quence that the railroads ere called upon "a
haul heavy East and West bound shipments af
manufactured articles aUc material Corn
10 beginning 20 move ~ !gTge4 amounts and
all OF the big systems are looking forward 10 a
heavy corn tra:Ec throughout She winter. The
effect OF improving traffic conditions may have
been discounted IN tho stock market as far
- the actual value Of securities is concerned