New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-09-10
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
while there was a heavy volume of realizing
sales An Yesterdays market the amount OF new
buying was heavy enough. as a rule, TO prevent
declines in prices. the greater number OF issues
opening strong and maintaining a fair degree
NJ strength throughout the five hours OF pusi-
ness New high records for the year were ilaue
by a number of stocks. including READING Which
was again a leading active feature at an ao-
,snce Of over 1 point 10 20. the highest price
recorded by this issue since the bull movement
=, 1909 The best quotation made by the stock
IN that year was IS and fraction. recorded IN
Ssn.amh.r. when, it may be recalled, the up
,,ard wave that had been running TOT MANY
months and which had carried prices TO eAtraN-
asant figures eliminated, despite the ehlhusids"i
Of hull spectators and the predictions IhaI the
advance would continue indefinitely WHINE inc
sctive stocks have advanced on an average Vi
10 per cent above the low prices OF the current
go ,hev are still in the greater number OF
issues many points below the record preaHlls
prices Of 1902. when ST. Paul, for instance sofa
q, 1883. against its present price of about loo'
missouri Pacific at l25, against yesterdays hlgh
,,rice of 90 and Baltimore and Ohio at lio1s'
compared with an average price OF - III yesteI
DAVIS market. If, therefore. this years maTAe'
ia TO equal the record OF 1902 prices VIII nave 10
advance many points before they reach the ieFel
OF two years ago. Many enthusiastic STOCK
market operators whose judgment follows the
ticker see no end TO the present upward course
or values but in circles where common sense
does not give way to the air castles OF specu-
ta+jon Il Is realized that prices in many issues
hzvs advanced to z point that suggests great
caution on the part of operators for higher
quotations Fortunately for the bull pools that
are the chief factors in the present marker
money liz cheap and their profits already have
been large enough TO encourage them TO con-
tinue on the long side Of speculation.
According to the known movement of money
81 the week, the local banks have lost IN casn
holdings over ssOooooo. about equally divided
between the sub-Treasury and the interior. The
demand for currency from the South and West
Ga increasing and the declining tendency Of bank
holdings which developed two weeks ago doubt
less will continue for a number of weeks to
come This fact, however. does not create IN
essiness in speculative circles, inasmuch as the
banks are better supplied with money than they
have been in many years. while the possibility
of a depletion of reserve through interior re-
uuirements and a possible call by the govern
raent for government deposits are not considered
probable by operators who believe that the stock
market is on its way toward prices higher than
any ever before reported. Money rates in the for
eien financial centres exhibit a firIner tone. ow-
ing no doubt 70 the expectation of a withdrawal
Of Russian government funds from continental
European banks and a call on the Bank of Eng
land by Japan for government deposits held by
that institution. Higher rates in London UNI
doubtedly would have an influence on the local
market. Local bankers are satisfied with the
money market outlook and they are looking
forward with cheerfnlness to higher rates in the
course Of the next two months At current quo
tatiens there is little profit for the banks in
loans, and higher range would, therefore. be
welcome while il would not necessarily inter
fere with bull operations in securities. There
have been many bull markets with stif money
rates.
Transactions in yesterdays trading well
distributed, with the heaviest dealings in ANAL
gsmated Copper Brooklyn Rapid Transit. ST.
Paul, Erie, Pennsylvania, Reading, Rock Island,
Southern and Union Pacific and Usited States
Steel preferred. The last named stock enjoyed
a maximum gain Of l point but on the ad-
vance a good class % selling reported. A
feature OF the day was the interest exhibited in
the low priced shares, active operations being
reported in Chesapeake and Ohio, Pacific Mail.
Mexican Central, American Car and Foundry
common, Chicago Great Western and number
OF other minor issues. Chicago Great Western
common advanced point, Notwithstanding the
action OF the directors OF the company in pass
ing the dividend on the preferred A stock. Earn
ings OF the company in tae last fiscal year were
not satisfactory and the decision Of the direct
ors TO suspend dividends was in line with the
conservatism that has generally marked the
management OF the Chicago Great Western
Company. Consolidated Gas Delaware and
Hudson and several other high grade invest
fneut securities were in fair demand at advanc-
Ing prices. Consolidated Gas sold at 200 for the
lrst time in many months fits highest price this
year being established last April when il sold al
30. compared with the high price OF DID IN the
year before The Hartman stocks exhibited a
hesviness at times arc il Was reported that sell
Ing In these issues Was for the account Of in
sicers, who accumulated the stock many points
lower, wholly for speculative purposes. Total
transactions in ali issues amounted 70 9S1 900
shares Final prices were near the best figures
or the day. gith substantial. net gains in the
majority of issues. Reading closed !. point under
rs highest quotation. Little Reading stock is
appearing IN current loans.