New-York tribune., 1904-10-22
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
On an enormous volume Of business, stock
market values moved toward higher lever IN
Ehe greater part OF the day. advances IN the ac-
tive list reaching ] per cent and above aho ~
some cases greater Improvement was ieco'Ueo
rotablv Metropolitan. which advanced over
POINTS: Ontario ana Western which enjoyed
similar gain. and Reading. which was quoted
nyer 2 points above the close Of the preceding
dav. The activity and strength in the stocks
named were effective factors in attracting com
mission house buying, and. despite the fact that
many brokers advised caution. traders were not
willing 70 take a pessimistic view OF the out
lock asserting that the powers in control OF the
market were not yet ready TO encourage lower
prices. and that there would be no Important
setback In the immediate future OF course.
when prices are booming public sentiment Is en-
fhusiastic. and when prices have enjoyed long
reriod OF Improvement there are many people
anxious 20 buy stocks. despite the fact that
.hey would not touch the same securities at
level many points lower. There s every reason
to believe that the strong financial interests
which are backing the present speculation with
their almost unlimited resources are not dis
posed TO change their position at present, mas
much as conditions In the money market are
favora bic TO bull speeul ltion while the influ-
ence Of the big corn crop. business expansion
and an absence Of uneasiness over the forth
coming election make the development OF bearish
opinion Impossible. Nevertheless. the market
has reached a point which ought 10 suggest TO
al careful traders the necessity Of large mar
gins. as sharp reactions may be expected at any
moment
Many traders looked for a setback in yester-
days market but the appearance in the Street
hsrh.
founded on facts. served TO excite speculative
desire 10 buy. and as consequence considerable
damage was done to the operators who were
brave enough TO put out short contracts In
Thursdays market Ontario and Western ad-
Vanced under the influence Of buying Induced
BY the report. which was substantially correct.
that control OF the company would pass to the
&ew-York. New-Haven and Hartford at price
averaging 45 for the stock few months ago
this issue was selling below 90 and the stock
holders who are able 10 sell their shares
above 80 owe q debt Of gratitude to the stock
holders committee which was an influential
factor IN taking the company out Of the hands
o. the voting trust and placing II In a position
where some larger railroad could buy it. The
prospects OF the road viii be much brighter If
its snairs are handed over to the management
q the New-Haven. but there Is no reason at
price at which the control has passed.
Further activity in the local traction shares
was accompanied by another official denial that
the Interborough and Metropolitan ownership
would be concentrated in the hands Of the same
interest. but despite this denial the Street ap-
parenty believed that developments Of the
greatest Importance affecting the local street
railway situation would soon be announced. The
Street believes that the ticker is a more trust
worthy reflection OF corporate developments
than Official utterances OF people Identified with
the properties. II is likely that the value Of all
The local transportation companies stocks as IN
vestments viii continue TO increase. fnasnuch
as the growth Of the city's population insures
a steady expansion in earnings. and while for
q time the operation OF the underground system
may cut down the traffic the surface roads
& is improbable that Metropolitans earnings
VIII be affected for any length Of time. as the
Increase In traffic facilities win serve to increase
passenger travel. The underground viii do
large long-haul business. while the Metropolitan
win continue 20 handle a heavy short-haul
trafic
Pennsylvania stock on a heavy volume OF
business. made new high record price for the
year while throughout the list stocks ss
rule. touched the best level since the bun cam
paign Of 1902 The Gould shares. 81. Paul. Rock
Island, Erie. Union Pacific. Chicago Great West
eFn Missouri. Kansas and Texas. Colorado Fuel
and iron and Peoples Gas enjoyed marked i'm
provement, ard, while last quotations were
under the hest OF the day. closing hgures were
az substantial net gains in the greater nunbe
of active issues United States Steel preferred
was offered IN heavy amounts. and the extent
Of the selling was large enough 10 prevent ma
serial improvement in its price It's last quota
uon showing net gain Of X per cent Pool
operations IN the cheap stocks attracted con-
sioeraole attention. but In conservative circles
The impression was pretty general. that IN the
great number OF instances securities OF this
elass were selling above their actual value.
In addition 70 the activity on the Stock F,x
ehahge heavy volume OF business was trans
acted IN the commodity markets. In which nrices
were excited throughout the day. wheat advanc-
ns 70 ifs highest price Of the year Corn was
fympathetieaily strong while cotton was con-
hplcoously weak. declining TO it's lowest aeure
q the year There was no important change IN
tAe local money market. but sterling ouo.a,tons
were again higher. According 70 the known
movement % currency IN the week the loeal
banks have lost small amount OF money IN
u.sT cash holdings. aggregating $4,000
Total Transactions in gtocks amounted 10 -