New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-26
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
:, yesterdavss early stock market there
.,,r4her contraction in the volume Of business
for commission house account. but this fact did
not serve to dampen bull sentiment or discour-
age prominent interests from making active eff
forts to bring abo At a higher level OF values
Irdeed after hesita ncy IN the morning dealings,
the whole market advanced, with especial
strength in United States Steel preferred and the
sinking fund bonds. Canadian Pacific. Illinois
Central and. on a smaller volume OF trading.
Great Northern preferred and General Electric.
Even Amaigamated Copper. which IN the first
hour suffered a break of over l per cent, recov-
cred its loss and ended the day unchanged from
Wednesdays closing Active buying Of Can
adam Pacific at advancing prices represented
further accumulation by local. Montreal and
foreign interests who apparently are satisfied
that the bull campaign in the stock will carry It's
quotation to above 100 Outside OF speculative
considerations there IS ample excuse for the i'm
provement in this issue. the actual value Of
the security is stronger than ever before in the
history OF the company. while the future Of the
property is promising enough to insure the stock
q firm position among the solid investment
curities dealt In on the local and London Stock
exchanges.
Industrial development in Canada is proceed
ing at & rapid pace, reflection Of which is
presented in the earnings OF the Canadian Pa
cifc, which. from July I. show increase
the same period in 1903 Of S1,7130Oo. This COM
parison is especially significant as in the CORE
spending time last year earnings were heavy
the gain over 1902 amounting to over S2.e00O00
The course of Canadian Pacific stock in the last
few months has attracted good deal Of atten-
ton in Wall Street. owing TO the steady buying
OF the issue by well informed people and the
ease with which fits price has recovered after
all reactions. The same characteristics have
been features in many shares and they suggest
the danger OF being caught short at present
prices, despite the big appreciation that has al
ready taken place In values.
Further progress by the United States Steel
sinking fund bonds toward par does not sur
prise the Street as It IS taken for granted that
well directed efforts are being made TO place
these issues at a level that Will permit the cor
poration 10 dispose Of the balance Of the bonds
held IN the treasury at attractive price
Street opinion favors the theory that United
States Steel preferred VIII go TO par, and II its
future movement is TO be judged by its course
OF the last few weeks that price VIII be recorded
II 1901 this issue sold at 1017k Doubtless the
common VIII advance in sympathy, but there IS
no good reason TO suppose that IT viii be re-
stored TO the dividend column. In yesterdays
MARKET the common enfoyed a net gain Of Ia
The preferred net gain OF A. and the sinking
fund bonds a net gain Of pa. Trading in the
bonds was heavier than on any preceding day
IN the history Of the company. amounting in
par value TO the enormous total Of s7414Oo0
out OF & total in all bonds OF upward Of 81
100000.
In the afternoon dealings the whole list ex-
hibited great strength. special features in addi-
ton 10 the steel shares. being supplied by the
railway equipment Issues. Reading Chicago
Great Western. Tennessee Coal and Iron, On
tario and Western. the Erie stocks, Colorado
Fuel and Pacific Mail. In the earlier dealings
the last named issue sold down several points,
but its recovery as rapid as it's decline
Perhaps its price was affected for time by
the threat of Mr.. Lawson TO throw forty thou
sand shares OF the stock the market but II
js not likely that any serious minded person
considered Mr.. Lawson's latest outpouring any-
thing more than poor jest.
Chicago Great Western was in demand on the
expectation that current negotiations for the
transfer OF the property to some larger system
wifi be successful. and that the control Will pass
with the common stock at price well above the
present LrTe Chicago reports that either the
Northwestern the Union Pacific will secure
TIE road. A number OF cheap priced issues in
the Chicago Great Western class are being alb
so-beo. not on their current intrinsic value but
on the confident belief that developments OF the
future viii bring about a material improve
raent in their actual worth. In this class NAV
be included Missouri. Kansas and Texas The
chief exceptions among the active list to the
upward tendency were Brooklyn Rapid Transit
Union Pacific and Metropolitan. AS a rule the
railroad shares were not active, the greater part
Of the dealings being supplied by the Industrial
Issues the United States Steel shares and
A'nslgamated Copper. for instance furnishing
upwsro Of 6O0.ooo shares out OF a tota, IN all
securities Of 1.22..4eo shares. On the curb In
:eTporough Rapid Transit was a striking featur.
al advance OF over points
Cal! money ruled at 80 per cent. while sterling
exchange was weak at decline in demand ra.as
CO - points. There no trace OF tn. scare
that developed before Thanksgiving over the nm
sitioo OF the money market, and. despit. m.
estimated decline in the cash holdings Of the
Clearing House banks. there was no Sign NJ nm
easiness in banking circles. 1t is not unlikely
that the operations between the banks and trust
companies in the week have offset TO a large
extent the loss in cash influence on re-
serve above legal Requirements.