New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-12
BONDS.
STOCK MARKET OPERATIONS.


values moved toward a higher level in the great
or mart of the five hours Of business. In many
issues sharp advances were recorded, Whle
throughout the list values ranged well ABOVE the
closing figures OF the preceding day. WIN Iie
heaviest gains in the active list, In Coioraao
Fuel and Iron. Missouri Pacific Paclnc NlaA'
Texas and Pacific New-York Central WaDash
rreferred. AmaIgamated Copper. the Erie shares'
Illinois Central st. Paul. Pennsylvania Union
Pacific and United States Realty In these Is
sues advances averaged 1 per cent and ABOVE
,ha Improvement carrying prices to the best
r,,,o+atiors of the year. On smaller volume or
business than in some Of the active features
Canadian Pacific enjoyed a gain OF over per
cent buying of this stock representing accunu-
lation by investors who favor the ISSUE owing
10 the fact that IL is solid investment Sc
curtty returning over az per cent higher
rate than can be secured in the majority of in
.,estment stocks The companys earnings nave
shown marked Improvement in the last Few
-,as-s and since July the increase as compared
-,.,+b tho same period year ago has amounted
10 over S1,4OO,oto.
The offer Of Mr. Lawson. Of Boston, TO buy the
minority holdings OF the Pacific Mail company
was responsible for an opening advance OF IL
poiuts n the stock but the improvement was not
fully maintained throughout the day, owing 70
the willingness of many holders to let their
IN take advantage OF the Boston bankers terms
e,,cb Gales doubtless representing belief on the
,,av4 Of fhe sellers that II would be impossible
for NJ Lawson TO secure all the minority mold
ting which would mean that not share or STOCK
would be paid for at the rate Of s'o'as aoVer-
tised Various rumors were heard In the SIreeI
regarding the reason OF Mr.. LaWsons oeSre u
secure control Of the minority interests IN the
Pacific Mail Company. and it was even reported
that he would bring suit against the Union ana
Southern Pacific companies. which control the
majority of the Pacific Mail stock. for the pur-
pose of upsetting the Hartman domination In
Pacific Mail affairs. Just how such a result
could be brought about by legal procedure was
not announced. For q long time there have been
-,,roors that Pacific Mall stock was scheduled
for a big advance, and the fact that Boston oper-
stors sold the stock In yesterdays market sus-
kested to many observers the probability lnat
the proposed offer to the minority holders was
merely an incident Of the speculative campaign
3n the issue
,oosl market buying perhaps as much as TO-
600 shares on balance, but local commission
,o,ses were again heavy buyers for public &C
ooupt in all the leading issues. operations OF this
character being especially heavy in the Erie
shares. St Paul. Union and Southern Paclhc
Kansas and Texas, Annalgamated Copper ana the
steel stocks Market Judges Of experience 90
y7ot believe that United States Steel common VIII
sell at materially higher prices, but they admit
that the preferred issue as a solid Z per cent IN
dustrial investment would not be dear ntteen
,,o,,ts a hove its present level a number Of the
usually inactive issuei came into prominence III
.o-dav's operations notably Vigginia-Carolina
Chemical, Rubber Goods. United Cast Iron Pipe
preferred. Toledo. ST. Louis and Western and
20 a small extent Duluth, South Shore and At
1antic shares It is Understood that efforts are
being made to place the last named issues on
higher quotation basis.
The best strength Of the day was recorded in
the afternoon dealings, when the entire list ad
vanced on a heavy volume OF commission house
business and operations or the long side for the
account of board room traders. Solid stocks,
such as Illinois Central. New-York Central
Canadian Pacific and Louisville and Nashville,
became active, strong features in the last hour
of trading while increased dealings were re-
corded in Metropolitan, Metropolitan Securities
Southern Railway, Wabash preferred, Rock Isl
ana and Missouri Pacific. Jersey Central was
strong on moderate operations. while among the
low priced issues Chicago Union Traction and
International Steam Pump attracted attention.
sn the last hour Of business. The close was gen.
orally near the best prices Of the day.
According TO the known movement Of money
IN the week. the local banks have lost upward
OF S4.O00000 in cash holdings. To what extent
this loss viii be reflected in to-day's bank state
Inent, so far reserve above legal requirements
IS concerned, viii depend on the change that has
taken place in the loan item in the last i've
business days AS money has been extremely
easy, and the stock market has enjoyed great
activity, il is reasonable to believe that loans
have increased In the week and that reserve
above legal requirements Will show a falling of
compared with last weeks Clearing House
statement. Call money was a trife firmer in
tone yesterday, while sterling exchange was
again strong. Trading IN bonds enormous
II volume. reaching IN par value more than
SIS o00 compared with Wednesdays record
breaking total OF S14 $4,000. The Japanese IS
were active features; also the Tobacco issues
and Erie general lien Is.