New-York tribune., 1904-08-30
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPEhh11oN0'
-r,,eactions In Yesterdays stock market were
hea,,,- in volume in the leading issues, whll'
,ta movement Of values generally III tht
direction of higher quotations Opening AT SUI
zstantiaI fractional advances as compareu WIN
. Saturdays final figures, prices eXhlo"ea eiea
strength throughout the morning. especiaLy IL
{. Paul Pennsylvania, Rock Island. Union "a
ciec Sugar Refining and United States 0teei
,refe-red i'm which maximum advances aver
aged 1 per cent with the net gain only si!sn'iS
lower. Trading was fairly well dlstrlouleu' pu'
,ba f,,1t of the DAYS operations represented the
transactions OF the professional element anu VI
some of the larger financial interests. rather
-, . uidasnread public inquiry for securities.
PENNSYLVANIA, which was one of the leading
octiva features was helped by the announce
,,,snt regarding its future New-England traf-
g. business over the New Haven road, and wall
street gossip which only few months ago pre-
dicted that this stock would go below par lhu-
mated that a level of $50 might be expected Tor
the issue. Perhaps 1t will not be wise, however
for intending speculative buyers TO purchase
PENNSYLVANIA stock the theory that IL VIII
he quoted at the latter price in the lmmedlate
future In view of the heavy financial opnga-
t;ons incurred by the Pennsylvania company IN
,ba.iast few wears and the enormous expansion
n
stocl, ought not TO be considered cheap. Norfolk
and Western was in fair demand, buying ap-
parentIy coming from the same sources tnat
,rare rAsponsible for the upward movement in
this stock and in Chesapeake and Ohio last
week The Hartman shares were active; also
The Gould stocks especially Missouri Pacific,
which had big following among the room ele-
1nent. while 1t was bought in good sized lots by
brokers who generally operate for people iden-
titled with the Gould properties
Improvement in yesterdays market was ac-
conpanied by moderate buying for investment
account and operations on the long side of spec
ulation by substantial financial interests In
some stocks operations for the rise doubtless
were conducted with the view OF making good
market for the distribution OF securities that
. have been in the hands of capitalists for many
months but there no important response
from the so-called public. commission house
business for outside account being confined to
small totals. Nevertheless the people in charge
of the current bull movement expressed great
confidence in their ability to push prices higher
and to attract active public buying demand
large enough 10 give the market an appearance
similar TO that which prevailed two years ago.
when prices were moving toward better figures
at a rapid rate. and when enthusiastic stock
market operators were convinced that there
would be no end TO the bull boom. It may be
recalled that the boom ended when enthusiasm
over the future Of the market wss the greatest
II does not follow however, that the present up-
ward wave has reached the point at which a
reaction may be looked for but in view OF the
large advance in the summer months il may be
well 10 practise caution in operations for the
rise. a setback Of several points at this level
would help rather than injure the bull specua-
ton
Inc return 10 town Of number of important
financial interests and the extremely optimistic
reports from Western railroad men regarding
the crops and the outlook for traffic In the fall
months were factors in the days strength In
securities. All the Western railroad shares were
strong features. especially St Paul which wa g
heavily bought by brokers who represent the
greatest aggregation Of capital in the country
81 Paul AT its present price returns about AZ
per cert on the investment. and it therefore may
De considered selling for much as II is worth
And the same may be said Of the greater mum
Der Of investment issues With the present Iarg.
supply of Idle money, however. specuIators
doubtless viii have little trouble in bringing
aboat higher level for securities. irrespectIve
oi 'heH investment yield. The outlook for
oeaFer rates OF money is not particularly prom
ising at the moment. but If the expec.ed acti,.a
~NA'--'SN7 ] nd
Tor funds from the South and West for cro,
moving purposes is heavy as II doubtless win
be bankers undoubtedly will be able "a sac,,ro
better prices for loans. The idea that tbe so,,,t
ana West are so well supplied with money tba+
ih7y VIII not DE compelled TO call on this can
IRE for assistance doubtless will be dissinated q,
tie course 0I Few weeks, just as II has alv,avs
peeh Ia othsr years when predictions have hea,,
mace that the interior would not come tn Na.
1orh Tor accommodation. II IS tr,,a that ,t
"''eF-or banks hold more money than in ,or,,e,
years but il should be borne in mind TN. ,,,,,o,
H this money is deposited With the Nevyora,
banks. and that ii viii be recalled who, -
financing begins According to the London die
pa'ches an advance in the Bank OF Englard,s
ciscount rate is considered inevitable daento
me current enormous holdings Of that tnstt,,
eoH Inc tact that money holds nrrn IN Ion-
con Is explained by the expected beav,, MFR
ofa"a-s by Paris incident to the floating of The
russian losn and the withdrawal at any r,trrta
oi the funds held b. the Bank of E.ngla,, -
'esenting the Japsaese loan
strength and activity In the wheat ,,..,-..
iaiied 10 exert an adverse influence ON sao,r,.,a.
IA ne hnal dealings prices reacted frac,,o,a,r-.
iiosn the best figures OF the dav hut I.s, -'a
iauoiis showed long Est Of substantial r.+ a.
yaaces. net ao-