New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-29
BONDS.
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
heavy in volume on movement Of values
which after early irregularity. tended in the d.
rection Of higher prices in the greater number
of issues. Commission houses We're moderately
heavy buyers while the substantial interests
who are identified with the speculation In the
leading securities were actively engaged on the
bull side Of the account, and, consequence,
a long list OF net advances was recorded at the
close, with the greatest strength in Amalga-
mated Copper, Canadian Pacific. Northwest
Colorado Fuel and Iron. Consolidated Gas. Illi-
nois Central. Louisville and Nashville Norfolk
and Western. Peoples Gas. United States Steel
common and some of the Inactive securities
such as International Paper. Federal Smelling
Rubber Goods preferred and Westinghouse
While the dealings in United States Steel pre-
ferred were again heavy IN volume profit taking
sales We're large enough TO prevent the stock
from enjoying net gain for the day. and the
same character Of transactions in the sinking
fund bonds also resulted in depressing the price
OF those issues. Other exceptions to the up
ward movement were found in Union Pacific
shares, Southern Pacific, Chicago Great West
ern. Atchison, General Electric and Tennessee
Coal and Iron. In these stocks small net losses
were recorded, but the heaviness was not consid-
cred significant of coming general downward
course Of prices. Naturally some Of the high
priced shares being sold under cover Of
strength in the low priced issues. Striking adj
vances IN Illinois Central and Colorado Fuel
and Iron were not accompanied by news devel-
opments affecting the properties. but in the case
of Illinois Central report was circulated that
the dividend on the stock would be advanced to
per cent basis. Although United States
Steel preferred closed at a small net loss the
common stock was strong and active. both IN
the London and local market, closing In New
York at net gain Of nearly per cent. Many
spectators have been taking their profits in
the preferred. transferring their interests to the
common, which is slated. according to we'll in
formed gossip, to sell at price of 40. There Is
a confident feeling in Wall Street circles that
the price named will be reached on the current
movement, Notwithstanding the belief that the
resumption OF dividends will not take place for
long time TO come. The copper shares were
again in excellent demand on the Stock Ex-
change, while on the curb Montreal and Boston
was taken in large amounts at advancing prices
The statistical position Of the copper trade Is
exceedingly strong. and speculative activity In
the copper shares is warranted
The interesting feature of the monetary situ-
alton at the moment Is the weakening tendency
in sterling exchange at this centre and the adj
vance In sterling at Paris and Berlin move
ments which apparently indicate that gold ex-
ports are over for the present. OF course 1t
cannot be definitely stated that further i'm
portant shipments of the precious metal Will
not be made. as conditions in the foreign
change market may change again IN favor of
foreign centres. far as this market is con-
cerned, but there is, however, no good reason
to believe that the requirements of Berlin and
Paris in the rest of the year will be SO urgent
TO force further material shipments of gold
from New-YOrk. In the last four weeks up
ward of $150OOOO0 in gold has been sent from
this country to Europe. the result of which
is reflected IN easier market for loans
in the foreign capitals and the maintenance
of the Bank of England's minimum rate of
discount at per cent. In the recent period Of
gold exports intelligent observers of the finan-
cial situation were not at all alarmed over the
foreign demand on this centre for the metal, as
they appreciated the fact that the outward
movement was the outcome of legitimate fnan-
cial conditions. which involve the movement OF
money toward the centre where it can be most
proftably employed. When money is cheap in
New-York and there is a good demand for ac-
commodation abroad gold will leave these shores
and a proper understanding of the reason why
the metal flows abroad will relieve timid In
vestors OF uneasiness. In yesterdays market
material change in time money rates
1t IS generally believed that last weeks ad-
vance in money will be maintained throughout
the month. while 1t is thought likely that even
higher rates will be recorded at the end OF the
year. incident to the preparations for the large
January interest and dividend disbursements
Many encouraging reports were received yes
terday from officers of the Western railroads,
indicating a healthful growth in traffic receipts
and great confidence the part of railway
managers over the outlook for big results in
the coming calendar year. There is no boom.
but traffic is enjoying steady growth Senti-
ment in business circles is so cheerful that rail-
road men naturally are looking forward to in
creased traffic receipts on the theory that cheer
full sentiment makes good business returns. AL
though net earnings continue somewhat under
the expectations OF railway officers the per-
centage of decrease in the greater number of
instances is growing smaller. and according to
the views of interests identified with the vari-
Gus properties. net results on all lines will soon
begin 10 show marked improvement. At the
moment decreases In net, rule. are caused
by increased expenses. but the mere fact that
railway managers are willing to increase their
expenditures indicates great confidence on their
part IN the future of the railroad business. so
fur roads reporting for October make an I'M