New-York tribune., 1904-10-19

STOCK MARKET OPERATIONS.

CAVOA 14hLsAG4 O3G1sR44C&NO'
Transactions in yesterdays stock market were
heavy IN volume on q movement of values that
showed many sharp advances. the chief Inn
provernent being recorded by Missouri Pacific.
Reading. Delaware and Hudson. Norfolk and
Western, Chicago Great Western, Erie arst and
second preferred. Colorado and Southern, Sugar
Refining. Iowa Central Brooklyn Rapid Tran
ale, United States Leather and St Paul In
ehs last named stock the maximum gain
amounted 10 over pa per cent, while throughout
the list OF active issues advances OF per cent
and above were common the chief exceptions
90 the upward movement being supplied by
Union Pacific and United States Steel preferred
which failed to respond TO the advancing ten
dency owing to an enormous volume Of realiz-
ing sales The fact that many Of the cheap
stocks. such a. Chicago Great Western. Iowa
Central United States Leather and Colorado
Southern, were taken IN hand by the speculative
pools. created the impression in many quarters
that the bull market was reaching point from
which & material reaction might be expected,
this idea being based the theory that sub
stantial market interests were advancing the
low grade stocks in order to cover their sales in
other issues
The strength in Missouri Pacific and st. Paul
however, served to stimulate bull enthusiasm on
the part Of public operators. while it induced
the belief in many quarters that despite the
manipulation in the low priced shares, the de-
mand for first class issues was heavy enough
TO prevent a decided setback in values wall
Street was flooded with various reports affect
ing different properties. and the recent rumor
regarding an alleged settlement Of the Northern
Securities situation revived. this time the
report saying that the Union Pacific Company
would secure control of the St. Paul. and that
the Union Pacific and St Paul interests would
be powerful enough to compel the so-called Nor
gan-Hin party to relinouish all right and title
20 the Northern Pacific Company
London houses were sellers in the local mar
ket, but Wall Street commission houses were
active buyers for public account. while num-
ber Of speculative pools were actively engaged
IN various issues. notably Reading Mexican
Central. Sugar Refining. Amalgamated Copper,
St Paul. some OF the Hawley stocks and Brook
iyn Rapid Transit The last named issue en-
3oyed fair Improvement and good market judges
were bullish the issue. their arguments being
based on the company's improving financial con
dition and on the certainty that with the growth
OF Brooklyn the companys earnings will be
large enough 70 place the stock on a dividend
basis
The greater part Of the Brooklyn Rapid Tran
sit stock is controlled by powerful financial in
terests. including capitalists who have held the
issue Tor many years and who have no intention
OF parting with their holdings Despite heavy
realizing sales which were reported through the
day, Wall Street sentiment remained extremely
bulliah especially IN commission house circles,
where the advance OF the last two weeks has
attracted a large public following People who
are predicting a sharp setback IN values nojnt
TO the activity on the part OF the public as a
sure indication that the bull market has run its
course: but this point OF view does not appear
20 impress the substantial market interests
which maintain that stocks have not vet been
sufficiently distributed warrant the expectation
OF an immediate decline IN values. Doubtless If
the money market should advance suddenly. or
81 some unfavorable development IN the business
or political situation should arise. there would
be a large outpouring OF securities. accompanjed
BY material setback IN quotations. There is
however. no indication OF a material advance IN
money rates, while all conditions in the business
And political world extremely satisfactory
tae business outlook 6oreshadowinr fndus-
tFlai expansion and the political outlook in7,
eating no change in the policies which rovern
domestic AFFAIRS Ia this country's relations with
AOfeisn governments. sharp reaction IN stock
quotations would not necessarily Indicate the
----------e-eAi u Ale uuAl campaign. The
Haintained fits strength throughout the after
noon' last quotations being near the best prices
Of the day. Total dealings, while under The
heavy record OF the preceding day, amounted 20
more than 100000 shares
An indication Of the growth and prominence
OF Aew-York as " rld's financial centre is p=o.
scented In the award OF the new Mexican govern
ment loan 20 an American syndicate. headed bv
sDeyer d Co.. against the competition OF bankers
IA Paris snd other foreign cities Speyer & Co
VII handle the loan which is for S4O.OO0OOO. and
y IS understood that large portion OF the bonds
nave already been sold here. There is plenty OF
money seeking investment. and the wonderful IN
oustrial growth Of Mexico and the stability of
N~t repuhLcs government make the Mexican
Investments attractive channels for the place
ineAt OF iole funds. There was no material
ohanse N the money market yesterday. caIl
loans ruling az per cent. while the best bid for
Tong oafes IN the time money market was 3sk per
cent SO FAR this week the local banks have lost
upward OF 100000 In their operations with the
epb-Treasury. Sterling exchange was heavy
demand rates declining i've points