New-York tribune., 1904-10-21
BONDS.
sToCK MARKET OPERATIONS.

On an active volume OF business, stock mar
ket values moved a. an irregular manner
throughout the day. final quotations showing
few more net gains than losses. In the early
dealings prices generally were strong, especially
sn Brooklyn Rapid Transit Manhattan, MIS-
souri Pacific Metropolitan and Ontario & West
ern. but IN the subsequent forenoon trading
reactionary tendency developed. which carried
The greater number OF securities under the open
.ng quotations. The decline was due entirely
10 realizing sales. While the volume Of selling
was heavy. the markets power Of absorption
was large enough to prevent material losses.
and in the last hour renewed activity on the
part q bull pools and commission house traders
offset n great part The effect Of the profit TAX
ing movement and brought about higher prices
sn many issues. Sentiment was not discouraged
over the outlook for further Improvement Ac-
tive traders were confident that the bull cam
Vaign had not reached its limit, and the leading
financial interests in the Street were not dis
posed TO discourage operations on the long side
OF the market Notwithstanding the great i'm
provement that securities have enjoyed IN the
last few months there are many excellent rea-
sons for TIE prediction, which IS freely made IN
WAN Street circles. that values VIII continue
10 move toward higher level, and that con-
g!tons governing the actual worth OF stocks
and bonds win continue to develop features
favorable 10 bun speculation in investment Is
sues At this level. however, It may prove
wise for the small trader 10 have his accounts
Wen marEined, as sharp reactions are apt 10 de-
Velop at any moment
While IL IS asserted n many circles that the
leading investment issues are ruling at prices
which more than measure their intrinsic value,
It may be wen TO bear in mind that at present
quotations the majority Of first class securities
are selling at figures which return upward of
per cent, with even better yield by such stocks
SIS St Paul Pennsylvania AJchison, Erie first
preferred and Canadian Pacific. Canadian Pa
cito is relatively one Of The cheapest OF the
substantial investment shares. purchases at its
current quotation yielding ~ per cent, com
pared with about per cent for St Paul, "A
for Pennsylvania. 81 for Nev-Tort Central
and q much lower yield for gilt edged stocks
such as Lackawauna and Chicago and North
western ia comparing the value Of Canadian
Pacific with other stocks the fact should not be
lost sight Of that Its present value has been
greatly enhanced through the valuable rights"
of e new stock issue. under the terms OF which
the proportion Of new stock Is 20 per cent upon
existing holdings. equal, Of course. TO q large
bonus The conpany's earnings are increasing
81 e rapid rate. gross income showing since July
Z q gain Of over 100000 as compared with
the same time last YEAR Activity In this issue
has been a feature in the London market for
The last few weeks. while there has also been
q good demand Ia The Berlin market for the
STOCK IA the afternoon dealings good buying
orders were reported Ia various parts Of the
list, ana at the close tie greater number Of is
sues showed fun recoverles from the low points
OF the day. with net gains in the majority Of
leading securities The local traction shares
were especially strong. Brooklyn Rapid Transit
ehalng The day al net gain Of rs. Manhattan
Elevated gain Of l5z Metropolitan a gain Of
IS and Metropolitan Securities q gain OF 2lk
ontario and Western also showed marked
huength on a volume Of business which was
larger than IN any other issue on the list its
Total sales amounting 10 upward OF 17e coo
shares with q net gain Of 37s per cent. speclla-
ton IN this Issue was based on the belief that
The control of the property viii pass 10 soma
larger road, and that present owners Of The
stock VIII receive offers OF 40 for their boldfngs
oI the active list Louisville and Nashville Mis-
Hourl Pacific and the United States Steel ,ss,,as
closed at small net losses. St Paul and Union
l-aolno recovered easily from their forenoon
oppression. and better prices were predic+e6 for
both issues. '