New-York tribune., 1904-10-02
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
Stock market values strong in the greater
part OF the two hours Of business with net gains
in the majority of'1ssues at the close. Opening
quotations were at advances as compared with
the preceding days final figures. and. although
there was a brief period in WHICH the tendency
appeared to favor a reaction, renewed aggres-
sive buying prevented important declines and
brought about decided strength in the last half
hour. The falling of in bank reserves failed
20 affect speculative temperament. the less OF
over S6OOOO0O in reserve above legal require
ments IN the weekly bank statement proving an
ineffective factor as far inducing sales Of
securities was concerned. Loans expanded over
S4.O00O00. cash holdings showed a large de-
crease and as a result OF all changes reserve
was reduced TO Sl9.913.425 against $l3,937,5 500
IN the same week year ago and S1.Sl92OO in
1903 Although the loans OF the associated
banks are $3.50 l30SOO larger than they were at
this time last year. Wall Street commission
houses not carrying a heavy line Of loans on
their books nor have they been large borrowers
for a long time past. customers have not
been active IN margin operations. the larger
part Of purchases for public account being paid
for without the assistance Of the loan market
In many houses speculative operations have
been financed with the firms own capital This
feature OF the situation naturally IS element
OF great strength at a time Of declining bank
holdings. but II has not been particularly pleas
ing TO the commission houses. for the simple
reason that they prefer to be active borrowers
when money is cheap. inasmuch as they
then able TO secure low rates from the banks
and charge their customers high rates for car
rying their stocks on borrowed money. OF
course, the operations Of the large speculative
pools involve active borrowing. but the ordi-
nary commission house nader is not an tmpor-
tant factor in the loan market.
The leading feature In stocks was again
United States Steel preferred. Union Pacific
and St. Paul were also active and strong. while
LaeFawanna made another sensational advance.
selling from 291 70 200. closing at 295. Ameri-
can securities in the London market were gen
eaally firm and cable advices reported improve
nent in sentiment over our stocks and bonds
while IN local banking quarters where opera
tons conducted with Europe II was said
that European investors were absorbing fair
amount Of American issues. Speculative senti-
ment at the close Of yesterdays market was
intensely builish. and strong opening is Looked
Cor In Mondays market II quite often happens
that after strong week in securities prices are
bid Up rapidly Monday morning in order to
furnish attractive opportunities for insiders TO
iieuidate their holdings while quite often the
public. being encouraged by the firm tone Of the
market at the close OF the week, rushes in to
buy at the opening prices Of the following week.
believing that the bull movement has no limit
The heaviest operations in yesterdays market
were in Brooklyn Rapid Transit ST Paul, Con-
sodated Gas. Erie. Metropolitan Issues Re
public IHOn and Steel Rock Island. Southern
Pacific Union Pacific and the United States
Steel shares. Steel preferred closed at 74s5. q
under its best price al net gain Of 4 as COM
pared with Friday. OF the less active stocks
Canadian Pacific vas again sfron1 feature M,
an excellent class Of buying with its final price
at the best figure Of the day, showing a gain
% 4. Consolidated Gas sold at 2l3A a new
high record price for the year. Final figures
were generally al or near the highest. On the
curb there was further persistent buying Of
Northern securities stock which advanced TO
lib compared with 1ll&. Fridays highest
price. There was news regarding the North
ern Securities situation. but the buying Of the
issue was encouraged by the report, which was
noted in this column yesterday. that a way
had been found by which the company would
be able 90 pay the deferred dividends.
Earnings og the NevR-York Central and Hud-
son River Railway ComP5ny for the year ended
June 80 do not make a particularly favorable
show ing in several items, freight traffic for in
stance presenting a decrease from the preced-
ing year Of SG25 037, while the total increase In
gross earnings amounts TO only S76443 Il
Should be borne IL mind that the company was
scTced II the year 10 contend with unusually
severe winter weather conditions which not
cE1g served TO cause a reduction in the amount
Of freight traffic handled. bat also was RESPONSE
bic for Increased operating expenses. although
Of course. the gain of $4,000, I4G IN this item
was Hot due entirely the unfavorable weather
conditions last winter. For maintenance OF
equipment the IOqo's oltioy increased SI750l9
while the increase 10 conducting transportation
amounted 10 SlS1lS95. As a result OF the large
increase in expenses. ner earnings were $2,224.-
BOB Under those OF .he preceding year. This
decrease was Offset TO seue extent by an in
crease IN the companys income from invest
EDents. amoanting TO $733. .236. After all charges
iaciEdiag reserve fer redemption OF per cent
goid eebsntures of 1890. there was a balance
aVsiAable Ter dividends Of s.. 7.4l5,S63. decrease
Of ss.Sos.a40 from the preceding year. while
after ;ke payment OF the dividend there was
surplus * SSo33G3 compared with a surplus Of
SS.l2o.lAg Ia 1903. From this surplus. however
there shoU'd be deducted S7O5 .O9S on account OF
new equipment purchased IN the year and $751;
sbA fer sundsy uacoectIb!e charges and re-
duotioa Il vniue % essets. leaving the actual
surplus for the year only $2O.6T2.
The relatively unfavorable report OF the New
York Central and the poor showing made by
ulany ROADS in Tie month OF Ausllsk Soubllesa