New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-02
BONDS
sEx interest
STOCK MARKET OPERATIONS.

In the early trading IN yesterdays stoch
market prices advanced throughout the list on
an active volume of business; but in the last
hour a selling movement in excess of the de-
snand for securities was effective IN weakening
s1uo4a3ions In the greater number OF issues. and
ss a consequence the mornings improvement
rcenersIly was lost Commission house orders
at the start were heavy, while further substan-
fial support from large individual operators
end powerful speculative pools was factor In
causing sharp advances in many Issues nota-
bly, Amalgansated Copper. ST. Paul. Missouri
Pacific Sugar Refining and Chicago and North
west In the last named stock the advance
-xss accompanied by reports that the buying
represented purchases for the account OF inter
ests identified with the New-York Central IN
expectas1ons Of important developments 'af
secttng the Vanderbilt properties. The fact
tina. certain members Of the Standard OH par
ty are heavily interested in New-York Central
Is responsible for current rumors that the
Rocxefellers are In control OF the property, but
well informed people do not believe that actual
control Is held by any interest the general
belief being that all the large interests are work
ing together in perfect harmony for the welfare
OF the company and It's allied lines. At It's
present price New-York Central stock returns
less than 4 per cent, and there apparently is
n3 intention on the part of the directors TO in
crease the DIVIDEND rate there Is no investment
reason for further advance in the price OF the
security. consideration Of this character,
however, carries little weight at a time of spec
ulative enthusiasm in Wall Street. and IT is
therefore quite probable that in the event of
further appreciation in the general market
New-York Central will move TO higher level,
while the may be said of all the high grade
issues, which are now selling at prices which
adequately measure their intrinsic value New
York Central, a per cent stock is selling we'll
above Canadian Pacific a per cent stock and
the latter returns over Az per cent It's price
must be considered quite cheap in comparison
with New-York Central or Pennsylvania
Activity in Amalgamated Copper stock sup
piled one of the leading features on the Stock
Exchange, while in the outside market all the
copper shares were in excellent demand on
generally rising movement of values Exports
Of the metal are increasing at rapid rate while
home consumption shows remarkable change
as compared with this time a year ago and as
consequence higher prices are looked for in
the copper market and better quotations in the
copper shares, both the exchange and on
the curb The United States Steel issues were
heavily dealt in, especially the common which
was the second most active feature on the list
buying Of the shares in large quantities being
reported by all the leading houses in the Street
This security. however. declined with the rest
Of the list in the late dealings, although there
was no heavy selling pressure and apparently
no change in speculative sentiment regarding
the stocks chances FOR higher price in the
course Of the next few weeks. The word has
gone forth that the price OF this issue will cross
20 IN the current market. and ii is said on ex-
cellent Wall Street authority that the important
interests in the property convinced that a
higher quotation will be recorded. irrespective
investment ValIa Of he
20 break the price were made in the last hour
by several prominent board room traders but
offerings were well absorbed, while throughout
the list good class of buyers took stocks on the
decline. At the close there appeared 70 he M
uneasiness I'm bull circles over the prospects 70,
higher quotations. and even bear traders who
operated for turn on the short side freely adj
mitted that the upward movement had not yet
reached it's limit.
Declines from the top prices amounted 70 1
per cent and above in many securities. notably
st. Paul. which. after selling at l77hs, closed a,
1l5ss, q net loss OF e. Earnings of this com
pany for October make a most favora BILE COM
parison with the same month year ago. gross
increasing over S171. 900 and net over s231 opO
Earnings received yesterday supplied many In
stances of marked improvement in addition -
ST Paufs favorable showing. the Southern
Railway and the Louisville and Nashville nre
senting most encouraging exhibits for October.
Southern Railways gross earnings increa sing
over 1921 600 and its net earnings over s1s0 900
and Louisville and Nashvile's net earnings q,
creasing nearly $4,000. Call money ruled ar 3lL
per cent. while time loans were somewhat cal ter
Sterling exchange was strong. while in Paris
exchange on London advanced half a centtp,e
Although the Bank Of England showed in ,,s
weekly statement falling of in its pronort,o,
Of reserve 70 liability change was made n
the minimum rate OF discount