New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-10-01
BONDS.
STOCK MARKET OPERATIONS.


To the ordinary Wall Street trader the pres
ence in the market yesterday of firms that are
supposed 20 represent Morgan, Hill and Harri-
man interests as active buyers Of securities was
considered sufficient proof that the disturbing
factors IN the Northern Securities situation are
about 10 he removed and that Mr.. Hartman,
Afr. Morgan and Mr.. Hill are RAPIDLY paving the
way for q love feast at which the pipe of peace
VIII be handed around and refused by none.
Certainly the stock market acted as If II were
dfscounting some important development. and.
according Trustworthy information. that de-
1-elopment win be a plan by which the Northern
Securities Company viii be enabled TO pay divi-
dends on its shares, pending the outcome of the
present litigati ton Prices. especially the prices
Of stocks with which Morgan and Hartman in
ferests are connected. showed decided strength
in the greater part of the day large and
animated volume of business. advances of from
10 above . per cent being made by Southern
Pacific. Union Pacific and United States Steel
preferred. While the last ramed stock is in no
way identified with the Northern Securities sit
nation. traders were disposed 10 buy it on the
theory that settlement OF the Northern Securi-
ties case would encourage Morgan interests to
buy their fevorite issues, Of which Steel pre-
ferred is one Indeed, there was active buying
Of this security by Morgan brokers throughout
The day. and # was reported in well informed
quarter that the bond conversion plan would be
resumed soon as the preferred stock reaches
a point nearer the current quotation Of the sink
ing fund IS which closed at S2% in yesterdays
bond market Commission houses reported a
better demand for outside account. one Of the
largest firms IN the Street announcing that its
orders for public operators were larger than
they had been at any time since the current bull
4E
preferred showed a net gain of 2l5 per cent.
while on the curb Northern Securities ended at
net advance OF 3as per cent.
The inquiry for stocks In the afternoon trad
ing was heavy, and despite large realizing sales
reactions from the top prices amounted 10 only
small fractions. while at the close the greater
number Of issues sold at or near the best figures
OF the day. St Paul became an active strong
feature in tho late dealings, advancing nearly
, per cent on what was considered an excellent
class Of buying. In the industrial list United
States Steel preferred was the leader while its
transactions We're heavier than in any of the
railroad stocks, bur decided strength was also
shown by Consolidated Gas, AmaIgamated Cop
per and Peoples Gas. Al its present quotation
Peoples Gas, in view Of its dividend record. IS
an attractive industrial investment, and the alb
sorption of the issue in the last few months has
included large proportion Of investment pur-
chases, Brooklyn Rapid Transit was bought by
leading houses, and It proved strong feature
throughout the day, while the other traction is
sues were generally strong and higher Senti-
Hlert at the close appeared 10 be intensely bull
fish, although In conservative circles IL was
thought that the market had reached a point
ut which q material reaction was warranted
|. According 20 the known movement OF money
IN the week the local banKs have lost more than
SSOO00o0 in cash, made up Of a loss to the in
terror Of nearly 81 100000 and loss to the Sub
Treasury OF nearly SSO00O00. These items were
Offset TO small extent by gain of about
S2.500OOO from new gold. The ret loss to the in
seT1or is larger than the loss IN the correspond
ing week 81 any preceding year. with the ex-
ception OF 1901 Call money lent as high as "a
per cent in yesterdays market, and bankers
were disposed TO believe that a higher rate for
cal funds VIII be established in the course OF
the next few weeks. With time money. however,
IN abundance at 3la per cent for six months
there lie no reason for uneasiness over the money
market outlook Sterling exchange was weak
IN the morning. but recovered the loss before
the close