New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-03
BONDS.
STOCK MARKET OPERATIONS.


Opening prices in yesterdays stock market
showed Improvement compared with the clos
ing of the preceding day, while throughout the
five hours Of business the movement Of values
generally tended in the direction Of higher quo
tations. In many issues maximum gains ran
from to per cent, with even heavier advances
in a few shares, notabl Amalgamated, Metro
politan, American Smelling, Delaware and Hud-
son and 800" common, the last named stock ad-
vancing to 9312. compared with Tuesdays
last price Of 1914. Foreign houses were moderate
buyers in the local market, and commission
houses were we'll supplied with orders, although
the volume Of outside business showed con-
traction from the large records of the last ten
days Heavy dealings in AmaIgamated Copper
at advancing prices supplied one of the striking
features, the activity in this issue being due to
the reported settlement of the Montana copper
war and the strong statistical position OF the
copper market reflected in the strength OF
the price of copper in the local and foreign mar
kets and in the heavy export demand for the
metal. Foreign requirements for copper are
most urgent, while home consumption is increas-
ing at a rate which must prove extremely graft
fying to the holders of Amalgamated Copper
securities.
1t is interesting to note that in the last nine
months exports Of copper have been double the
shipments of the corresponding period in the
preceding year Copper is used in many lines
of work, and the active demand for the metal
therefore reflect trade expansion, notably in
the electrical and allied industries. While de-
mails were made by the Heinze interests that
negotiations were under way for the transfer Of
their copper holdings to friends of the Anal
gamated company, the Street was satisfied that
deal of this character would be consummated.
Pool operations were reported in a number OF
active issues especially in Rock Island and
Reading, in which dealings reached a heavy
total with net gains Of rs and 11s, respectively
OF course, Rock Island common is not entitled to
a material advance on its merits. and the same
thing may be said Of many other securities. but
these issues doubtless will advance with the first
class shares and reach in the course of the cur
rent bull market a materially higher level. The
declines of Monday and Tuesday strengthened
the technical position Of speculation. AS the
Anglo Russian war cloud has passed away. and
there is no uneasiness over the money mar
ket or the political situation, the larger market
interests doubtless viii continue to work for bet
ter quotations, while it is reasonable to assume
that, with the upward movement resumed. the
public will be anxious to satisfy its speculative
and Investment appetite for stocks and bonds.
United States Steel preferred was helped by re-
ported large orders from the Burlington com
pany, while the general railway list was strong
improving earnings. the expectation of
disturbance IN money rates and the belief
that the larger financial interests were ac-
cumulatng stocks all reactions. Erie
Louisville and Nashville. Metropolitan. Brooklyn
Rapid Transit. Union Pacific. Pennsylvania and
Canadian Pacific enjoyed marked Improvement
the last named making a net gain of 1h Re
garding earnings, the most important state
nent OF the day was that of the Pennsylvania
company for the month Of September, showing
a large increase in net receipts on the lines
east and west Of Pittsburg, the increase on the
lines east Of Pittsburg amounting to S257 800
and on the lines west of Pittsburg TO $685. 400
Improvement in net income was brought about
through a large decrease in operating expenses
gross earnings falling behind the same month a
year ago on the two divisions amounting to
S431 500 The company's policy of reducing
operating expenses was reflected in a decline on
the two divisions amounting to 1O2S 100 Since
January total gross earnings the lines east
and west OF Pittsburg show a falling off, as
compared with the same period in the preced-
ing year Of IS 1S1, 800 while net earnings have
decreased IN the same time Sc, 100000.
Sterling exchange rates were a trihe under
Tuesdays closing. and further engagements
Of gold for export were made for European &C
count although 100000 was taken to Cuba
Il is likely that more of the metal will be
shipped next week but this prospect does not
Worry the Street inasmuch domestic
change conditions foreshadow a return move
ment of currency to this centre. while in add
ton the local market will be helped by
ceipts of gold from the mines and receipts Of
the metal at San Francisco from Australia
Call and time money remain at an easy level