New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-01
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
Transactions in yesterdays stock market were
heavy in volume on movement Of values that
generally tended in the direction of lower prices.
AS a rule opening quotations showed small ad-
vances as compared with Saturdays final fig
ures. but in the subsequent forenoon dealings a
selling pressure developed that effective in
carrying the greater number of active issues
well under the initial quotations, many shares
suffering maximum losses of 1 per cent and
above. The engagement Of a large amount of
gold for export, with predictions OF further en-
gagements in the course of the week, was in
part responsible for the downward trend Of
values while the desire on the part of the specu-
lators 10 convert paper profits into cash &C
centua1ed the declining tendency and induced
active operations by professional traders on the
short side OF the market. A rumor was circu-
lated in the morning that an English vessel had
been fired on by a Russian ship, but this factor
was not an important influence prices in
asInuch as there evidence to show that
such a development had occurred. In view Of
the sharp recovery in prices on Fridays and
Saturdays markets. yesterdays heaviness was
not surprising.
The selling pressure marked in Union
Pacific Erie, St. Paul, Missouri Pacific Read
ing, Colorado Fuel and Iron and Ontario and
Western; also In Sugar Refining. after it's price
had enjoyed a sharp rise Of over points. Sales
of Ontario and Western doubtless represented
disappointment the part of the minority hold
ers over the failure of the New-Haven road to
make final their recent decision regarding a
guarantee on the stock and the idea that the
position of minority holders would be little bet
ter off under New-Haven control of the property
than under the management Of the voting trust.
This theory however, is absurd. the value
Of the minority stock has been largely increased
both intrinsically and the Stock Exchange.
The heaviest selling pressure of the day de-
veloped in the last half hour, when prices sold
off rapidly under the influence Of liquidation.
which was not met by active support in any
part of the list The larger interests appeared
willing to let quotations move lower, and a
consequence many stop loss orders were
reached while smaller commission house traders
FASTENED to throw over holdings acquired at
higher prices. Final quotations showed long
list Of net Declines with the heaviest losses in
Amalgamated Copper Sugar Refining, Chicago
Great Western. Chicago Terminal preferred.
Colorado Fuel and Iron. Consolidated Gas, Della
ware and Hudson, Erie. Louisville and Nash
Vile, Metropolitan. Missouri Pacific, New York
Central. Peoples Gas. Reading, Southern Pacific
Union Pacific and Steel preferred. In these
shares declines amounted TO per cent. and
above with losses of ga in Delaware and Hud-
son. in Louisville and Nashville and in
METROPOLITAN. Moderate strength was shown by
Colorado and Southern and the Chocago Union
Traction shares. On sales OF 200 shares Della
ware Lackawanna and Western lost over 6
points. Call money lent as high 2A per cent.
while sterling exchange again strong
Current indications point toward gold exports
in large volume in the course Of the next five
weeks but this outlook will not cause uneasi-
ness In banking circles. although it may bring
about higher rates for money. Higher rates for
funds. however will attract currency TO this
centre from the West, while they will serve to
bring 10 an end the outward movement Of the
precious metal. Fortunately the United States
has more money in circulation than ever before
IN its history. and it is not likely that shipments
Of gold from New-York will be viewed with
alarm by business men throughout the country.
inasmuch as the operation represents legitimate
international financial conditions. rather than
a withdrawal by foreign capitalists Of their in
vestnents from the United States, was the
case IN the disastrous 1898 period, when sold
left this country in response to the foreign nqui-
dalton Of American securities Financial affairs
IN this country, both affecting general busi-
ness and the United States Treasury, have un-
dergone a remarkably favorable change since
1896, a reflection OF which IS seen in the con-
fdent investment of foreign funds in our Sc
cur1ties. Foreign holdings of American stocks
three years, and whatever selling for foreign
account is taking place n the current bull
market merely represents speculative trang-
actions for the realization Of profits. The re-
dictionary tendency which stocks developed in
yesterdays market was considered a most
healthfui development. and further setbacks OF
q similar character will be welcomed by the peo-
PIE who are committed to the bull side for a
long pull. II is believed that If reckless specu-
lstions can be checked the trend Of the market
win continue IN the direction Of better quota
tons for some time TO come, and that the high
records made in 1902 VIII be equalled If not
exceeded
Reports from railroad managers covering the
traffic operations Of the last week are extremely
gratifying, they show expanding volume
OF business railroads in all parts OF the
country. In addition TO the indication Of trade
revival. as presented In railroad statements.
growing bank clearings in all the large cities
or the country furnish positive evidence that
the countrys industrial activities are moving
stons prosperous lines. The domestic consump-
Ton OF IRON and steel products is increasing.