New-York tribune., 1904-10-18
BONDS.
srooK MARKET OPERATIONS.

Tyrlder the influence Of enormous puying Ior
epeculative pools and commission house traders
stock market values enjoyed further sharp I'M
rrovement in yesterdays trading, prices for the
greater number OF issues being at the highest
sar,ures OF the year. especial strength being
shown IN Missouri Pacific. Chicago and North
western Wabash preferred, Consolidated Gas.
u1z4e Reading, United States Steel preferred
Texas ana Pacific Southern Pacific. the So
naIled Hawley stocks, Louisville and Nashville
and Canadian Pacific. In these issues transac-
asons reached heavy totals, while throughout
the list operations were generally heavier than
on any preceding day this year. the total in all
securities amounting TO lS37,6SS shares. COM
aDarsd with the best previous record IN the cur
1ent year OF 1.5Oe.62s shares IN last Fridays
market As a result Of the extreme strength
and activity on the closing days OF last week
commission houses received heavy buying or
de-s for yesterdays market, brokers reporting
larger transactions for public account than they
had noted IN many months. the inquiry coming
arom an parts OF the country, especially from the
West, where sentiment appears TO be unusually
t1lllsh over the current condition OF business
sn this country, ana the prospects FOR further
Improvement IN the course OF the next twelve
months. This years big corn crop is the lead
ing bull factor which the Western operators
base their enthusiasm over the outlook for ex-
pansion in the country's financial and business
strength, while the people IN the South PIN
their faith 20 the big cotton crop as a probable
influence in increasing their prosperity ana that
Of the country in general It IS hard to be
bearsh on the business outlook with good crops
and plenty OF money IN the country. but there
are some observers in Wall Street who
courageous enough 70 believe that, despite the
favorable features IN the country's industrial
position, stock market values have reached a
level which more than measures present and
prospective industrial expansion.
After strong and active opening prices de-
Feloped a brief period OF irregulartty, but sub
Eeqnenfly exhibited renewed strength, and de-
spite heavy profit taking sales values advanced
almost without interruption until the last hour
when reactions from the best figures were re-
ported. Notwithstanding the heavier tone in
the late trading. final quotations showed a long
list Of substantial net advances, although q
number OF prominent active Issues, notably
Southern Pacific Union Pacific Atchison, St
Paul, Brooklyn Rapid Transit, New-York Cen
1arals Rock Island. Peoples Gas and Baltimore
end Ohio, ended the day at net declines, the vol
une OF sales in these securities in the last hour
being heavy enough to bring about lower fig
ures- The fact that these issues were under
pressure indicated TO many people that some Of
the larger interests were dsposing Of their hold
sngs. Despite the declines IN the final dealings
sentiment remained rampantly bullish, predic-
rions being freely made that further gains would
be recorded IN the present week, and that.
barring temporary setbacks, due to realizing
sales. the tendency OF the market would con-
tinue IN the direction OF higher level until after
me election ct least. There have been many
times IN past Presidential campaigns when the
approach OF Election Day has been viewed with
alarm in Wall Street. but this year the hank
has do
VIII be no change in the Washington admins
tration, and that there IS therefore. no possi-
bic excuse for an election scare. It is needless
20 say that If there were any doubt over the
election OF President Roosevelt securities prices
would not now be enjoying marked Improve
ment
Wan Street is as intensely bulIish at present
as Il was bearish six months ago. and with the
speculative temperament in its present buovant
condition It is useless TO discuss factors and
possibilities which might turn the course OF
values IN another direction All the representa-
tive brokerage houses in the Street We're active
buyers. bat they were also heavy sellers eyi-
IDENTIFY for the account OF people who had lona
been carrying stocks and were able to d,snose
OF their holdings at profit. OF course a large
distribution OF securities IS under wav but the
people IN control Of speculation appear confident
that they are powerful enough TO hold The
market IN its present advancing path, and that
under the effect OF public support they viii be
able 70 secure much higher quotations for their
securities. In the local money market there
was a slightly easier tendency in time money
rates, but in the foreign discount markets quo
tations were again hrmer. It is interesting 10
nOte that IN London the current discount rate
Is g per cent above the level Of a week ago. in
Paris II Is q higher and in Berlin g. In the
Paris exchange market rates on London de-
clined yesterday TO point at which gold may be
drawn from the last named centre. In the local
exchange market sterling was a trihe higher.