New-York tribune., 1904-10-26
BONDS.
STOCK MARKET OPERATIONS.

Wall Street at the present moment Is the most
cheerful spot in the country, and the members
OF the Wall Street community. including the
outsiders who have taken q large enough inter-
est in stocks 10 entitle them 20 the distinction
OF being called Wall Street operators. appar-
entity believe that the present bright clouds that
Hoat in the Wall Street skies viii never change
their color be Eupplanted by those OF a
darker hue. In yesterdays stock market the
course of prices in the early trading increased
bull enthusiasm on the part OF the pub
lie and added many dollars to the income
accounts OF commission house brokers and to
the accounts OF people who were satisfied
20 take their profits without waiting for the
bonanza pickngs which so many operators be-
Neve are IN sight Conditions, OF course, have
been favorable 10 bull speculation in stocks and
the leading interests IN the Street do not hest
tate TO predict that further Improvement will
be recorded
In the opening dealings tremendous transao-
lions were reported IN various parts Of the list
notably in Union Pacific, in which total sales in
the first two hours amounted TO over 10000
shares This stock and St Paul furnished the
sensational features Of the days trading. Union
Pacific enjoying a maximum gain Of points
and ST. Paul a maximum gain OF 315 points
The well founded idea that q settlement OF the
Northern Securities eventually will be
made on basis satisfactory TO all the interests
concerned was responsible for the activity in
the Western railway securities. while Il was a
potent factor in encouraging an aggressive de-
mand for stocks throughout the list
In the last hour the volume Of selling be-
came heavy enough to bring about a decided re-
dictionary movement, while at the close prices
were al the lowest OF the day, with net losses in
the greater number Of issues St Paul which
touched 175A in the early dealings ended the
day at l72, a net gain OF only u while Union
Pacific which sold as high as 112 closed at
1OS24, net advance OF 11 per cent Ontario
and Western gained for the day g. Elsewhere
IN the active list declines generally were record
ed as compared with the preceding day, notably
in the Erie stocks. the common suffering a net
loss OF 21t, Louisville and Nashville Missouri
Kansas and Texas preferred, Pressed Steel Car
Reading, Rock Island, Southern Railway ANAL
gamated Copper. American Smelling Atchison
Brooklyn Rapid Transit and Colorado Fuel and
1ron IN which net declines ran from fractions to
! per cert and above. On the curb Northern Sc
curities made new high record. but closed
under its best price.
Weakness in the last hour was helped by the
heavy tendency IN United States Steel preferred.
which some traders sold on the theory that the
quarterly report, which issued after the
close OF business, would not show such favorable
results as estimated by people who were supposed
20 know something about the affairs OF the cor
pOratiOn. The statement for the quarter ended
September 50 shows decrease in net earnings
as compared with the preceding quarter of
N1l6.733, and decrease OF over 100000 as
compared with the same period a year ago. The
surplus after interest and dividends amounted to
$L312,9SS. against 50. 777644 in the June quar-
ter. In respect 10 untitled orders the September
Quarter shows q oP
the June quarter and decrease Of l. 100. .525 tons
from the March quarter To some extent this
showing does not bear out the recent trade re-
ports Of conditions in the iron and steel busi-
ness. but II is well 10 note that iron and steel
men are extremely hopeful Of the future and
that the statement Of earnings represents past
rather than present conditions Total transac-
lions in ali stocks were heavier than on az pre-
ceding Cay this year, amounting TO lSl7 505
81 ares.
Unexpectedly large amount Of gold was en-
gagged for export 10 France by to-morrow's
steamer but the announcement failed to cause
uneasiness in Wall Street circles or TO induce
q selling movement in securities. II is evident
from the course OF exchange at Paris and Ber-
lin that both centres are working TO increase
their gold holdings. and IN the case Of Paris Il
is apparent that French bankers expect 10 be
caLled on IN the near future 10 assist Russia in
ntancing its tremendous requirements Incident
10 the way with Japan. An outward how OF
gold from New-York at this period is an abnor-
nal movement, but IN the present case the abi-
fly o. foreign countries 10 draw on this centre
is assisted by the light exports of grain from
the United States and the ease OF money at this
centre. which discourages bankers from renew
ing maturing long bills. Exchange rates how
ever, IN this city have not yet reached the nor
nlal gold export point. ana the beginning OF
shipments Of the precious metal at this period
naturally comes in the nature OF a surprise 10
the banking community Fortunately. there Is
vast amount Of gold and general currency
"a NE United States. and. although the deYnan
from the interior for crop moving purposes have
moi yet been satisfied, local bank conditions are
tTong enough 20 discourage the idea that dis
tnfpance VIII develop at this centre, unless snec-
Slauon In stocks has been carried 10 a no,nt
"nere bank credits have been called on N an
extent that has placed the stock market IN
eschhlealy weak position. The remarkable fact
ABOUT me current speculation is the absence Of
an important reactionaTy tendency. Ordinarily
tae people ia control OF bull speculations allow