New-York tribune., 1904-09-27
BONDS.
STOCK MARKET OPERATIONS.


Transactions for higher prices in yesterdays
market were effective in bringing about sub
stantial Improvement in the greater number Of
active issues, with net gains in the majority Of
securities at the close. commission houses.
however had few orders for public account the
bulk OF the days dealings representing the oper-
aions of bull pools and professional spectators.
the only evidence OF investment buying being
reported in some of the high grade issues. such
Canadian Pacific, New-York Central and
Pennsylvania The fact that the rapid advaL"e
of the morning failed TO attract public buying
demand for stocks created unfavorable i'm
preston regarding the character Of the days
dealings and suggested TO many minds the the
ory that it viii be impossible to sustain prices
at their current high level merely manipula-
tion In United States Steel preferred transac-
fions were heavy, while the price of the issue
advanced over 1 per cent on buying that in
cluded foreign purchases Foreign houses, how
ever. sold more stock in the general market than
they bought, sales on balance amounting TO up
ward of 10000 shares. Union Pacific and Atch-
tson were both strong features, but nothing
further was heard about the alleged purchase
by Union Pacific interests of Atchison stock.
further important move in the concentration
OF control policy. which is supposed TO be the
chief factor in the Western railroad situation.
AS a matter fact however. this policy is far
from being in the condition which the conserva-
tive interests in the railroad business in this
country wish for Perhaps the reason for the
active buying of Atchison shares in the last few
days may be found in the company's annual
report, which is published to-day. showing most
Favorable results earnings after all expenses
End fixed charges, being equivalent to per cent
on the preferred stock and over per cent on
She common stock. It is not improbable that
certain favored spectators were supplied with
the figures Of the report several days in advance
OF its publication.
sharp decline IN the wheat market and Sat
xrday's relatively favorable bank statement
failed to attract outside buying in stocks. but
these factors encouraged professional interests
10 work for higher prices in,all the active IS
sues. In Amalgamated Copper. American Sugar
Refining Atchison. Baltimore and Ohio, ST. Paul.
Erie. Missouri Pacific. Ontario and Western.
Pennsylvania Reading, Rock Island. Southern
and Union Pacific. Southern Railway and Steel
shares transactions were heavy but elsewhere
in the list trading was confined to small totals.
while the movement Of values resulted, as a
rule. in unimportant prices changes. Enormous
blocks of Pennsylvania stock were dealt in on
a prive movement that presented only fractional
variations efforts TO place the quotations OF the
issue at a materially higher range being op-
posed by large offerings Of the stock from peo-
pie who apparently were glad to dispose OF their
speculative holdings. Pennsylvania in the last
three months has enjoyed an advance Of up
ward of 20 points. and, according to the opinion
of conservative market followers. the present
quotation Of the stock adequately measures its
investment value. The greater number of rail-
way securities are selling at prices which more
than discount a revival OF Industrial activity
and in many quarters the attempt TO advance
values beyond current quotations is considered
extremely rash, especially the public shows
disposition 10 come into the market. Among
the active stocks the only instance OF weakness
was presented by Southern Railway which sold
down fractionally sales induced by the acci-
dent on the company's line in Tennessee.
Money market rates ruled firm at last weeks
level. while sterling exchange showed a moder-
ate advance compared with Saturdays final
quotations. In banking circles discussion over
Saturdays Clearing House statement developed
the theory that while the associated banks
showed a falling of in loans in the week. there
was no actual decrease IN Wall Street borrow
ing. a large amount OF loan business was
transferred to the trust companies the opera
tons OF which Go not figure in the weekly ex-
hibit OF the Clearing House institutions For a
long time the trust companies have been out Of
the loan market. owing 10 the fact that they
have been able to secure higher rates for their
money deposited with the banks than they could
obtain on call loans. which have ruled for so
many months az figure under the rate paid by
the banks on deposits. AS the price Of money
has so= edvenced the trust companies are again
coming into the loan market and as a conse-
ouence further heavy expansion in the loan item
of the associated banks IS not probable A
slackening in the German demand for gold in
the London market was responsible for de-
cline IN the price OF the metal at the English
capital but the tendency Of money rates. how
ever. was toward e higher level. The hrmer
markets for loans in London and the strength
in sterling exchange in New-York in the last
few days eliminate the question Of gold i'm
ports for the present. at least