New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-24
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
Despite the higher rates for money and further
engag ements Of gold for export. there was no
important selling pressure in yesterdays stock
market. while in many issues a good buying de-
rnand developed Naturally some traders
showed considerable hesitancy in operating on
the bull side Of the account owing to the posi-
bility OF further calling of loans. but on the
other hand they showed no great enthusiasm to
20 short of the market over the holiday. Com
mission house business reflected Unwillingness
on the part Of public operators TO make large
commitments for the bull account pending
more definite understanding Of the immediate
future of the money market while in many
cases public traders We're disposed to convert
their paper profits into cash, doubtless on the
theory that something unfayoTable might de-
velop before the opening of the Stock Exchange
tomorrow: also on the possibility of further
advance in call money in Fridays market.
Loans made on Friday carry over TO Monday,
and if the demand should he at all urgent higher
quotations undoubtedly would prevail in to-
Tnorrow's loan market
In Amalgamated Copper. Sugar Refining
Brooklyn Rapid Transit and Southern Pacific
price movements in the early dealings resulted
ia lower figures while Union Pacific. Reading
AIfGlSfb8
in the afternoon in the case of Atchison and
Union Pacific developed into decided improve
ment Indeed, in the afternoon trading prices
throughout the list exhibited 4 hardening ten
dency, and as a consequence final quotations in
The greater number Of active issues presented
net gains compared with the preceding day
Sentiment as rule vas conservatively bullish
among the important market interests
while the ordinary board room traders appeared
70 believe that even with SITTER rates for loans
further improverne in market values would lie
possible 4 queter market in December is not
improbable. but if the bear element should en-
JOY success in the month the declines doubtless
Will be offset by an active resumption of the up
ward movement in the new year.
Advancing vaiUes in the afternoon were helped
by the uncoverng of large short interest
throughout the list and by buying for tie ac-
count OF substantial interests which apparently
were not believers in the theory that the ad-
Vsncing tendency in the money market would
seriously interfere with the current bull cam
paign. Sentiment was also favoraby affected
10y the outcome Of the city bond sale which
clearly indicated most confident feeling on the
part Of bankers over the future Of the invest
Tnent situation, their bids for the issue averag-
ing 1920, a price > per cent above the figure
received by the city last May and the best price
for city bonds since May. 1903. Further ac-
and the sinking fund bonds a striking feat
ure OF the afternoon dealings on the Stock Ex-
change transactions in the latter issues reach
ing the large total Ct $2.St0.Oo0 par value, at a
net gain of IL per cent.
The advance in the bonds may have been based
on the theory that compared with the pre-
ferred stock. they were selling too low. or the
upward movement may have been part Of a plan
10 raise the price TO par in order to facilitate
sale of he IF : he beI,i ~,
the treasury. representing the balance of the
S50.oe0.oo0 bonds which authorized to he
sold for cash under the terms of the preferred
stock conversion plan. 1t may he recalled that
under this plan. in addition 70 the bonds au-
thorized for preferred stock conversion, $50
100000 was 10 be sold for cash. and that the
syndicate headed by J. p Morgan & Co took
S20,oo0.o00 at par. il the last hour dealings
marked strength was shown by the Atchison is
sues Canadian Pacific. Great Western. General
Electric. Manhattan. Southern Railway. Union
Pacific ard the United states Rubber shares
Local banks naturally welcome az advance in
money quotations. inasmuch as il means greater
profits in their loan business bot they do not, AT
present. At least. expect q scarcity Of funds Fl
this centre or Il big advance IN lending rates
The minute money rules ar irmer level in
this city large supplies VIII be attracted from
the interior. while al the same time the export
NOV cmcnt If gold viii Re brought an end
Perhaps the advance far recorded in money
p not he sufficient to stop the outward move
:nent Of the yellow metal. especially if the neccs-
Fities Of foreign countries continue urgent. in
the latter case France AID Germany viii offer
inducements shat viii make 81 profitable foI
New-Yo.lS 10 send the metal abroad. That Lon
don is not alarmed the demand on that
centre for gold is reflected ia reduction in the
price OF bar gold. which was reported yesterday
OF course. the Bank Of England Will protect its
gold holdings il the drain its resources be
comes heavy either hv advancing ITS price OF
bar gold 10y raising its minimum rate Of dis
count. From now on the sterling exchange
market will De watched with great interest as
the developments in the market will indicate
whether the advance in money rates az this
centre has been sufficient to induce foreign
bankers TO supply the inquiry for remittance by
selling their finance bills and lending the pro
ceedg here. Sterling exchange was lower yes:er-
dAy,