New-York tribune., 1904-10-30
BONDS.
STOCK MARKET OPERATIONS.

Opening quotations for stocks were well above
the closing level OF the preceding day. ana
throughout the two hours Of business the ten
dency was in the direction OF higher prices, last
quotations being at about the best figures, with
substantial net improvements in all the active
issues Total dealings amounted TO over one
million shares OF which a large proportion was
furnished by Amalgamated Copper. Sugar he-
fning Erie, Pennsylvania, Reading, Rock Islano'
the United States Steel issues and Union Pacific.
In the last named stock a new high price for the
year was recorded at 113. net gain for the day
OF lss. making for the week net advance OF
5ss points. Activity in this issue was due to the
same reasons that have controlled speculation In
the stock throughout the week. namely, the con-
hdent belief that after the close Of the court pro-
seedlings IN the Northern Securities case settle
nnenf will be made which viii not only benefit
Union Pacific, but insure harmony in the West
ern railroad situation. OF interest to people
seeutifed with the oregon Short Line Company
wes the Official announcement made yesterday OF
the terms for the retirement of the Oregon Short
Line's per cent and participating bonds which
may be outstanding February 1. 1905. at their
face value and premium Of 2iz per cent and
the offer OF Kuhn Loeb & Co. TO holders OF the
bonds 70 deliver in exchange per cent refund
ing bonds guaranteed by the Union Pacific Rail-
road, including a cash payment OF S77 so for
each 81. 900 bond. According to the belief OF the
best observers in the Street, Union Pacific stock
VIII sell many points above its current quota
lion.
The pool IN Rock Island stock was extremely
Ective throughout the day, its operations at
tracing heavy outside demand for the stock.
the result Of which was a net gain IN its price
of 2 per cent. while the preferred. on small
dealings, enjoyed fractional Improvement. Anal
gsmated Copper gained % per cent. Sugar Re-
nning 2ss. Atchison ia. Colorado Fuel 22A,
Lackawanna 9%. New-York Central Ia. Cana
dian Pacific !, while smaller gains were recorded
by United States Steel preferred. Southern Pa
eac. St Paul. Kansas and Texas shares and
Reading. Further heavy profit taking in On
tario and Western was responsible for a decline
OF over ] point In the bond market the Union
Pacific convertible As advanced over 2 points.
snd on an active volume OF trading the Green
Bay and Western debenture Be moved 20 q
new high price the current movement
al a net gain OF over points. The prospects
that larger company viii secure the Creep
Bay, probably the same company that viii buy
the control OF the Chicago Great Western. has
attracted increased attention to the Green Bay
bonds which apparently are moving toward a
higher Level. The decline in Metropolitan and
Metropolitan Securities appeared 10 be due TO
selling induced by the theory that the company's
earnings will show large decrease as a result
OF the travel in the subway. but people who are
careful students OF the transportation business
in this city do not believe that the company's
earnings for the year will be materially lower
a result OF the underground travel. The loss
70 the Metropolitan on long haul traffic ought 20
be offset by an increase In short haul business
Twin City Rapid Transit was taken by houses
which are also picking up Canadian Pacific and
the 800" stocks. Among the low priced issues
Chicago Great Western and Missouri Kansas
and Texas common were in good demand, the
latter advancing 1A per cent.
a loss in the weekly bank statement OF ST.
O60.275 in the reserve above legal requirements
failed 20 exert an adverse influence on stock
market values. While reserve declined. cash
holdings increased more than $4,000 the loss
"a the first named item being due to the in
crease in deposits OF more than 100000
brought about by an expansion in loans OF S4.-
B56,200. Reserve now stands az SIG 793 $50
compared with SlO,274. $50 AT this time a year
ego and 81. .339. 100 in 1902. Money market
conditions are strong throughout the country.
ana Notwithstanding the possibility OF further
god exports there is every reason for confidence
in the belief that there viii be no disturbance IN
the local money situation this year. Monetary
conditions are extremely satisfactory. while the
state Of trade. reported by the commercial
agencies. presents most promising outlook