New-York tribune., 1904-10-11
BONDS.
STOCK MARKET OPERATIONS.

transactions in yesterdays stock market were
moderately heavy In volume while in the greater
mart of the day the movement OF prices was IN
fba direction of higher quotations. Despite the
fact that values are at level many points
above the low figures OF the year. there ap-
pears 70 be q large enough following on the bull
side of speculation to make further advances
-,ossihle and the ease with which the market
sbsorbs realizing sales without affecting prices
10 an important extent naturally encourages the
sdea that the character OF buying is good and
shat the inevitable decline is not yet in sight
In yesterdays trading there was no indication
OF an immediate setback in values Confident
buyfng was feature throughout the five hours
oe business while at the close sentiment was
overwhelmingly in favor Of the long side OF the
market There were small reactions IN the
afternoon. hut they were not OF the KIND that
surrested a sustained downward movement,
fractional recessions from the best figures OF
she morning merely representing profit taking
incident 10 a bull campaign. The possibility OF
higher rates for money had no effect on specu-
laflve ideas on the stock market traders ap-
parently believing that despite the rapid shrink
are in reserve lending rates will continue to
rule under per cent for call loans their IDEAS
1,oing based on the expectation or large sold
imports this fail. Exchange market conditions
are working rapidly in favor of this country
and the prospects favor extremely low rates Tor
sterling with gold imports direct from Europe
whenever the local situation needs assistance or
this character The fact that Speyer < co. VIII,
early in November send to Havana the second
,nstsln,ent. amounting to upward Of S10!OO0.OOO,
OF the Cuban bond payment need not cause un-
easlness in money market circles, as the with
drawsl Of funds for this purpose will be ar
ranged in 2 manner which Will In no way cause
disturbance in the monetary situation The
whole Cuban bond operation. from the very
first neeotiation has been handled with great
skill and there is 10 possibility that the future
payments on this account viii cause the slight
est ripple in the money market.
Heavy buying was reported in all the South
western railway shares. and new high records
for the season were made by Missouri Pacihc,
st Louis Southwestern and Missouri Kansas
nnd Texas issues. The last named stocks were
again in demand for foreign interests. but the
buying was not accompanied by news develop
merits affecting the property. The company's
earnings are increasing at a most encouraging
rate and some people appear 10 believe that
The improved condition Of the compsny's affairs
will al no remote PERIOD be reflected in d.
Vidend declaration on the preferred stock Ac-
cording TO reports from traffic managers of the
railroads in the South and Southwest, the out
look is extremely favorable for a large volume
of business IN the next twelve months in general
merchandise as well as cotton. The high prices
OF cotton last year brought great prosperity TO
the cotton raiseIs Of the South. and the in
crease in their In J.Ees is now being reflected in
an expansion in t5s general buying power Of
that part OF the coun'e9 and noteworthy i'm
provement in msnufS SGes and all lines Of
commercial activity. The general market was
without sensational feature. and for this rea-
son il presented a much more healthful aspect
than at any time in many days. Further ac-
cumulation of the Hartman stocks, Reading.
United States Steel preferred and st. Paul was
reported. but none of these issues, except Steel
preferred. exhibited price movements that sug-
Rested manipulation They strong with
out enjoying striking gains. United States
Steel preferred made a new high record price
for the year selling at e IN the midday trans
ections, closing at 76%, net gain Of l per
cent.
In London discount rates were higher, while
the price OF gold advanced. in the local eX-
change market sterling a triAe lower but
with the higher rates for money and the ad-
vance in the price Of gold in London. sterling
quotations were well above the gold importing
point.