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

While the volume of trading in yesterday s
stock market did not equal the record of the
preceding day, transactions were heavy. never
theless, amounting to over 100000 shares on a
movement Of values that exhibited great irreg-
ulartty. In many issues marked improvement
reported in the early dealings. while in the
second hour of trading and in the first part Of
the afternoon the improvement lost in
part. owing to the enormous offerings by peo-
pie who were anxious to convert their paper
profits into cash An instance of this tendency
was presented by Southern Pacific which moved
up over point and then lost its gain on heavy
sales by some Of the most active traders and
commission houses in the Street. London was
active factor in Southern Pacific taking
large amounts of the stock, while substantial
purchases for foreign interest were reported in
all of the international shares, including the
Missouri Kansas and Texas issues. which en-
joyed marked Improvement in the early trading
the preferred advancing Az points and the
mon =. compared with Wednesdays final
quotations. The movement in the so-called
katy issues reflected buying by the Dutch
interests in the property. who are now in actual
control of the road. Earnings of this COM
pany have shown remarkable Improvement in
the last few months and as the territory COW
cred by the companys lines is enjoying record
breaking industrial prosperity 1t is safe TO pre-
ulCL LurlIleT material expansion IN traffic
ceipts. with the promise of a dividend on the
preferred stock next year. Erie and Reading
were heavily sold, and as a consequence their
early quotations showed declines from the pre-
ceding day, while the character of the selling
encouraged the belief in we'll informed specu-
lative quarters that the recent heavy buyers of
these issues were taking advantage Of the up
ward movement to give some one else a chance
to take their holdings The advance in Erie and
Reading in the last few months has not been
accompanied by developments that have added
real value to the stocks. and. based on their
prospects as permanent Investments there il no
good reason 10 buy the shares at present prices
And the same may be said OF United States Steel
common.
In the United States Steel issues the demand
was active. but there was great change I'm
prices, as the offerings were heavy enough to
prevent an important upward movement the
common after short period of strength SELL
ing under Wednesdays last price and closing
at a net loss of Il per cent. The preferred
ended the day at net gain of "a per cent Not
withstanding remarkably heavy realizing sales
the market exhibited great frmness in the last
hour dealings. while in the final trading the
tendency throughout the list was in the direction
shares being large enough to offset declines
which were recorded in the midday transactions
Among the so-called specialties Pacific Mail
enjoyed sharp advance on dealings amounting
TO large total. There were no news develop
ments accounting for the strength in this issue
but careful buyers bought the stock on the ex-
cellent theory that the companys earnings will
be largely increased in the course of the next
few years through the expansion of the Pacific
Ocean trade. with the promise of still larger
gains in revenue after the completion of the
pa
demand throughout the day: also Pennsylvania
Mexican Central Peoples Gas. Southern Rail-
way. Union Pacific and st. Paul Commission
houses we'll supplied with buying orders.
and there appeared to be no lack of enthusiasm
on the part of the public while professional
Wall Street traders exercised their time hon
ored' privilege OF circulating a mass of misin-
formation regarding various properties for the
purpose of attracting an active outside interest
in securities
Call money ruled at "a per cent. while there
was no material change in quotations for time
funds. Sterling exchange was higher and as
a consequence talk of gold exports was heard
in foreign banking circles. although opinion did
not favor the idea that further large shipments
of the metal would be made Money market
conditions doubtless will attract considerable at
tention in the rest OF the year. owing TO specu-
ative activity in securities. the increase In the
demand for funds for mercantile expansion. the
of certain amount of government deposits and
the financing of the Japanese loan and REQUIRE
ments of various railway companies Money
doubtless will become more active and higher
rates may be looked for. but at present there ia
no reason to look forward to disturbance in the
market.