New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-16
BONDS.
STOCK MARKET OPERATIONS.

In yesterdays stock market transactions were
active throughout the day on a movement OF
values that generally tended in the direction OF
higher quotations. Commission houses had
large buying orders for public account, while
many of the substantial market interests were
actively identified with the speculation, esDe-
clally- in Southern Pacific United States Steel
preferred. Rock Island, Norfolk and Western.
PENNSYLVANIA Union Pacific and Brooklyn
Rapid Transit. In these issues maximum gains
OF ] per cent and above were common, Union
Pacific. for instance. advancing tn new high
record price for the year at net gain for the
day of 1 Is points. Although traders were heavy
sellers at times. offerings We're readily absorbed
by commission houses. and a consequence
the selling pressure was Ineffective as an in
Huence OF quotations. Sentiment extremely
bulish. and at the close predictions were freely
made that the current bull movement would
continue for some time to come notwithstand-
ing the prospects Of a material reduction in
hank reserves at the end of the week. It is
known that the larger banking interests
talking higher prices and as these interests
are practically in control OF the monetary sit
uation il is easy 10 see that their confidence in
their ability 10 bring about higher quotation
level is based on their absolute belief that no
development will arise which will take the con-
troll of the money market out OF their hands.
Sometimes, when Wall Street is flooded with
optimism, cautious traders begin TO make COM
Initments on the short side OF speculation. It
would be A rash man. however, who would sell
the present market short in the face of the
remarkable strength shown by quotations. and
the heavy volume of commission house buying
that IS now one Of the striking features Of the
daily operations.
Throughout the list high records for the year
made, the most striking gains being re-
IT,
OF the so-caIled specialtes, in which net i'm
provement amounted to an average of per
cent, Union Pacific. transactions amounting
20 over 10000 shares, furnished the striking
feature Of the day, while next in Importance
came Southern Pacific. in which total opera
lions amounted 10 over 10000 shares. including
large purchases for foreign account. There were
no news developments accom- panying the up
ward movement in these issues, while in the
general developments of the day there was
nothing Of sufficient Importance TO be used as
new argument for higher prices. Traders do not
need the encouragement of special news de-
velopments at present. as they appreciate the
fact that conditions underlying investment
values are sound and that the tendency in the
business world is in the direction of healthful
expansion. All the high grade issues were in
demand. and an excellent class of investment
buying was reported in St. Paul and other first
class shares, including Canadian Pacific. which
enjoyed moderate improvement. II is interest
ing 10 note that the stocks of the companies
controlled by the Canadian Pacific are being
g described by careful traders notably the 500"
etocks which will it is believed sell we'll above
their current quotations. Minority stocks are
becoming more popular with traders for the
simple reason that in a bull market such issues
car, be advanced without the danger Of meeting
an enormous quantity of stock the upward
movement. Transactions were well distributed
throughout the list, in both the morning and
afternoon sessions, even the usually inactive
shares enjoying speculative activity, especially
the cheap priced industrial issues. such
American Cotton Oil. American Grass Irvine,
American Hide and Leather, American Linseed,
American Wooden and Corn Products. In the
money market the tendency OF rates
ticea bly, lrner, but the Street well supplied
with funds and there appeared to be no indi-
cation OF a coming scarcity Of money No en-
eagements OF gold for export 10 Europe
made and an advance In the Paris exchange
rate on London induced some observers TO be-
lieve taat there would be no further shipments
of the metal. Exchange rates at present are
most variable quantities, and it IS not safe TO
make predictions about the possible course of
the gold movement