New-York tribune., 1904-10-12
BONDS.
sTnCK MARKET OPERATIONS.

In the early dealings in yesterdays stock
market the character Of selling appeared to be
better than the buying. and az a consequence Of
an excess OF offerings prices developed consider
eble heaviness in the greater number Of issues.
Rlthough there were important declines, re-
actions being confined 10 small fractions in the
snajority OF securities In the subsequent trad
Enl;. however. the selling pressure relaxed. while
q resumption OF active buying in St Paul. Atch-
sson. Brooklyn Rapid Transit and the Hartman
stocks served TO bring about q better tone
throughout the list and net gains IN most Of the
active and inactive issues at the close After the
early weakness marked strength was reported in
AtchiEOn. St Paul. Pennsylvania, Brooklyn
Rapid Transit. United States Steel preferred and
Canadian Pacific. St. Paul for instance, advanc-
sng more than point on volume Of business
that apparently reflected operations for the
count Of the interests who have been the leading
factors In the upward movement In this security
sn the last fortnight. Canadian Pacific was
again taken by an excellent class Of buyers. and
- was reported IN well informed quarters that
furtheF material Improvement would be recorded
by the stock and that II would pass its best rec
ord. made IN the bull market Of 1902 when 1t
sold IN the neighborhood OF 145 Southwestern
railway shares were not active strong features,
owing TO heavy realizing sales Offerings. how
ever Of these securities well taken, and the
Street appeared 10 be bullish on Missouri Pa
cihc St Louis Southwestern and Missouri Kan
sss and Texas The Missouri. Kansas and Texas
earnings for the FIRST week IN October show an
increase OF S5O23S. making from July 1 a gain
Of S5O5.S33. Indications point toward excellent
traffic reports in the current month, while the
railroad men are satisfied that with this years
big haryests and the revival OF general indus
trial activity which IS under way railroads in all
parts OF the country viii show encouraging gains
throughout the next twelve months. OF the
earnings received yesterday striking improve
ment was reported by the Canadian Pacific,
which showed an increase for the first week IN
October over the corresponding week in 1903 of
$4,000, making from July / a gain of 81. .10S.OOO
There was no material change in the local
money market although time funds were trifie
firmer. but in London discount rates were higher
and the price Of gold was advanced. while in
Berlin the German Bank rate was raised from
20 . per cent. The hrmer discounts abroad
ana the higher price for bar gold in London
VII make further decline in local exchange
rates necessary il gold Is TO be drawn from the
other side At the moment. however, there is
no especial need Of gold imports but it is re-
assuring 10 know that in case OF need the posi-
zion OF our foreign exchange market viii make
II possible for New-York 10 bring in the yellow
metal from Europe. Bankers are not looking
al "otu 10 MUCH hlsiler rates Tor time loans.
hut u Is generally believed that q firmer market
for call money viii develop. although no dis
1urbance in this branch Of the money market is
looked FOR. The favorable government crop re-
port, indicating an enormous yield of corn and
oats and fair yield Of wheat, has been dis
counted 10 some extent in the current stock
market. and for a time the influence of this
splendid harvest may not be reflected in securi-
ties operations. hut Il viii be- nevertheless a
aactor on which future strength in prices will
be based. The Importance Of big crops in this
country this year 10 all branches OF trade and
industry including our export trade which IS
intimately connected with our financial situa-
fion. cannot be overestimated as a factor IN
the industrial prosperity of the country. The
market closed strong with prices generally at
or near the best figures Of the day. There ap-
peared TO be no bear sentiment in the final
operations.