New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-17
'Ex dividend.
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
IN the early dealings in yesterdays stock
market prices were influenced to some extent
by heaviness the London Exchange. weak
ness at the latter centre being due to reports in
London of trouble between Russia and England
on the Afghan frontier. According to cable ad-
vices received by New-York bankers later in
the day from their foreign correspondents. these
rumors were not well founded. and as con-
sequence both the local and foreign exchanges
closed with a better tone. prices in New-York
showing net gains in many Of the active issues.
notably Amalgamated Copper. Sugar Refining.
Chesapeake and Ohio. Metropolitan and Amert-
Hide and Leather preferred On the early
decline stocks readily taken. and there
appeared to he no indication of selling by the
prominent interests and disposition on their
part TO encourage the theory that the bull cam
paign is nearing its end Indeed the powerful
bull element endeavored to discourage the idea
that conditions were ripe for bear movement.
while the ease with which many stocks rallied
suggested 10 some observers the belief that the
upward wave would continue for several weeks
to come Sentiment helped IN the after
noon by the announcement Of the advance in
prices Of different steel products and by the
excellent trade reports from iron and steel cen
tres.
According TO The Iron Age" the feeling Is
self in an eagerness to buy for deliveries well
into next spring whenever possible. The after
noon selling was chiefly for the account of trad
ers who bought stocks IN the mornings depres-
sion. Strength in Amalgamated shares was the
striking feature OF the last hour trading the
price advancing large volume OF business
points from it's early low level on large buy
ing orders for local and out OF town account
The trade position OF copper is exceedingly
strong, and 1t is not at all unlikely that all the
copper shares in this country and abroad will
sell at much better quotations Rio Tintos have
features in the London and Paris markets.
Rock Island securities will appeal more 10
investors now that one OF the most prominent
banking houses in the country. Speyer & Co,
has consented to associate itself with the rail-
road SIS its banker and TO have it's senior
member on the Rock Island directorate. The
people who are now managing the Rock Island
company are working ccnscientiously and ener-
geticaIly to make the system strong financially
and physically, and their decision TO raise
money for the purpose of improvements. bet
terments and refunding, through the sale of
bonds. will serve 10 create greater interest in
the property and strengthen the intrinsic value
Of existing securities
Great success has attended the financing OF
the bond issue by Speyer & Co, and the opera
ton has induced active buying of the Conpany's
1 and per cent mortgage issues, n reflection
Of which was presented in the heavy transac-
tons in these securities in yesterdays market.
the As on total dealings amounting in par value
TO 1864 600 enjoying net gain of is, and the
5s on total sales OF the par value of $4,000 a
net gain Of 21a per cent. The new bonds are
redeemable. at the option Of the company. At
los and accrued interest in 1911 and they
a direct obligation OF the Chicago. Rock Island
and Pacific Railway Company CHE OLD com
pauy), which has paid dividends for many
years. and since 1883 at not less than per cent
yearly. In the fiscal year ended last June the
company paid per cent on It's share capital OF
$4,000 900. AS the bonds are secured by a first
lien on terminal property and by a lien on all
lines of the railway company (subject TO exist
ing mortgages). it is easy 10 see why they
ought TO sell at d good price the Stock Ex-
change. The Offering OF the companys bonds is
the first step in a recasttng, so 10 speak. OF the
company's finances by the big New-York bank /
ing house, and the fact that James Speyer will
be a member OF the finance committee Of the +
Rock Island assures the company a bright
financial future.
There was no material change IN the money
market and there were no indications Of COM
ing strtngency in rates According to the belief
OF the leading Wall Street bankers there viii
be no disturbance IN the money market this
year and this belief is fortified by the general
understanding that the Secretary Of the Treas
ury VIII not call the depository banks for
government deposits until after the turn OF
the year. Inasmuch the Treasury has a
working balance OF upward OF So, 100000, with F.
large payments in view in the rest OF the
year, there will be actual necessity for the z
Secretary 10 ask the national banks TO turn over
any OF their funds at present and even II the (.
requirements OF the government should make
call on the banks imperative the money market /
situation in this country would not so into a /
state OF collapse. The general position Of money
in the United States is extremely strong. and I
the minute rates for funds at this centre begin
to advance there viii be large inflow OF cur /
rency from the interior. as money always seeks
the centre where it may be used the most profit
ably In view OF the fact that this country is
able TO send large amounts OF gold abroad with /
affecting rates for loans at time when local
demands for funds are heavy. there is no cause /
for alarm over the monetary situation.
The October statement OF foreign commerce
received yesterday makes gratifying showing |
exports bstnS the largest for any mouth tbs