New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-10
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
The verdict OF the American people as ex-
pressed by the tremendous Republican vote
throughout the country reflected in an
active and advancing market for securities. IN
which the greater number Of issues sold at their
best prices OF the year. Naturally. the volume
OF profit taking enormous, but its effect
on the movement of values was not heavy enough
"a prevent striking net Improvement. final quo
iations showing gains that averaged more than
] per cent in the leading issues In view Of the
great strength in the prediction speculation,
heavy offerings of securities in yesterday
trading caused no surprise in Wall Street circIes
but the ease with which the market ABSORBED
stocks IN all departments Of the list encouraged
the belief that the buying power represented the
presence in the market of a vast fund or capl-
fal seeking speculative and investment employ
inent Wall Street is satisfied that the election
OF Theodore Roosevelt is a guarantee Of in
dustrial prosperity for four years more. and that
there will he more opportunities for profit on
the long side of speculation than on the short
onening prices were well above Mondays last
ouotations and in the early dealings maximum
gains In the leading active stocks amounted 10
a point and above. the chief strength helng
shown by St. Paul. Louisville and NASHVILLE.
Erie. Pacific Mail, Reading, Southern Pacinc'
Union Pacific, Rock Island and United States
Steel The initial strength in the last named
stock was well maintained. while Colorado Fuel
ana Iron and Tennessee Coal and Iron also
showed indifference 10 heavy realizing opera
lions. The fact that prices in the second hour
moved within extremely narrow limits on enor-
-,,o7,s dealings suggested the theory that large
number of holders of stocks were anxious TO
convert their paper profits into cash Erle' IoF
instance which opened at 4OAg4o1s' moved
within q range OF Is in the first two hours on
a volume of business amounting to over 6tooo
shares United States Steel common wnlch
opered at from 27 TO 27l3. sold down 10 Zot2
and then up to 271s on sales OF over 10000
shares in the forenoon dealings. while the pre-
@er-ed in the same time transactions OF over
1l3.OO0 shares huctuated within small fractional
,ini-s Subsequently. however, prices moved
up rapidly
The eo-called Hartman stocks were IN good
demand especially Southern Pacific, which en-
5oyed 2 maximum gain of over points on ue4i-
ings that reached the heavy total OF -o7'ooo
shares Interests identified with the Hartman
r,roperties are confident that Union racine anu
Southern Pacific will sell well above the current
level while. as matter OF TACT, wan street,
.,,raars 10 be convinced that all the first class
securities will eventually be quoted at Det''ei
figures Total operations in all stocks were
heavier
amounting 10 over 100000 shares. Of which
over one-half was supplied by Erie, Reading
PocE Island Southern Pacific, Union Paclhc
and the United States Steel issues. trading IN
the last named stocks reaching the large hsures
of 437 900 shares. IN the issues named advances
run from over l per cent to ia per cent Inc
extent Of the demand for securities may be ap-
preciated by reference TO the operations IN
bonds which amounted 70 the heaviest total
<or any day on record. transactions IN the FaFI-
o,s mortgage issues reaching the extraordinary
record OF Sl4O020G0 par value. In the Union
Pacific convertible As, the United States Steel
sinking fund Us the American Tobacco As. the
Continental Tobacco IS and the Wabash de
benture Bs enormous dealings were reported on
q movement OF values that tended in the direc-
tion Of higher quotations.
Strength in the London market for American
securities naturally served 10 create bull en-
thusiasm at this centre, especially as the
strength abroad Indicated the satisfaction of
foreign capitalists over the outcome OF the cleo
ton and their confidence in the belief that
under present political and business conditions
in this country American securities are not sell
ing above their intrinsic worth.
An idea of the great activity and price im=
rrovenlent that took place in yesterdays market
MAJ be secured BY reference TO the detailed
tables Of transactions in bonds and stocks,
which are printed in another column. In the
money market call funds ruled at "a per cent,
while n sterling exchange quotations were frac-
tionally higher. There We're 10 runOrs Of fur
fher European gold engagements. and the Street
paid iicrle attention TO the money market, nor
did il take tine TO consider the various factors
which may have an influential bearing on
money rates in The course Of the next few
months From bankers doubtless will
watch the money market more closely. owing
20 the probability Of call by the Treasury De-
partEent for government deposits and 10 the
prospect Of an Offering Of a japanese war loan
IN th:s country