New-York tribune., 1904-10-27
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
In the early dealings IN yesterdays stock
market the greater number OF securities pre-
sented no trace OF the weakness which marked
the closing operations in the preceding day.
advances being recorded IN the majority OF
shares, with marked strength IN Union PACING
st. Paul, Ontario and Western and number
Of other active issues. The Steel stocks were
inclined toward heaviness their movements re-
heoting disappointment over the showing made
by the corporation in the last quarter but
there was 10 important liquidation, and there
was no disposition on the part OF leading inter-
ests 10 feel depressed over the condition OF the
iron and steel trade Indeed. the people in the
street who are IN the habit OF studying facts and
figures and who receive their information from
inside sources were cheerful over the outlook
for iron and steel they knew that the report
OF the Steel Corporation for the last quarter re-
fected past conditions rather than the present
business which the concern is handling. II is
only necessary 10 refer to The statement OF the
chairman OF the board OF directors OF the United
States Steel Corporation to appreciate the fact
that substantial improvement is under way. as
compared with the summer months.
Wall Street spectators who arc not able 70
gauge the underlying strength Of the business
talents on the bear side OF the stock market.
hut opposed to their operations there will be
found heavy transactions for the account OF a
confident public and support from the impor-
fant financial interests OF the United States.
OF course. II some untoward development should
arise the complexion OF affairs in Wall Street
would change for time, at least. but whatever
may be the outcome OF such possibilities as are
involved IN the situation affecting Russia and
England or in the gold export situation, the
actual value OF American investments VIII not
be injured. railroads viii continue to earn their
dividends, and industries and politics will not
enter a state OF disturbance.
Following the early advance In stocks heavy
selling pressure developed. and as a consequence
the whole list sold of, sharp declines being re-
corded in the active issues. with the chief weak
ness In ST. Paul, Union Pacific. Erie Metropoli-
tan and United States Steel preferred. in which
losses ran from 2 TO points. Enormous realiz-
.ng sales were reported in all parts OF the list
but on the decline offerings appeared to be we'll
taken. and in the anal dealings a stronger ten
oency developed, carrying the greater number OF
issues well above the low points OF the day
The Street was filled with various rumors re-
garding the North Sea incident, and at one time
IL was reported that the Russian and British
fleets had met and fired on each other Natur-
ally this rumor served 10 create panic among
lightly margined holders but it failed to i'm
press conservative financial interests. who wero
active buyers OF all the first class stock
In addition TO the uneasiness caused By the
unfounoed rumors regarding the AngIo-Russian
situation two other factors-namely. the bearish
remarks of James J. Hill and the advance IN
sterling exchange rates-were effective influences
in inducing realizing sales and bear pressure
1aT
and reports were current that further shipments
OF gold would be made by to-day's steamer, bug
Up TO the close OF business yesterday no engage
ments OF the metal for foreign account were an
nounced. Il was believed however, in well In
formed banking circles. that a considerable
amount OF the metal would be exported next
week. reports from Berlin reflected active
efforts On the part Of Berlin bankers 10 secure
gold IN London. AS both Berlin and Paris are
anxious 20 increase their gold holdings IL Is
reasonable to suppose that in view Of money
market conditions at this centre an outward
movement OF the precious metal from this CEN
ire viii be a development OF the near future.
This fact. however. does not warrant uneasiness
IN Hew-Yorlk- Announcement IN the afternoon
OF Russia's reply 70 England served 20 bring
about a better feeling in speculative circles.
and many operators who sold stocks in the
buying side.
Heavy transactions were again recorded IN all
the prominent issues, and the tendency to take
profits failed to create the belief that the bull
movement had reached It's limit or that the
course Of values In the immediate future
would be IN the direction OF lower quotations.
II is understood that number OF important
developments affecting various American rail-
ways are pending, and that stock Is being ac-
cumulated by inNrests who realize that there
VIII be future announcements OF such impor-
lance ss 20 increase the actual and market
value of the securities concerned. A few months
ago no one in Wall Street believed that the
Ontario and Western stock had much OF a
future as an investment proposition. but by a
fortunate change In the affairs OF the company,
for which the stockholders must thank the
stockholders protective committee. the security
has been placed IN position that insures Il a
guaranteed dividend return. II Is not unlikely
that other roads whose stocks are not on a
dividend basis may be taken IN hand by larger
companies. anc. as q consequence, their securi-
ties may become members OF the dividend col
umn. IN connection with this IL IS interesting
20 note the report that the Union Pacific Com.
parS is seeking control OF the Chicago Grear
Wc~srn. II Is understood that the people whs
now oRn the control of the latter company WI
r,of