New-York tribune., 1904-10-06
BONDS.
STOCK MARKET OPERATIONS.


Transactions in yesterdays stock market we're
heavy n volume on a movement Of values
which, although showing great irregularity IT
times, ended AT net gains in the greater number
of active issues. -. Paul enjoyed fairly
sharp advance fl the early dealings or enormous
operations and. although il failed To maintain
sts fuu measure Of Improvement throughout the
Gay. II ended II q net advance Of Is per cent
with q stock market following that encouraged
the idea il speculative quarters that the bull
element would be able 10 carry The quotation ID
r. better level. There were zap news develop
TneIts accompanying the uoremeur In this
issue, but the Street was again nlied with
sunors regarding the possibility Of develop
snents involving the 5, Paul Company as
factor in the settlement Of the Northern Sc
curlties case. Noruithsra-dius Official denials
that the Northern Pacific Company viii TOT
pass into the hands Of me Standard on inter-
ests, y 10 are the dominant factors in 81 Paul.
the speculative part OF Wall Street insists that
the movement Of the stock foreshad0Ws develop
ruents Of the utmost Importance affecting The
Western railroad situation. Spectators are
firm believers in The theory that the ticker IS
better guide regarding The affairs Of corpOra-
lions than statements made by corporation Of
ficers. u the afternoon dealings United states
steel preferred which lost over point in the
most instances where early weakness prevailed
q fruler tendency marked che course OF quota
,lons in the final trading. The Rock Island
shares we're UnfavorabIy affected by the resig-
nation Of Nfr Loree from the head Of the COM
pany. as il was taken for granted that his ac-
mon was due 10 serious differences Of opinion
regarding The rlara-eusrr Of the property, and
that his refusal longer 10 participate in The
management az the road was considered a dis
1inct loss TO the Rock Island Company. Penn
svlvan.a was heavily dealt in or g rising value
while other important strong features were
11ew-Yorz Central Amalganated Copper Del
aware and Hudson and Illinois Central Union
Pacific Eas heavy.
The trregularity that developed III yesterdays
market Including sharp gains in some issues
and moderate declines n others suggested 70
many minds the idea that large owners OF Sc
curities were distributing their holdings in va
nous paris of the Iisr under cover Of strength in
stocks such as St Pau, New-Tork Central and
Pennsylvania. In view OF me enormous falling
m In The gross earnings os The Perusy.~enia
Railroad Company In the month of AugusC z-d
since January I. II is somewhat surprising thar
stock market operators nick out this issue 10
advance, except for The purpose of enabling
large holders of the security 10 get out Of the
stock 81 handsome profits. L would seem rstl-
Tal cor the people vho bought The new Penn
ey-vz1iz shares AZ l-9 Eo sell at The present quo
salon, as the transaction would ret them over
j points The fact that the management Of the
Pennsylvania Company has been corr,elle6 10
cut down operating expenses ard exercise eco-o-
mics. IS reflected IN the August statement does
not encourage the idea taar gross income is ex-
Tected 70 show material Improvement j., The
near future. Public operators are more ilupor-
ssnt factors in The current market than they
raar rrrrr .ltr- lrFr
y that large amount o. stock has passed II.
fhe last few days into he hands Of people who
are not backed BY enormous financial resources.
The public however. generally buys dear ard
sells cheap" ana, as quotations are ruling from
Is 70 30 points above their low level Of the
year. il is possible that activity On the part OF
she outsiders may become q greater factor in
lhe dealings Of the next few days. People who
are advocates OF higher prices have reason for
considerable satisfaction over the way the mar
llet 50 far has refused 10 5e affected materially
by heavy realizing sales and this resistance OF
selling pressure w1r-au-s IL thei- opinion FUR
fher Improvement f. values. Seldom II ths his
tory of The stock market has an advance gone
on 20 continuously as that q the last three
months, -n which r-ne there las not been as
laucl as All average three point reaction.
Railroad earnings received yesterday Tor the
fourtz week iD September presented mixed re-
Fults. with gains. however predonllnatiag
Southern Railway showed an increase Of nearly
$4,000 while Missouri Pacific showed q loss Of
$4,000 and Chicago Great Western a loss Of
over Sl2.0ot. Texas and P-clGc made a favor
ab,s exhibit. with an increase of 81. .G6S: also
missouri. kansas ana Texas. with u gain OF
slos ~. and Toledo a1l Ohio Central. with 4
gal1 OF SlA9S3- Traffic managers appear 10 be
aen pleased with the outlook for increased ton
mage tbs fan. and as consequence the railway
equipment companies ere looking forward 10 a
revival OF buying demand for cars and loco
motives. Money rslss were not materially
changed n yesterdays market. Confidence IN the
helef that there VIII De no disturbance in lhe
money situation this fau was strengthened by
fhe announcement that gold shipments from
AUSTRALIA and San Francisco were being made
On a large scale, and that s250OO00 Australian
goid would be received next week on the Paclnc
Coast for transfer 10 NeR-York. England ap-
p2rently iIles Il convenient 70 settle SIS debts
here by shipping gold from Australia instead Of
Londo1-