New-York tribune., 1905-01-11
BONDS.
STOCK MARKET OPERATIONS.

Transactions In yesterdays stock market were
moderately heavy in a few issues, but I'm the
greater number of securities dealings were light.
while the movement of values in the general list
was without particular significance. AS a rule
prices were firm with decided strength in the
early operations in Southern Pacific National
Railroad OF Mexico preferred. Union Pacific and
the United States Rubber issues. the last named
enjoying Improvement Of more than 1 per cent.
There was an excellent class Of buying IN the
Rubber shares, purchases being induced by the
return of the preferred stock 10 the dividend
column and the marked increase that has taken
place in the company's earnings in the last
twelve months. The demand for the Mexican
railroad issues was based the remarkable ex-
Tansion that is reported in the industrial ac-
tivities of the Mexican Republic on the bright
prospects for monetary reforms in that cOun-
Try and on the gain IN the traffic receipts Of the
various railroads. There has been wonderful
change in the condition of business in the Mex
ican Republic i'm the last few years, and as a
-.enseauence American and European capital has
been moving 10 that country in volume, an in
stance OF which was recently presented in the
success of the Mexican government bonds which
were financed b. the firm Of Speyer & Co.. OF
This city.
The heaviest dealings in the day We're in Anal
ranlated Copper. Southern Pacific. Union Pacific,
Mexican Central, Pennsylvania, Reading, Chi
cago Union Traction. Rock Island, United States
Rubber and the United States Steel shares.
Trading in these issues represented in part ac-
clnulation for the account of substantial in
terests which are firm believers in the theory
that prices will move toward a higher level in
the current year.
There are many good reasons why Stock
Exchange values should sell at better figures,
Tl.. is less hpck
and filling in current operations should not be
taken as an indication of prolonged period of
dulness in speculation. 1t is likely that the
larger Wall Street interests viii soon become
more active i'm the stock market, especially as
they are figuring on financial plans the Sue
cess Of which viii depend 20 a great extent on
an active advancing market for securities. Mon
ey is in such abundant supply that the railroads
are figuring on offering TO the public new mort
gage issues, and the bond houses interested in
these financial plans naturally viii encourage
strong prices in the stock market. Large gold
expert engagements yesterday, following the
announcements Of the day before, failed to
affect sentiment in Wall Street spectators and
investors realizing that an outward movement
Of the precious metal would serve 10 remove the
glut OF funds i'm this country thereby putting
the money market in a more normal condition,
while placing no obstacle in the path OF the
legitimate borrower.
Total dealings in stocks amounted to only 49,
063 shares, and outside Of some OF the issues
already referred 10 transactions were entirely
Tor the account Of the professional element.
Last quotations showed irregular changes, with
small net gains and losses about evenly distrib-
uted among the active list. Amalgamated, Bal
1imore and Ohio, Metropolitan, the Chicago Tn
ION Traction shares Mexican National preferred
Southern Pacific, Union Pacific and United
States Steel preferred closed al net gains while
Chicago Great Western. Erie, Pennsylvania,
Reading and Rock Island showed small losses
at the close. Foreign houses were not impor-
tant factors I'm the local market, and I'm London
and Continental centres there little of in
terest in the days developments in the financial
markets. except the reduction by the Bank OF
Germany in its discount rate from 10 per
cent. Sterling exchange strong at this
centre. despite large gold engagements and
according 10 well posted bankers there is no
immediate prospect Of lower quotations. Gold
VII move to Europe just long current
monetary conditions last.