New-York tribune., 1905-01-28
BONDS.
STOCK MARKET OPERATIONS.

u the morning dealings in yesterdays STOCK
market the movement Of values was In the oi-
yectIon Of higher prices on moderately active
volume Of business. Gains OF l per cent and
above were made in many Of the active issues
but IN the early afternoon good part of the
Improvement was lost. owing to selling that
-enresenred professional operations rather than
liquidation for investment account. Perhaps the
announcement from Boston that Mr.. Lawson
was thinking over the proposition Of bringing
receivership proceedings against the Amalga-
mated Copper Company was effective in attract
ing short sales hut It is not likely that any
sober minded man threw over his holdings be-
cause of the latest threat OF the Boston bear
While there was no local news affecting the act
ual worth OF securities IN the mornings opera
lions. speculative sentiment favorably in
fuenced by the tenor of the European develop
Inents particularly in regard 10 the Russian
situation. and. as consequence. there was
fair demand for securities throughout the inter
national list as we'll for the ordinary specu-
1ative favorites. The movement of the foreign
markets at the moment suggests great conf
dencs on the part Of foreign bankers in the
theory that the war between Russia and Japan
win soon be brought 10 an end OF course. a
cessation OF hostilities in the Far East would
exert most favorable influence on the Euro
which would extend TO our own market, espe-
cislly IN the matter Of gold exports. Russia. II
IS reported has indefinitely postponed its pro-
posed Offering in the Paris market of new
war loan. and this. il true, doubtless indicates
that negotiations VIII soon be under way for a
treaty OF peace between the warning nations.
In the late trading a rally took place through
out the list and in the greater number of issues
net gains were recorded AT the close. Amalga-
mated Copper. after selling down 10 7O24. ad-
vanced in the final operations 10 72ss, showing
Il net loss for the day OF z. In the active list
net gains OF per cent and above were report
ed by American Locomotive. Chicago Terminal
issues. Erie first preferred. Illinois Central and
National Lead. St Paul was fractionally lower
while Union Pacific Southern Pacific and the
United States Steel shares were fractionaIly
higher.
Bull enthusiasm over the Reading securities is
hased the sound financial condition of the
company and on the excellent prospects for in
creased earnings IN the current year. COM
pared with the splendid results Of 1904. In the
last month Of the last year the company's earn
ings showed an increase in gross for the rail
u ay company Of $41O5I and an increase in net
of S556.309. while for all companies there was
an increase in net Of SG03 sol the gain in net in
The coal department amounting to S49442 For
the Reading system increased s.. .647. .3T9 as
compared with the corresponding period in the
preceding year. Reading IS enjoying prosperity.
but it IS not the only company that is making
favorable exhibits, the greater number Of rail-
roads in the country showing marked gains in
traffic receipts over 1904. Among the North
western roa Is noteworthy Improvement is being
made by the Minneapolis. ST Paul and Sault
Ste. Marie. while in this class should also be in
cluded Canadian Pacific, the earnings Of which
have made larger gains in the last six months
than recorded by any railroad I'm the United
States. The Minneapolis St. Paul and sault
ste. Marie or the 500" as It is popularity
known. is controlled by the Canadian Pacific
and the advance IN the market value Of the
800" issues Doubtless foreshadows larger divi-
dend returns on the common stock in the cur
rent year. 800" preferred is selling too low in
comparison with other stocks that pay the same
rate of dividend. and it IS probable that its mar
ket quotation has begun 10 move toward
level that will place the stock on a basis more i'm
line with various other high grade 4 per cent
securities.
Further heavy engagements Of gold for ex-
port We're made yesterday. bringing the total FOR
The week 10 sbove 100000 but the stock mar
ket Was not at all affected by the operation
owing 10 the fact that traders were well IN
formed regarding the nature OF the transaction
while they realized that the outward movement
OF the metal would not disturb a money market
. controlled by a glut Of funds. According to the
known movement OF money in the week the local
banks have gained ever 100000 I'm cash hold
ings. but II is probable that the movement OF
loans In the week has been sufficiently heavy to
Offset the gain ia cash. ard as a consequence the
reserve above legal requirements in to-day's
bank statement may show loss, ar compared
with the preceding week II IS not wise how
ever. 10 estimate on the bank showing from the
known movement Of money. as ths average sys-
tenn employed in compiling the Clearing House
figures often shows results totally at variance
with fridays forecasts