New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-14
BONDS.
STOCK MARKET OPERATIONS.

Transactions IN yesterdays stock market were
large in volume on a movement OF values which,
although showing great irregularity in the early
dealings. resulted in net gains in the greatei
number Of issues. Commission house business
showed marked expansion, while the operations
OF the more important speculative interests were
heavy enough TO encourage the belief that the
leading operators were actively engaged in eff
forts to bring about a bull boom in securities.
Dealings were well distributed throughout the
list, with the heaviest transactions in Analga-
mated Copper Atchison. Brooklyn Rapid Tran
sit, st. Paul. Louisville and Nashville Missouri
Pacific Pennsylvania, Reading. Rock Island
Southern Pacific. Union Pacific and United
States Steel preferred Trading in the last
named stock was encouraged by the favorable
estimate OF the corporations earnings for the
last quarter and by the semi-ofTical announce
ment that there would be no change in the divi-
dend rate on the preferred stock. Although the
net earnings of the company in the last quarter
showed an enormous falling off from the same
period year ago, results for the period under
review presented a large increase. as compared
with the first quarter of the current calendar
year. OF course. Improvement of this charac
ter naturally creates confidence in Wall Street
circles in the future of the iron and steel trade
while it encourages the expectation that the in
dustrial activities of the country are about to
enjoy period of prosperous revival. Opening
on transactions of 1000 shares. United States
Steel preferred advanced from 6O14 TO above 61
closing at 607s. net gain of q per cent. Rock
Island common was naturally active and strong
while the same may be said of Missouri Pacific,
which was taken by excellent class of
buyers
The Hartman stocks supplied large proper
ton of the days operations, total dealings in
Southern Pacific and Union Pacific amounting
10 21so00 shares. Pennsylvania was again in
demand for the account OF buyers who appar-
emily well informed regarding the specua-
tive position Of the stock and the financial con-
dition Of the Pennsylvania property. There are
still a number Of operators In the Street who in
sist that Pennsylvania shares are selling above
their intrinsic worth and that short sales in
the issue for figures below par will prove ex-
tremely profitable. Talk of this sort however,
is not apt to bring about a liquidating move
ment in Pennsylvania stock. especially at the
moment when general conditions throughout the
country point to further expansion in railway
earnings. In the last hour prices were decided
" strong throughout the list. touching the best
figures of the day in the last few minutes of
trading. There was something of a scramble
on the part Of the shorts to cover their con-
tracts especially in St Paul. Missouri Pacific.
New-York Central Southern Pacific and Union
Pacific. In the bond department enormous deal
ings were reported in the Burlington joint As
and the United States Steel sinking fund 5s
London houses were active buyers in the local
market transactions for foreign account being
particularly heavy I'm St Paul and United States
Steel preferred. Money market conditions were
without change. while sterling rates were easier,
closing well under the quotation of the pre-
ceding day for demand bills