New-York tribune., 1904-09-17
BONDS.
STOCK MARKET OPERATIONS.

While transactions in yesterdays stock mar
ket showed a falling off in volume, compared
with the preceding day the total business was
large with the heaviest dealings in Pennsyl-
vania, the United States Steel issues. Colorado
Fuel and Iron, Union and Southern Pacific.
Erie. Amalgamated Copper. Metropolitan Atch-
ison and St. Paul Opening quotations reflected
the influence OF further realizing sales, initial
prices being fractionally under the closing OF
the preceding day. while throughout the first
1hree hours Of business the greater number Of
issues exhibited heaviness. the chief exception
10 the downward movement being the Metropol-
stan stocks, I'm which sharp advances were
recorded. Further pressure was recorded in.
Southern Pacific: also I'm Colorado Fuel and
Iron. which sold down over points in the fore
moon trading. while the effect of profit taking
operations was noticeable in the United States
Steel issues, which were dealt in at declines
from Thursdays final figures. In the early
afternoon the general market developed hard
ening tendency. and as a consequence many Of
the early losses were recovered, while at the
close the majority of issues showed net gains
compared with the preceding days inal figures.
especial strength being recorded by Reading.
The upward movement, however. due al
most entirely to covering Of shorts, commission
house traders apparently being unwilling TO
ter the market at the prevailing high quotations.
The early loss in Colorado Fuel was followed by
an advance in the afternoon. the stock closing
at net gain of 1la per cent The decline in
wheat and corn doubtless was factor in induc-
ing buying by the shorts
Among the industrial securities. International
Paper common and preferred were conspicuous
features, the common advancing 2Is points on an
active volume of dealings and the preferred 1ss
While there We're no news developments affect
ing these issues il reported in we'll in
formed circles that the company's business was
smproving. and that the prospect for increased
earnings in the next six months was extremely
promising The International Paper Company
IN its last fiscal year showed a large surplus
after the 6 per cent dividends on its preferred
stock, although there were various unfavorable
conditions which caused shrinkage in income
as compared with the preceding twelve months
Az SITS present price International Paper pre-
1erred Is considered of the most attractive
industrial stocks on the list. The reduction In
the dividend on the common stock of the Inter
national Pump Company 10 one-half of I ner
cent for the quarter failed to create unfayor-
able sentiment regarding this concern inasmuch
as It is known that the company is ably man.
aged ana that the lower dividend rate Was
merely declared in the interest Of conservatism
The dividend was earned, and if the outlook for
new business continues as favorable as il is at
present the directors doubtless will decide soon
10 restore the rate to per cent quarterly. This
company controls the steam pump manufacture
ing business in this country. while it is a big
factor in the foreign business in this line Of
work 1t is A consolidation of old established
concerns, as for instance. the Henry r. WORTH
ington Company, and it therefore Occupies a
position an the industrial world which entities
Its stocks 10 attention from investors Cana
dian Pacific shares We're bought for Montreal
account. and on the reaction further accumula-
fion Of Pennsylvania for Philadelphia account
was reported
ACCORDING TO the known movement of money
IN The week. the local banks have lost over
s0eeoOOO in cash holdings the heaviest part Of
which was due TO the operations of the hanks
With the Sub-Treasury. on the direct shipment
CT money TO the interior the loss was much
lighter than in the preceding week and well
under estimates which were made earlier this
week Unless. therefore. there has been a large
expansion i'm loans. the decrease in reserve
above legal requirements in to-day's ham. state
ment ought 10 he much lighter than estimated
Few days ago. Grain exports for the week
showed a further falling off from this time
year sgo. the reduction amounting TO 973 249
bushels, while from July the decrease. as COM
pared with the corresponding period year ago
amounted TO I7,7GS. I34 bushels In corn ex-
ports for the week were 35SnG9 bushels ,r,aller
than 81 the same week last year making a de-
crease from july OF 4.746.751 bushels