New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-08-31
BONDS.
STOCK MARKET OPERATIONS.

Transactions IN yesterdays stock market were
lighter in volume than on the preceding day
while the movement Of values reflected dispo-
sitio7 an the. par1 of many people TO convert
,bei, ,aner ,,,.ofts into cash. After showing de-
fided strength at the opening, especially IN
T2rooIIyn Rapid Transits Reading and Cnlted
s+s-ae steel pr tferred, quotations for most is
s,.e~ developed q reactiorary tendency. in many
cases declining 20 - point under the initial fig
rres. With the closing figures presenting many
,,.ora net losses than gains. notwithstanding
,l,e 1aclipa .,onu;isa ION houses reported buying
orders for so-calfed public account while the
xnoo1iators who have been bullng the market
80, several weeks were confident OF higher
rri,es. and sentiment in most quarters appeared
"a be extremely optimistic over the prospects
f,~ further large pro5ts on the long side OF the
market The decided strength in United States
steel preferred exerted q favorable effect
On speculative sentinlrnt. as it was thought that
l,uyiug in This Issue represented accumulation
4o, inside account and a belief Oh the part or
substantial financial interests that the iron and
steel trade is on the mend. Perhaps bullish
statement by Ar. Sch>wab on the steel situation
was a factor in the strength Of the steel securi-
ties The present conditions in the building
trsde throughout The country are not bull argu-
rnents on The iron and steel business. but the
stock market is discousntins the revival of in
GuStTfai aCTiNltE tldI IL eApStlcu ~ OCNCiop ~
no remote period. The discounting process IN
Wall Street seldom goes wrong, and in the pres
eut case there is every reason to believe that the
ticker is making an accurate forecast of indus
trial r1overp ents in the next twelve months.
In some CHARTERS il is commended that the dis
counting of q resumption Of aggressive Indus
trial activity has gone far enough, and that
stock values morr than measure their intrinsic
worth but there does not appear 10 be bear
party powerful enough to check the advancing
tendency. The cheap stocks. such as Colorado
Southern. are being taken in hand by the bull
cement, and better range of prices is predict
81 although these issues are selling we'll above
ih,ir low points of the year III yesterdays
market Colorado Southern advanced over a
point in the early dealings the heaviest vol
Ime Of business that has been recorded in this
security on any day in many months. The up
ward movement was not accompanied by news
developments affecting the company, while
throughout the list transactions for higher
prices were not based on developments relating
to the intrinsic worth OF investment issues.
Earnings Of the Colorado Southern for the third
week in August received in the day showed a
falling of from the same week in the preceding
gear Of over S12.00o. making from July ] loss
~ SI2I S9E. The most favora bic statement Of
rsilroa5 earnings reported yesterday was that
80 thc Canadian Pacific for the month Of July
Showing an increase In gross of $f01 4tsl and an
ia5s=ase IN net Of S131.125
40 tha afternoon dealings prices in the greater
nuulbeT of issues continued 70 rule fractionallv
urder ito opening quotations while the volume
business showed a material falling off from
fnr c;.N3'" - the morning. The only exception
o. .r.E1r5ance 10 the reactionary tendency was
I2es3a sh5oh closed near its best price Of the
oa.- lal pool at work in this issue. the
atte geirg due to its operations rather than
fave a developments affecting the property
tsr lnea OF The Reading system for the month
o. July were Disappointing both the coal and the
ifon company showing losses. while the surplus
amounted to nearly 100000 less than in the
same month a year ago. Comparison however
IS made with a period in 1893 when net earn
inss were unusually heavy, and If the cornpany
should only make IN the other months of the
present year the same amount as shown N The
July statement the years business Womb sboy
over ~ per cent the common stock Tho
ialistg Of ia the company's earnings raeccte
Of course, . much poorer coal business than =,
me corresponding period last year Returns or
me greater number Of railway companfes fo,.
ne hohth of July made unsatisfactory show
'nGs as compared with July year ago but T.,
'n@S Tine IN 1903 al roads reporting presented
sa+h q - per cent over July, 1862 7. will
'iS'eioie' be seen that results this year are not
P0'i os uley appear on their face. The Har-
man stocks after early strength declined with
me fest o. the list, although losses were CON
"''ea 10 fractions Among the so-talIed sne-
'aiiies sharp advances were recorded ~, Cti
ego Cnioa Traction preferred and Ne,,.-var,,
~ Brake United safes Steel preferred main
n'4 part Of its early advance. but its
'etn presented the earmarks Of manipula
iiHs mat ms stock viii continue 70
,--aeAl evident rate. its market value
80 '''i'S !. nj dear The governments ,yaclx1,.
E" -<TFt Was rnodera teiy favo-a BILE o., WIZ,
go s" Conditions. but Unexpectedly Moor ~,
't-'- a-d IS % consequence cotton prices al.
N1~1 harGly ''
77s DAYS OPERATIONS IN BONDS.
f+f'N s-fsN.AIFN-? fsoN-rc A.,