New-York tribune., 1904-08-20
BONDS.
STOCK MARKET OPERATIONS.

After opening at general advances, except III
Sugar Refining ana United States steel pre-
ferred, the stock market developed reacuoh-
arv tendency that carried the quotations for the
greater number of issues under the initial ns-
1res. This movement, however. failed TO bring
out heavy offerings of stocks, and in the second
,,o,,r r-ces recovered their fractional losses. ex-
hibiting a firm tone throughout the railroad
list. with decided improvement in the local trac-
ton shares, Pennsylvania, Reading Erle' BATH
mora and Ohio and Mexican Central. The puy-
ing In these issues apparently came from SUD-
stsntfaI sources In the industrial list American
Smelling was again in damand, while sugar Re-
aning was under pressure, losing over point
In the morning trading. United States Steel
preferred declined nearly a point, and subse-
r1uently recovered part Of the loss. The first
hour efforts to bring about lower quotation
level were based on the war Of prices in the
steel trade and Oh the strike situation in the
building trade, but there was no indication on
the part of the bull leaders of capitulation. 1t
is maintained by the latter that there is no
great amount of stock for sale at present prices
and that unless strong holders are willing to
mart with their possessions q bear campaign
will not be successful irrespective Of conditions
in the steel and labor situation The current
bear element 10 some extent, is made up of the
same interests that are bulling the wheat mar
velopuents and praying for crop damage ta help
IL in its operations On the Stock Exchange.
In the afternoon there was & renewal of sell
ing pressure throughout the list. and prices
slowly receded, although declines as a rule were
confined TO fractions. There was enough weak
ness, however. to encourage the bear element to
make extravagant predictions regarding the
future of its cause. The persistent selling in
American Sugar Refining had an unfavorable
effect on speculative sentiment, while the fur
Their sensational advance in the wheat market
naturally was considered disturbing influence.
Wheat options made new high record figures for
the current movement, the advance being ac-
companied by reports Of crop damage in the
agricultural section of the country. According
to the governments report on weather condi-
tions, an excessive amount of moisture has all
in the wheat and corn belts. Many specu-
lators were inclined to stay out of the market
pending more definite advices regarding the
crops. and as a consequence transactions in the
afternoon were light in volume, even in the
leading issues, which showed considera bic ac-
tivity in the mornings trading There vas
again fair demand for A<leriran Smelling, and
Street gossip predicted q price Of 50 for the
common Final prices were near the lowest
According to the known movement Of money
in the week the local banks have gained in cash
holdings over 100000 There was fair sized
gain from the interior. but shipments showed
an expanding tendency, a development in line
with the movement Of the domestic exchange
market in the week. It Is likely that from now
On the shipments Of currency will. increase for
interior account, but this fact. instead of Gre
atng uneasiness IN banking circles. viii he =
cause for JOY, as the great plethora of funds AZ
this centre makes big profits in the money lend.
ing business impossible