New-York tribune., 1904-09-13
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET UPERAIlUNS.
In the early dealings in yesterdays stock mar
ket transactions Were heavy in volume on a
movement Of values that reflected enormous
realizing sales. and efforts on the Part Of sub
stantisi speculative interests 10 shake weak
holders out OF the market. The power of alb
sorption, however. was remarkably strong. COM
EMISSION houses having a good volume of orders
for public account. and as a consequence de-
clines in the active issues were not so heavy
operators for lower prices hoped for. IN
deed. after the early weakness partial recov-
cries developed in many issues, although in the
afternoon dealings renewed selling pressure
was effective In bringing about further declines
which left last prices in most issues well under
Saturdays final figures. The chief exceptions
TO the reactionary tendency were Southern Rail-
way and the railway equipment shares. in which
striking maximum gains were recorded South
en Railway. for instance, opened half a point
above Saturdays closing and advanced over
Toints. closing at a net gain of is per cent
Buying Of this issue came from brokers who
sre supposed to represent the Morgan interests.
lut there was no news development explaining
the upward movement. although various Wall
Street rumors regarding the company We're cir
culated, one OF which stated that important
developments were pending involving the al
legged passing Of control OF the Southern Railway
10 Inc EclI4cSlfhAild Gd4lNOdu Company.
The Pennsylvania company has its hands full
al present with its stock ownership of sew
eral other companies with its enormous in
crease in capital obligations and with fits pro-
posed expenditures for terminal improvements
in this city. and il is not at all likely that there
is any intention on the part Of the management
attempt 70 secure control of the Southern
Railway system AS matter Of fact, the
Southern Railway Company is not in the mar
ket. The growth Of the road IN the last few
years has been almost marvellous, and If other
interests wish to become the dominant factors
IN the management OF the property they viii
be asked TO pay a price for the stock that will
more than exhaust their financial resources A
closer traffic arrangement may be made be-
tween the Pennsylvania and the Southern Rail-
way. but the latter company is not in posi-
ton to become the controlling factor in tho
management OF the great Southern Railway sys-
tern.
American Car and Foundry issues were strong
features on good class OF buying In the last
hour the greater number of railway stocks
showed decided weakness. selling at the low
est figures OF the day, with net losses in various
parts OF the active list Of per cent and above
The Hartman stocks Atchison, st. Paul and
other issues that have recently enjoyed note
worthy Improvement were leading weak feat
ures. Southern Railway maintained a good part
ot ;ts advance. and, as q rule. there was little
selling pressure In the cheap priced railway
issues. Naturally the heavy tone in the market
in the day created considerable bear sentiment
ia Wall Street circles after the close Of business
President Roosevelt's letter OF acceptance was
wen received in the Street. being highly COM
rnended by the leading financial interests as a
strong statement OF fact and an eloquent expo
si3on OF The issues which the Republican
party expects TO be successful in November,
but the overbought condition OF the stock mar
ket and the crop scare reports from the West
were the chief factors in controlling speculative
sentiment in the day.
Crop conditions in this country as reported
by the Department OF Agriculture. indicate
shortage tn wheat and large yield of corn. ex-
pectation Of a favorable corn harvest being
based however on the assumption that in the
rest OF this month weather conditions will be
such as TO bring the crop 10 maturity without
damage from frost The corn crop is late this
year. and Il viii not be much before the first
Of October that the harvest viii be assured at
which time the country win be in a position 10
know definitely the size and quality OF this
years yield. Conditions so far have been ex-
trenely favorable to the growth OF corn, and
even II early frost should develop Il hardly
seems possible that the amount of corn har-
vested VIII fall below 1000 100000 bushels
which would be a good average crop. Accord
ing TO estimates based on the governments
figures OF September l there ought 10 be q crop
Of 24SlOo0oo0 bushels. and it tylu therefore be
seen that IN placing damage TO the crop bv
frost AT 4o00eO0OO bushels q most liberal view
OF the harvest outlook is taken
~ wheat the shortage is not hea,, enon1h
% cause alarm in business ard financial cir
fief especially as the reduction in WELD v,-iIi
ie onset by the higher price which the farmers
siii receive for the cereal. Wheat. however, at
g present quotation is considered too high moi
Niihstanding the falling of in the Weld sro,,
's estimates made earlier in the year and il
q easy 10 see that unless a decline tn rrtoee
'aHes place the export movement VIII continue
- sho" a railing of I'm volume from 1863 much
10 Inc disadvantage OF American farmers and
- the general financial situation tn this co,,n
fs' IN the last week exports OF wheat sho,yad
= reduction from the same tine a wear AGO ~
hV4e'aiS bushels. due chiefly to the ainorn,sl
ieseA az which wheat is noy quoted since
Snis tne decline In wheat exports es com
pared with the corresponding period IN 1902
amounts to 16.794 SIS bushels while ,he a..,,,,a
"a exports OF corn in the same period amounts
to 48Ss.7z2 bushels. IN value the decline a. ~,
ports OF breadstuf.s since January a,,o,r,.
TO So, ,e56. .e0l.
Local money rates showed no material