New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-06-21
BONDS.
STOCK MARKET OPERATIONS.

on a light volume OF business stock market val
moved within narrow limits. with more net
gains than losses a the close. Activity was con-
fined TO a few issues notably Southern Pacific.
Union Pacific United States Steel preferred
Atchisor. Brooklyn Rapid Transit. Pennsylvania
St Paul and Manhattan. In the last named stock
marked strength was exhibited in the early deal
ings and throughout the day the price generally
moved in the direction of a higher quotation
the closing figure presenting a net gain OF ~
per cent. Last week a Wall street UP was
given 10 sell Manhattan stock, but it was not
followed by enough people TO cause any material
setback in the price, while in yesterdays mar
ket II required only light demand from the
shorts to bring about substantial increase
II is a risky undertaking to sell this security
short at it's present price. 1t is held largely by
investors and the chances are that the time is
not far distant when. for speculative purposes
There will be little of Manhattan available AS
a guaranteed security il Is of the cheapest
on the list selling at a price that nets nearly
: per cent a yield larger than the majority OF
and per cent stocks. Brooklyn Rapid iran
sit was also moderately strong. transactions IN
the Issue being heavier than in any other rail
road share on the list. with the exception OF
Southern Pacific. Southern Pacific was strong
II is to be observed that while n number OF peo-
nile are talking bearishly on this issue they are
not backing up their opinions pN SIi'i 7'''N' -
the stock Weakness in Metropolitan was not
ox,1o,nad nv news developments affecting the
property.
cor,r,,ssion houses were not active IN the
DAVIS dealings. trading being made up in great
part OF the operations OF the professional e'e-
ment OF the industrial issues. United States
Steel preferred the most prominent both III
point OF activity and in price changes It's quo
tat,ons showing a maximum gain OF rs per
cent. and net gain OF y per cent. The com
NOR stock did not share III the activity OF the
preferred but there was heavy volume or
business in the sinking fund bonds, total deal
ings in the last named issues amounting in par
value 20 S467OoO There were several points
OF activity I'm the bond market In addition 10
the Steel bonds Consolidated Tobacco Is sup
plying a noteworthy instance. Money market
conditions showed no important change. rates
for loans remaining at last weeks easy level.
Current holdings OF the New-York banks in
dictate low prices for funds for several weeks 10
come Reports received yesterday from the
various railroads I'm the West indicate improve
ment IN crop conditions along the lines OF the
companies that traverse the great corn and
wheat fields. The movement OF the grain
trafnc last week not large. showing a re-
duction OF about "a per cert. "a compared with
the same week year ago, while II was 10
per cent under the average TOT the 'hlId week
in June for the last five years The loss was
due almost entirely 10 the reduction in the ship
ments OF corn. In the winter wheat country
crop projects are improving and harvesting Is
progressing favorably in several States while
II is expected that by the end OF the week cut
ting Will be general all over the winter wheat
territory. Further liquidation for the account
OF tired out local and New-Orleans bulls caused
a further decline in the cotton market. and
opinion IN well informed cotton circles favored
the theory OF still lower prices for the staple