New-York tribune., 1904-09-07
BONDS.
STOCK MARKET OPERATIONS.

STOCK; were strong throughout the greater part
OF The day on an active volume of business.
Reading easily the feature. its transactions
amounting, on the basis of full stock. TO over
$4,000 shares. while its advance was larger
tnan IN any other active issue. the max
imgta gain amounting TO ove- per
,a.4t- There were no news developments af-
fectRg this security. but the character OF buy
ing in the stock suggested information on the
Tcrt Of a number Of prominent operators regard
jug ta.e dividend prospects OF the common stock
while i1e active buying for the account Of oper-
ators VINO always follow the lead OF the larger
speculative interests reflected confidence on the
pGrt % The ordinary speculative element that
Reading was cheap at yesterdays figures. The
belief that Reading will be placed on dividend
bosis IS becoming more general but the directors
o. the company have not yet taken the public
into their confidence regarding their intentions
Oh the dividend question. The ticker. however,
often tells what directors are unwilling TO make
public.
Stocks advanced in spite of heavy selling for
European account, sales by foreign houses ag-
gregatizg 10000 shares The Street however
attached no significance to these transactions.
owing 10 the fact that the condition of the Lon
don market made arbitrage operations Of this
character profitable. Erie. Union Pacific and
Southern Pacific were active features: also ST.
iion shares While Manhattan and Brooklyn
Rapid Transit were strong. Metropolitan shares
declined over a point. Manhattan was helped
ly the company's favorable report for the last
fiscal year, which showed a heavy increase in
earnings, both In gross and net, and large sur
plus after the payment of dividend, which in
Guided per cent on Manhattan and per cent
recently declared on the stock Of the INTERIOR
oUGh Company. United States Steel preferred
~ times showed a decidedly heavy tendency, and
with Metropolitan furnished the chief exception
10 the markets general advancing tendency
Commission houses that execute orders for
prominent speculative interests were active buy
ers. but the commission houses which depend on
The general public were not active factors in the
days dealings. Last quotations. while under the
best Of the day, showed net gains in most parts
Of the list
Railroad earnings for the last week in Au-
gust and for the month make. as a rule most
favorable comparisons with the corresponding
time last year, and utterly refute the assertion
of certain people that business in this country
is demoraiized. Especially heavy earnings are
reported by the roads in the South and South
west as. for instance, Louisville and Nashville,
which shows for the fourth week an increase
over the same time in 1903 Of $50. .45I; Southern
Railway, which shows a gain Of SIPS 212 and
ST Louis Southwestern. which shows gain Of
S54265. making for the month an increase of
Sl54,692. In the case OF the latter company the
earnings were the heaviest for any August in
the history of the road. The Wabash company
also made striking gain, its gross earnings be-
ing tor the last week in August S1S1, 40 larger
than in the same week year ago. and for the
month $259.363 larger. Business improvement
appears TO be developing despite the adverse la
Dor situation in certain parts of the country
sad the price war in the steel trade. According
TO reports received yesterday from the officers
OF Western railroads the traffic situation in the
Western States is most promising indications
pointing TO volume OF freight that will tax the
roads beyond their rolling stock abilities. car
shortage is probable, and as consequence the
car and locomotive building companies doubtless
VIII enjoy revival Of sctiyity-at their works.
Saturdays bank statement suggests the possi-
bEIity ot material depletion in reserve above
legal requirements in the course Of the next few
months but this outlook is extremely satisfac-
tory 20 the local lending institutions. owing 10
the prospects OF better rates for loans. OF
course, higher quotations for money will lot be
5avora5 BILE activity the bull side of the stock
market, as the cost of carrying stocks may dis
courage buying II is not likely. however that
ihere viii be any important change in none,
rates for several weeks. and in the mean time
operators FOR better prices may be able to bring
about a much higher level for securities Pres
ent indications do not suggest a disposition on
the part OF the bun element TO retire from the
market, and despite the fact that prices are
selling many points above the low figures Of the
year The majority Of people in the Street see no
s gHs Of the inevitable reaction. It is asserted
that there arc many stocks which viii sell far
above the current quotations before d. down
ward movement sets in. and II forecast Of the
next two weeks Is Go bc nased on the markets
Performance Of the !ast month higher values
srn - recorded.
TrE DAYS OPERATIONS IN BONDS.