New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-06-23
BONDS.
STOCK MARKET OPERATIONS.

Activity in yesterdays stock market was con-
fined to a few shares. in which the movement Of
values was generally in the direction Of higher
quotations Commission house business was not
large in the share department but in bonds
there was a fair demand for the account of pub
lie investors, moderately heavy operations being
reported IN the Burlington As. Union Pacific first
As and convertible as and United States Steel
sinking fund 5s Absorption OF the last named
issues for the account OF substantial interests
has been under way for several weeks. buyers
apparently believing that these bonds are cheap
at their current level. and that eventually they
viii sell many points above the present quota
ton Consolidated Gas and Consolidated Gas
rights" showed marked strength and decided
activity throughout the day, while elsewhere In
the list a fairly active volume OF business was
supplied by Kansas City Southern issues sugar
Refining. Minneapolis, ST. Paul and Sault Ste
Marie, Southern Pacific. Union Pacific. ST. Paul.
United States Steel preferred Amalgamated
Copper and Canadian Pacific. In the last few
days Canadian Pacific has been actively bought
for the account of English investors. while II
has also been taken by local operators who be
lieve that the security is worth better price
than that at which II IS now selling.
An indication OF the improvement in the in
vestment demand for solid securities was re-
lington bonds which were offered for subscrip-
ton Yesterday morning. were heavily oversub-
scribed a short time after the subscription list
was opened: also in the announcement that the
Rock Island notes for S7.JOOOO0 had all been
sold 10 corporate and individual investors. Bond
brokers report that the demand for first class
issues has created a great scarcity OF this char
acter OF investments. Closing prices I'm stocks
showed FOR the greater number 81 issues net
gains as compared with the preceding days Anal
figures
Local merchants are receiving encouraging
letters from their out Of town correspondents re-
garding the outlook for the fall trade. while the
reports II buyers who are now IN the city indi-
cate "A most cheerful sentiment among the bust
ness men throughout the country over the pros
poets for a revival OF Industrial activity in tho
fall. II the crops turn out well this year IL will
not be safe 10 bank on a continuation Of The
present dulness IN business. AS crop conditions
far have favored a normal growth OF grain,
one feels justified in believing tina, the end OF
the summer viii bring with it houutlful har-
vest in the great agricultural section ~ Amer
tea As present conditions in foreign countries
have not been favorable to "a healthful growth
OF wheat. the yield is likely 10 be deficient. and
as a consequence this country will be called
for heavy exports Of the cereal. especially for
the account Of Russia. With a big yield Of
grain all lines of industry Will be benefited and
If the export demand IS large good prices VIII
be the feature of the market for breadstuffs.
OF course at the moment the crop situation is
the most important topic of discussion in hnar-
cia circles. and until II is definitely known how.
the years harvest Will great speculative
activity in securities will hardly develop. al
though the low prices Of attractive issues doubt
less Will induce a demand for Investment ac-
count. Stocks are selling at figures which dis
count trade reaction. and even If the crops
should turn out poorly there viii be no legiti-
mate reason for cheaper prices in the securities
market.