New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-09-09
BONDS.
STOCK MARKET OPERATIONS.

Heavy dealings and advancing prices marked
the course Of business in yesterdays STOCK
market Opening quotations generally showed
Improvement as compared with the preceding
days final figures while throughout the first
three hours of trading the greater number Of
issues enjoyed substantial gains. especial
strength being shown by United States Steel
preferred. Reading. Southern Railway. the Erie
issues. Delaware and Hudson. Lackawanna,
Peoples Gas and General Electric. New high
record prices for the year were made by many
stocks notably United States Steel preferred
aud Reading, in which transactions were ex-
tre1nely heavy. the total in the latter issue. on
the basis Of full stock, amounting TO over 1o4,-
600 shares. Opening at 66is, Reading advanced
above 6S on buying that included purchases by
almost every commission house in the Street
No news developments accompanied the upward
movement in this security. but the Street ap-
z,arentIy was convinced that an announcement
fsvorabIy affecting the Reading shares would
soon be made the prevailing idea being in favor
os the declaration Of the dividend on the COM
mon stock. 1t is understood that within the
last months prominent capitalists have absorbed
round amounts Of Reading as an investment
proposition. The strength in this issue helped
the other anthracite shares. especially Erie.
which was bought by prominent houses.
in the early afternoon dealings there were re-
quotations showed as a rule net gains. Heavi-
ness in Union Pacific was feature that encour-
aged the idea that liquidation under way
for the account Of the people who were respon-
sible for the recent upward movement in this
issue. and that selling was going on under the
cover of strength elsewhere in the list. The
report from Chicago that Union Pacific's alleged
plans regarding the Alton company had been
blocked by the so-called Gates party may have
induced bear pressure IN uhieH Pacific stock
bat the rumor created little interest In the
Street, as the future OF the Alton property was
not considered matter Of vast Importance. After
The afternoon reaction further Improvement was
recorded by the greater number of issues, and
before the close Reading advanced to its best
price Of the day, selling az points above
Wednesdays last quotation. There was an ex-
cellent investment demand for Delaware and
Hudson Delaware, Lackawanna and Western.
Pennsylvania and Manhattan, the last named
advancing / point to 157. the highest price re-
corded in the last two years. Among the cheap
railway issues Chesapeake and Ohio was
strong feature, while the Colorado and Southern
stocks and Chicago Great Western were heavy.
Earnings OF Chicago Great Western for the last
week IN August declined S16,147, as compared
with the corresponding period year ago. max
ing for the month loss OF SCI S23 and from
July decrease of $780,
There was no change Of importance in the
local money market rates for call funds ruling
at i per cent. So far this week the banks have
lost over 100000 on their operations with the
sub-Treasury. and it is therefore likely that to-
morrows bank statement VIII show a further
reduction in cash holdings, while if loans have
been further expanded. as they doubtless have
owing 10 the heavy speculation in securities.
reserve above legSi requirements viii show a
heavy falling off from a week ago.