New-York tribune., 1904-08-05
BONDS.
STOCK MARKET OPERATIONS.


Trading In yesterdays stock market was made
I'd IA great part OF the operations OF the pro-
sszsional element. commission houses figuring TO
ga uninDortant extent IN the course OF specula-
tion. while the more important Wall Street IN
.erests were not actively identified with the
davis transactions. Price changes IN the fore
noon dealings were generally IN the direction OF
higher quotations. especially IN the shares OF the
railroads which VII be Savorably afIected oy
this years cotton traffic and the trafho resulting
from q prosperous season in the cotton belt IN
Texas and Pacific, the Southern Railway ISSUES
St louis Southwestern and St Louis ana San
Francisco second preferred the demand was
fairly active throughout the i've hours OK ousl-
ness. Although realizing sales and bear pressure
we're reported IN the afternoon final prices failed
to show important reactions from the best
figures OF the day. The volume OF trading. how
ever was TOO small to permit large advances at
CIV time, fluctuations. as a rule, being connned
70 fractions The declaration OF the regular
sen7;-aunuaI dividend of 2 per cent on the hrst
rreferred stock OF the Erie Railroad helped that
oo.npanySs issues, while It served 20 create
greater confidence in speculative circles over the
6lvidend possibilities OF the next twelve months
II IS interesting to record the TACT thAt GFle
common sold at about the same level as South
ern Railroad common. notwithstanding the facs
IN
wears have shown a bigger surplus available for
dividends or the common stock than the South
ern Railway earnings have shown for dividends
On Southern Railway common There appears TO
he. however, more Wall Street confidence IN the
future OF the Southern Railway than IN that OF
the Erie, although the Erie company is now in
the HANDS OF men who are thoroughly educated
.n the railway business. Eventually the Erie
company ought 70 become one OF the most valu-
eble systems in the United States as through
stock ownership Il is connected with Western
roads which doubtless some day VIII use It as
the Eastern outlet oS n transcontinental rail-
road.
Prices maintained considerable frmness until
the close despite the advance in wheat ana
7 she sharp decline in British consols. The up
ward movement IN the wheat market was ac-
companied by adverse reports regarding the
wheat situation in the Northwest. but, accord
ing TO dispatches received by railroad men in
this sity from trustworthy sources. the amount
Of damage suffered by the crops was grossly
exaggerated in the interests of spectators who
are anxious TO bring about higher market for
wheat and lower market for stocks. Wheat
spectators are exerting every effort to create
the impression that the spring wheat yield will
be extremely small owing to alleged unfavor-
able climatic conditions and 10 the presence in
the wheat fields Of wheat deVouring bugs and
so-cailed rust. Doubtless more or less damage
has been suffered by the wheat crop from rust
but 1t is difficult to believe, in view of the
known manipulation that is under way in the
Chicago and NeW-York wheat markets. that
the crop has suffered the serious injury reported
in Chicago dispatches. Any report that comes
from Chicago regarding the crops should be
taken with many grains Of salt. The weakness
in British consols apparently vas due to the
announcement that further issue Of exchequer
bonds would be made.
In the money market call loans continued TO
rule at l per cent, while time funds exhibited
decided weakness, accommodations for sixty
and ninety days being offered at per cent
four months money at per cent and five 20
eight months money at 31z per cent. The last
named showing a decline of = OF per cent
from the range Of the preceding day. In the
sterling market rates declined OF the active
issues Amalgamated Copper, Brooklyn Rapid
Transit, Erie common, Pennsylvania Southern
Pacific, Union Pacific and United States steel
preferred showed fractional net losses ar tba
close. Elsewhere in the active list final rrioas
presented either small net advances or elsa no
change from the preceding day The advance
III ST. Louis and San Francisco second uraferred
eIHoun1ed 10 over points, and It was reported
lIlaI insiders We're active buyers The Frisco
company Is controlled by the Rock Island and
II may be possible that the Rock Island f,ti.
ests are working 10 bring about activi.,, =, ~ .,
ROCK Island securities by stimulating interaet
IN the Frisco shares 1i 81