New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-06-24
BONDS.
STOCK MARKET OPERATIONS.

Transactions IN yesterdays stock market
showed a moderate increase in the volume of
commission house business and a tendency on
tho part Of the more substantial speculative in
terests to engage in securities operations. While
the actual number of shares dealt in was not
large, there better inquiry for the first
class issues. as for instance. Illinois Central.
Louisville and Nashville, Canadian Pacific and
St Paul in the share department and Baltimore
and Ohio Is, Union Pacific convertible As and
United States Steel sinking fund As in the bond
department Bond brokers again reported an
excellent demand for Investment account and
q great scarcity OF gilt edged securities avail
able for investment purposes. In the early deal
ings prices for the greater number of stocks
moved ir the direction OF higher quotations. and,
notwithstanding profit taking sales In the after
noon. the market closed with many more net
gains than losses. Consolidated Gas and Con-
solidated Gas rights were active features,
dealings in the latter amounting TO over 10000
contracts at an advance for the day of Il per
cent. There was no news development affecting
the Consolidated Gas Company. and, as a mat
ter OF fact there important develop
ments affecting any stock on the list. The 500"
shares, notably the common. again attracted
considerable attention while there was a further
buying demand for Canadian Pacific although
the operations In this issue showed a large fall
1t reported in well informed quarters that
the buying of the United States Steel sinking
fund bonds and the preferred stock was for the
account of people who we'll informed regard
ing the present condition and prospects OF the
iron and steel industry. and that purchases were
made on the theory that the securities named
would sell many points above the current level
In the course OF the next six months. Accord
Ing to the reports received from trade centres
ton Of immediate increase I'm the volume OF
business. but iron men feel encouraged over the
outlook. and they do not hesitate To make the
prediction that there Will be a marked revival
in the trade after the fall election Short sales
OF the United States Steel securities the as
sumption that depression in the iron and steel
industry will continue for an indefinite period
are not likely To prove profitable. and the same
may be said of sales in any part of the list that
are based on the theory that the Countrys in
dustres will be the down grade for many
months TO come. Business IS quiet. but there Is
no indication Of approaching panic. Stocks
are cheap at prevailing quotations. much cheaper
/ than actual conditions warrant and cheap
enough to attract the attention OF idle capital
There is vast fund Of unemployed money in
the country, which eventually will find a profit
able outlet in the stock market, an indication
OF this certainty being presented I'm the bond
market, in which excellent investment de-
mand has recently developed. After long
period of weakness and dulness In the securl-
ties market the first indication OF a revival OF
activity may be looked for in the bond mar
ket- In the past activity in bonds has been fol-
lowed by increased operations IN stocks. and
there is no reason to suppose that the present
tendency In bonds will not be followed by a sim
liar movement in railway and Industrial shares
In the final dealings prices were strong. last
quotations being near the best of the day OF
the total dealings the chief activity was sup
piled by Amalgamated Copper. Atchson Cana
dian Pacific, st. Paul, Consolidated Gas and
Consolidated Gas rights" Pennsylvania, South
ern Pacific. Union Pacific and United States
Steel preferred and Peoples Gas The last
named stock showed net gain of l "a per cent
operations in this security being heavier than in
a number OF days. The commodity markets
active and excited, cotton declining to II
new low record price for the year. while wheat
1uctuated violently. Cotton was affected by ia
vorable weather reports and by the weakness
In the Liverpool market. There was no change
in the money market. rates for call loans ruling
trihe above l per cent. Time money was in
fair demand, contracts for long dates being es-
pecially active.
THE DAYS OPERATIONS IN BONDS.