New-York tribune., 1904-09-22
BONDS.
STOCK MARKET OPERATIONS.

Strength IN yesterday's6tock market was due.
IN great part, to the covering Of shorts in Union
Pacific and other shares rather than to an ac-
tive outside demand for securities. Union Pa
ciac was progressively strong, under the in
nuence Of operations by the Western speculative
element and the buying by local shorts who
we're considerably frightened over the some
what remarkable strength shown by this issue.
The i6ea that competitive buying for the
count Of interests identif1ed with the property
was under way was vigorously pushed by people
Who are anxious TO bring about higher level
for Union Pacific. and the publication of a
port that the Hartman element in the COM
pany was at ODDS with the Rockefeller-Gould
party over The question Of raising the dividend
on the common stock TO per cent helped 10
carry out the theory that 4 contest was under
wy for stock control of the company In well
Informed quarters the suggestion Of friction
gmorg the prominent interests in the Union
Pacific company was not considered seriously;
sndeed a representative Of the company was
thority for the statement that the published
erticIe was wholly erroneous. For a number OF
weeks there has been a rumor around the Street
that Mr.. Hartman is opposed. TO an increase in
she dividend rate on Union Pacific common.
but there is apparently no basis for the report
that the Rockefellsrs and Goulds have made
demand for higher dividend payment. There
are various good reasons why the dividend
should not be raised at this time. and, as the
company has been conserVatively and wisely
managed under the Hartman control, there is
little reason TO expect q per cent rate at
present. The outlook for traffic in the next
twelve months Is clouded with considerable un-
certainty. while the company's prospects Of re-
oeiving a dividend in the near future on its
holdings OF Southern Pacific stock are not prom
Using.
Commission houses were not active factors In
the days dealings. and the volume of business
showed a material falling of from the million
share record OF the preceding day. the heaviest
transactions being supplied by Union Pacific,
Southern Pacific. Rock Island. Reading, Penn
sylvania. ST. Paul. Atchson AmaIgamated Cop
per, United States Steel preferred and Missouri
Pacific The last named stock advanced over
point. while throughout the list recoveries OF 1
Per cent from Tuesdays closing figures were
common. Notwithstanding tho strength in the
DAY, there little indication Of aggressive
buying and no evidence Of 4 determined effort
or the part of the bull element TO work actively
fer higher prices AS matter OF fact the bull
element is much smaller than it week ago,
and Il is not thought likely that there win be
resumption Of active operations on the long side
OF the market until the situation in regard TO
money and the crops possesses fewer features
of uncertainty. So far this week the local banks
have lost much smaller amount of money to
ahe Sub-Treasury than they lost in the same
time last week, but their direct shipments Of
currency 70 the interior have been heavy. II is
quite possible that there may be a large contrac-
zion in loans this week. owing to the extensive
stock market liquidation which took place yes
ier6ay, and as q consequence a smaller loss in
reserve than reported in last weeks bank state
ment. Sterling exchange was again weak, and
fhe talk of gold exports became promi-
nent. Foreign discount rates show hardening
tendency. while in London the price Of gold is
advancing The decline in exchange at this
centre suggests the possibility OF gold imports
this fall but it is quite evident that London viii
put as many obstacles as it can in the way OF
such a movement