New-York tribune., 1904-10-08
BONDS.
srncK MARKET oPERATIoNs.

STOCK MARKET OPERATIONS.
IN yesterdays market prices failed 70 e1hin''
x-v az the heavtness tnat marked their move
-.esss n Thursdays dealings advances being
recorded IN the greater number Of issues. maxi
NUN gains IN rnany Instances amounting 10
more than I peF cent Sentiment vas 1avoraoiS
adected by the absence of selling pressure Al me
opening: also BY the aggressive buying n Read
ang. which carried the price OF that stock more
ahaa sgo points above its opening While there
,zsre no news developments accounting for Lhe
strength and activity OF this security i was
Esnersuy believed that buying represented
well grounded idea that the company VII soon
declare q dividend On ics common stock despite
Ghe fact that the earnings of the system Il 1Ae
lass two months have fallen Tar behind the rec
ord Of the same time IN the preceding year
z the price ef the stock however. indicates
g-v,hlng Il !s certainly reasonable 70 assume
%hsf q wiz be placed IN the dividend column al
- rsr,ose pertod- There has been n the last
month a large accumulation q this issue oy sub
sfaatisI market interests. and IL IS not hkely
thai their buying merely represents specula-
tive turn, tnasmuch as many OF the buyers are
-eoule who ere accustomed 70 buy stocks ana
mt them away - their strong boxes The Erie
shares failed 70 respond IN q noteworthy degree
70 the upward movement II Reading, but the
Delaware and hudson enjoying 4 gain Of more
than ore point On the same class of buying that
has been feature in the operations il this issue
IN the last week There Is less cause Tor the Erie
shares 20 advance rhan there IS for- r1e Read
.ug securities.
United States steel preferred. the 500"
shares American Sugar Refning Pennsylvania,
Union Pacific aud 81 Paul are strong features.
although with the exception Of the 500"
stocks, they did not maintain the full measure
OF their early advance throughout the after
noon dealings. St Paul appears 70 be resting
after lis extreme activity Of the early week bur
bulls the stock appear confident that i1s
price VII sn5oy further Improvement and thar
p VIII reach as high a level as II recorded III
1he bun market Of 1892. when it sold a. 1885,
IA order 20 equal that price Il would have 20
enjoy Al advance OF about 81 points. a move
merit which al the moment appears improbable
20 many WaE Streec observers. Il nay not he
wen however, 70 piscc 100 much confidence in
rhe theory that this stock and stocks IL general
VII not enjoy further advances inasnuch as
tie people VINO are n control OF the market are
= possession Of enormous resources. while they
are favored = their operations by conditions n
the busi ess world which are rapidly becoming
mere promising. Trade reports received last
night from the commercial agencies are dIIeE
With encouraging Indications Of expanding IN
dustrial activity, notably IN the iron and steel
business
Aen who are supposed TO be familiar with the
iron and steel lndust-y have made most .opti-
naistic statements n ire last few days regarding
@he condition Ot that trade. and in their oDfnior
TIE iron business n the next twelve months will
enjoy revival which win place the incust-v
On money making basis IS large as thar which
was recorded fl tie prosperous period Of 1872
Gaca stock OF the United States Steel CORPORA
f-on VII egsin be placed among the dividend
payers z IS assuming a good deal however
20 make the prediction that this stock VIII nav
2 dividend II the current fiscal year. for eyer
y the earnings Of tire corporation should ha
large enough 20 make such a payment. n is NOT
hl1eiy that The managers Of the concern vvoD15
repeat the mistake they made several years a,,,
n paying dividends on the common stock with
out tie surety thar they would be able 20 main
tain them.
Aa indication OF the growth n general bust
ness and the Increase IN speculative activity ~
this centre is reflected in the daily increase II
bank cleaTings al this centre. which yesterday
amounted 70 sll3.s53T77. the total Of clear
ingE for the Cay being S292 J92 53T
According 70 the known movement OF money
n the week the local hanks have lost on their
operations with the sub-Treosury and the in
terror over S7.OOO000 n cash holdings. II rhe-a
has been large expansion in loans. which nav
reasonably Be assured owing 20 the speculative
activity n the week, the reserve above legal -
quiren'enrs coobtless VIII show a material de-
crease n to-eay's Gearing Eouse statement
Val Street apparently has no sear Of q big ad
vance II money rates, and IN banking circles
there Is TO idea thar there VIII De a,,v 6,sturb-
aloe N me money market this fau. as in case
q a large adrance in rates Al this centre gold
could be drawn from London. Goid imports are
a-feaoy being made al San Fraacisco from Cali
1orria- SID the movement OF money next week
VII Include necsiSts of upward OF 81 50,o fg,o A.
tszllan gold, which wil be transse-,.s ,b-o,,gh
the sub-TreaEury % New-York oa.les-
Tag BAYS o1Epar,o.lo -, ,o,,.o