New-York tribune., 1904-08-26
BONDS
STOCK MARKET OPERATIONS.

Stoolx market values were strong IN the slealer
mart Of the day volume or rao4ns '4A'
-afec+ed no large amount of commission house
business. Transactions were poorly distributed
-ta chief onerations being supplied by the Is
-,es that have been the leading features in the
current inward movement. notably the South
western Railway shares, the Hartman s1ocAS'
PENNSYLVANIA, Atchison. the local traction Is
sues baltimore and Ohio Amalgamated Cop
per. Reading American Sugar Refining ana
,aa United States Steel shares. There was ais"
. fair amount. Of business in Chesapeake ana
ohio. which displayed great strength IN the
afternoon dealings. In the Southwestern group
marked gains were made by the Missouri, Kansas
and Texas common and preferred and st, Louis
Southwestern preferred, the latter advancing at
one time nearly s. per cent Pennsylvania was
q strong feature throughout the day and higher
prices for the issue were predicted. while in
almost all the active securities eItravagant tax
was INDUCED in regarding the level 10 which
orices may be carried before the market suf-
fers a material setback. According 10 the opin-
ion Of many excellent market judges bull spec
ulation has reached q point at which operators
for higher prices should exercise great caution
in further transactions, the position OF spec
ulatioa warrants q reaction \ good sized reac-
lion would help rather than injure the bull side
OF the market.
Canadian Pacific Reading. Union Pacific and
Southern Pacific were all in demand, but there
was little of Canadian Pacific in the market.
This stock is being absorbed by investors who
realize the great intrinsic value of the issue and
by spectators who believe that it's price VIII
sell materially higher. The idea that Canadian
Pacific stock will reach better level is based
on the increasing earning power Of the COM
pany and on the steady increase in the actual
value Of the security. Earnings OF this COM
pany for the third week in Augu. show gain
of $4,000 as compared with the same time last
year. making a gain from July l OF 1924 900.
The majority OF roads reporting weekly earnings
in August show Improvement over the corre-
spending period in 1868, while reports from
traffic managers in various parts Of the country
are extremely optimistic over the outlook for a
heavy fall business. The Southwestern shares
were helped by the earnings for the third week
Of the Missouri Pacific. which showed a gain Of
$4,000; of the Missouri, Kansas and Texas,
which showed a gain OF over $4,000, and Of the
Texas and Pacific, which showed a gain Of
S12,4S6 Crop reports were more favora bic. es-
pecally for corn, reflection of which was seen
in the early weakness IN the produce markets.
In the subsequent trading in wheat and corn
prices improved. while a further advance was
recorded IN the cotton market
In the last hour moderately heavy buvinp de-
veloped IN Union Pacific, Reading, St. PauI and
several other issues, but it was not possible to
trace the operations to outside account Many
of the large financial institutions have been tall
ing stocks in the current market, but there has
been little buying for ordinary public account
There was no change Of importance in the local
money market. but sterling rates were Iou,er
further shipments Of currency We're made to
the interior.