New-York tribune., 1904-09-02
BONDS.

The demand for stocks in yesterdays market
came almost entirely from the professional ele-
Taent and bull pools that actively identified
with the current movement for higher quota
lions. Opening prices were generally at ao-
vsnces. as compared with the closing OF the pre-
ceding day. while throughout the greater part
of the I'VE hodrs Of business the tendency was
in the direction of better quota tions. Advances,
however, we're not large, except I'm few issues,
as. for instance, United States steel preferred,
Rock Island. ST Louis Southwestern preferred
and some Of the specialities. Commission houses
were not sctive factors on the bull side of spec
ulation. their advance to customers generally
suggesting the wisdom Of keeping out or the
market at the present level on the theory that
substantial reaction IS overdue and that the
technical position of the market is much less
favorable for a sustained bull movement than il
was : few weeks ago. Doubtless there has been
a large distribution Of stocks IN the last month
while the short interest has been reduced TO
minimum. two factors which ought 10 Induce
great caution on the part OF public operators IN
the immediate market The approach Of three
day holiday served 10 check speculative activity
although it failed 10 exert any material IN
luenoe on prices.
In United states Steel preferred further buy
ing was reported for the account of the IN
terests who have been active il this security in
the last week, snd despite reports that the cur
rent quarter would be the poorest in the COM
psny's history in the matter OF earnings no diff
fculty was found in advancing the securities
including the sinking fund per cent bonds.
Bulls on the steel stocks contend that, notWith-
standing the condition of the iron and steel
business. prices are cheap at the current level
and do not measure the actual worth OF the Sc
curities. In the opinion of many people who are
well informed on the iron and steel trade, there
rredfcfiOnq rpgarl-
ing the earnings of the various companies in the
course OF the next twelve months. Current buy
ing OF the steel shares, however does not reflect
a widespread demand for these issues. purchases
representing the operations Of a powerful group
Of specuators who are wagng bull campaign
in United States Steel preferred. So many in
vestors throughout the country have lost money
in the United States Steel shares and In Anal
gamated Copper that it doubtless will be long
time before these issues WIFI command public
confidence as Investments or appeal TO the pub
lie speculator as safe risks. Union and South
ern Pacific were active: also Rock Island and
Erie operations in the last named again reflect
ing activity the part of interests which ap-
pear to be taking each stock in turn for bull
manipulation. Further heavy dealings were re-
ported in the Consolidated Tobacco As on a price
movement that reflected heavy realizing sales
and new buying for higher prices. Certain ia
Nored people were ADVISED seNerai Gays ago OF
an approaching upward movement in the To-
bacco securities. and as a consequence they
were able 20 secure handsome profits. Irre-
spective OF the current manipulation in these Sc
carities the advance is warranted by the condi-
ton OF the company.
Rock Island and Erie shares were the leading
active features in the afternoons trading, and
the advance IN their prices helped the entire
list. There news development affecting
Rock Island, the movement being wholly specu-
lative. The prospect of a dividend on Rock
Island common in the near future is not proms-
ing. &