New-York tribune., 1904-10-20
BONDS.
STOCK MARKET OPERATIONS.

s,.,,l- trading was again heavy in volume. but
.sa movement oF values presented greater ir-
regularity ihan recently reported. the pressure
of realizing sales being an effective influence IA
bringing about moderate declines after peIaoo
~ rising values Opening quotations were gen
orally al advances as compared win the pIeceu-
ing nights close. while for the greater part OF
the morning further improvement was recorded
throughout the list, with the chief strength in
Atcbison. Reading. Brooklyn Rapid Transit.
Colorado Fuel and Iron, Consolidated Gas, the
Eric issues and St Paul The last named stock
enioved a maximum gain Of over 2l2 per cent
while the Erie shares moved point or more
above their initial prices on "A large volume OF
business notably in the common. which sold al
a vevv high price for the year. Accumulation OF
the Erie shares has been going on for long
time much of the stock passing into the hAius
of careful buyers. These purchases are baseo Oh
tho irnproving condition OF the property and on
-ba knowledge that the company proposes TO
spend large amount OF money on us me-
which yu materially increase the roads earn
ing power and insure the maintenance of diVl-
dends on the common stock after they have once
bee,l declared According TO a statement by an
interest Identified with the company, upward Of
$40 000O 600 viii be expended improving the
road with the special point in view Of increas-
ing its facilities 10 extent that VIII make II
one Of the best freight earners between New
Yorl, and Chicago. Transactions were enormous
I'm St Paul but The activity and upward move
inent Of this issue we've not accompanied by news
developments affecting the property, although
reports We're again current involving the st
Paul company in Northern Securities settle
mont m The first two hours Of business about
- .uap shares Of this stock were dealt IN while
tie 5otai for the day amounted TO over $4,000
of he 81
reacted in the afternoon. losing most OF its early
Improvement
Auoieworthy feature of the dealings in Read
iug was the transfer Of the stock In large share
lots, sales Of one to three thousand share lots
being common This issue was even more ac-
tive thau ST Paul in the forenoon dealings, its
total sales. on The basis Of full stock. for two
hours amounting 10 1900 shares. and over
10000 shares for the day. Among the low
priced stocks Mexican Central was again q
moderately active feature. while good sized
volume Of business was reported in United
States Leather. United states Steel common
Pacific Mail and the Iowa Central issues Street
gossip was bullish the Iowa Central shares
and United States Leather common. although
-sentiment on these issues based on the fact
that speculative interests were manipulating the
stocks. rather than on the actual value of the
securities. A number OF years ago certain
Standard on interest succeeded in lifting
Leather common from TO above 30. heavy pur-
chases at the latter price being made for public
account. As there was nothing but manipula-
rion behind the movement, the stock suffered
al abrupt fail from 80 the decline resulting IN
heavy losses a number OF adventurous trad
srs. who had made themselves believe that in
trinsic worth rather than speculation re-
spOnsible for the advancing movement There
IS no mora reason now, outside OF manipulation
FOR an advance IA this issue than there al
The time when Il made its sensational upward
movement The Hartman shares and United
states Stee1 preferred failed 10 respond
ffT-C d.
vance, while they went lower in the afternoon
under the same influence that affected the
greater number Of issues.
IN the last haB hour the selling movement was
checked and partial reCover1es from the lowest
points II the afternoon were recorded OF the
active stocks AmRlEanared Copper. Sugar Re
antng, Baltimore and Ohio. Brooklyn Rapid
Transit. Delaware and Hudson, Missouri Pacific
Mexican Central, Pennsylvania Rock IsIand
Southern Pacific, Texas and Pacific, Union Pa
oihc, United States Leather and the United
States Steel issues closed at small net declines.
Atchison. ST. Paul. Colorado Fuel Consolidated
Gas, the Erie shares, Ontario and Western
Reading. and the Iowa Central shares retained
enough Of their early advance 10 give them small
net Improvement At the close. There was ma
terisl change in the money market or IN sterling
Ihe most interesting argument OF the day favor
sble 70 optimism over the future of the business
situation was the review by The Iron Age" OF
the current iron and steel markets, showing en-
coursgtnG results and presenting ample reason
for ths expectation OF q marked increase in the
As the iron market IS considered the baron er
ot trade Improvement in iron ana steel nstlIrs lly
suggests the idea that all lines Of trade ,n this
country are enjoying expansion. The demand
Tor hnlshed material is increasing and orders
are now being received for next years delivery
A reflection of the depression IN the iron and
steel trade last year IS presented a. ~, ,.,o-.
~ ire Republic Iron and Steel Companv ebou,
ing deficit after dividends OF S6ll asa rom,
Sl3l2S17 year ol