New-York tribune., 1904-09-08
BONDS.
STOCK MARKET OPERATIONS.

44OAh m1nAGA "a G@So4AO~sS'
Opening prices in yesterdays stock market
were strong under the influence of heavy buy
ing movement in all parts of the list. Connis-
sion houses were more active for public ac-
count while the larger speculative interests
that have been working on the long side or
speculation in the last three months apparently
were heavy buyers in all the active issues, al
though on the advance indications of realizing
sales for their account were reported, and in
some quarters IL was thought that the strong
opening vas brought about for the purpose Of
marketing stocks that were accumulated at
cheaper prices The volume OF new business.
however. was heavy enough 10 prevent material
reactions from the selling movement in the
greater number of issues. declines rule be-
ing confined to fractions. per cent loss in
Southern Pacific and Union Pacific furnishing
the chief exceptions Dealings in Southern Pa
ciic were enormous in volume. large blocks
changing hands in the first hour of business
between 80 and IS while Union Pacific also was
heavily dealt IN. realizing sales being response
bic for a fractional setback in the first hour,
which extended 10 ! per cent before noon. In
the early afternoon increased buying orders
from commission houses effected recoveries in
the greater number of shares. and at the close
final quotations showed many net gains as
losses.
In the local traction group Brooklyn Rapid
Transit was a strong feature on active dealings
but Metropolitan again exhibited heavy ten
dency, although its loss was not so great as that
of the preceding day. Manhattan helped by
the settlement of the Interborough labor
troubles, but dealings in the issue were not
heavy. The supply of Manhattan available for
speculative purposes is growing smaller every
DAY, offerings of the stock being absorbed for
Investment account by people who appreciate
its substantial qualities as an investment Sc
curity. Guaranteed by the Interborough COM
nsny, Manhattan stock VIII always receive its
dividends, irrespective Of the earnings of the ee-
waited system, but while the guarantee is a safe
guard which win have an impressive influence
on Investors the company doubtless will never
see the time when it will be forced to call on
the Interborough company TO pay its dividends
IN the last fiscal year the elevated system not
only earned enough to pay dividends OF I per
cent but it also able to pay per cent on
the Interborough stock with a surplus remain
ing OF over Sl,200.000. Reading was again an
active feature. although its transactions were
lighter than in Tuesdays market while its
price fluctuations were confined within narrower
limits. There were no news developments ac-
counting for Tuesdays strength in this issue
while the buying movement in the general list
yesterday was not accompanied by many an-
neuncements favorably affecting securities. The
dividend on the first preferred stock of the Col
oTado and Southern failed to induce bearish SEN
tInlent on The stock concerned or in any part OF
The list. Colorado and Southern urst preferred
was inactive ard on few sales suffered an un-
important loss.
wall Street was favorably impressed with the
sweeping Republican victory in the Vermont
State elections. as il was believed that the re-
suits in that State foreshadowed an increase IN
n.
try and success for the national Republican
ticket in November. Wall Street is not in favor
OF change IN the national administration. and
despite the talk Of Wall Street opposition TO
President Roosevelt. il is safe 10 predict that
the majority OF votes in the financial district
VIII be cast for the Republican ticket The
stock market is discounting Republican success
end increased industrial prosperity. While a
reaction OF some size is overdue, sentiment ia
most circles tavcrs continuation of the cur
rent bull movement and unless developments
OF most adverse nature should arise II is
more thsn probable that the bull element will
be able 10 carry values to a better quotation
level. Railroad earnings received yesterday
made. a rule. encouraging comparisons with
the corresponding period year ago, the chief
exceptions being the August report of the Great
Northern, which exhibited a material falling off
in gross receipts. and the July report of the
Colorado and Southern which showed a loss in
gross earnings OF S57347 and a loss in net
earnings CT $31.6is. The poor earnings OF the
latter company are due TO special causes. and
tie lighter tranhc in the last six months is re-
spcnsible for the decision Of the directors to
suspend for q time dividends on the first pre-
ferred stock Although he company in the last
fiscal year earned per cent on this stock. the
acion OF the dircctors VIII meet approval I'm
conservative circles, ana the stockholders may
rest assured that dividends win be resumed Just
as socn as conditions in Colorado reach a more
stable basis. New-Tos; Central for the month
~ August showed gain in gross earnings Of
s22SG4U
a report I'm The afternoon that an agreement
had been reached between the United States
steel Corporation and independent concerns re-
ga7Ging prices on steel products exerted a IA
Nerable influence The shares OF the United
States Steel Corporation. white good buying was
reported ia Tennessee Coal and Iron, which adj
ranced III per cent, and Colorado Fuel and
Iron which enjoyed similar gain. United
States Steel preferred, however, after advanc-
ing point. closed ar only a small fractional
gain over Tuesdays last figure The Hartman
stocks were heavily sold IN the last few hours
and az consequence both Union Pacific ana
southern Pacific closed wei under the last quo
fation Of she preceding cay In the final deal
fngs the general railway list was heavy An
incident Of the day Wss tie advance in the