New-York tribune., 1904-08-10
BONDS.
STOCK MARKET OPERATIONS.

Activity IN yesterdays stock market vas con-
fined 10 few shares IN which price move
r7ents were generally IN the direction Of higher
quotations. In the greater number OF Issues
hrsl figures showed small net gains, advances
-epresenting N most stocks little beyond cover
ing opera:ions by the professional element In
the forenoon dealings some OF the active securi-
ties presented a declining tendency. notably
United States Steel preferred. which was again
sold by operators who evidently are engaged IN
n bear campaign against the Steel issues. The
possibility Of a break IN the price arrangemen.
among steel producers IS foreshadowed. II is
thought In some quarters, by tho action OF ths
Republic Iron and Steel Company in the case Of
steel biIlets but in the best informed quarters it
IS not believed that any disturbance will develop
,n trade quotations. Good support was reported
IN Steel preferred around 5S; also IN Southern
Pacific and st. Paul which were bought by
brokers representing powerful interests. In
Sugar Refining lower Wall Street was again a
buyer, while traders who have watched the
stock closely and have studied the sugar trade
situation were willing to predict higher quo
fation for sugar Trust certihcate5 Following
the advance in the price OF refined sugar by In
dependent redners, the American Sugar Refining
Company has advanced its quotation points,
bringing the margin between the raw and re-
nnes product 10 a point that returns good profits
i
Sugar Refining stock has enjoyed bun move
Inent. and gradual appreciation IN the price Of
the security is now thought probable by many
Wall Street operators
Strength In the afternoon market was helped
by the reactionary tendency in wheat futures
from the advance OF the morning, but the up
ward movement failed TO create an outside de-
raaud for securities. In the early trading in the
wheat market new high records in the current
movement were made by the September and De-
cember options. but the appearance Of heavy
selling orders later in the day brought about
decline which carried quotations under last
nights final figures. Much Of this selling doubt
less was based on the uncertainty over the
nature Of the governments weekly crop report.
and although the government statement, which
was published in the afternoon. Endorsed 10
some extent the recent reports regarding crop
damage in the Northwest, quotations on the
Produce Exchange failed 10 enjoy a material
rally from the low figures Of the day.
Ths best prices for stocks vera recorded IN the
last hour while final quotations. We're not far
from the highes: OF the day. Noteworthy
strength was shown by Metropolitan. which in
The last half hour advanced to l24 maximum
gain OF points: Brooklyn Rapid Transit.
Southern Pacific and Sugar Refining. There was
no change Of Importance in the money market,
except in the foreign exchange department,
which showed an advancing tendency ia sterling
rates j IS not al al likely. according 10 the
opinion OF foreign exchange bankers. that ster-
ing quotations VIII remain at their present high
level Tor any length Of time.
g'he great strength in Metropolitan stock in
the day was not explained by news dey e.op-
ments affecting the property. bu: the Street was
filed with Tumors regarding the possibility Of
coming change in The relations between the
different traction companies IN New York. Al
though officers q thu Interborough company
have denied that the Metropolitan viii come
under the Interborcugh control It is believed,
nevertheless. that eventually the traction COM
panies OF this city Will be under one manage
ment.