New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-09-20

STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
While there was certain amount OF selling
scrsssure IN yesterdays stock market there
tvas little liquidation. sales representing, a
suae. operations for the short account Board
soon traders were bearish and commission house
customers were not disposed to deal actively.
although on the early decline in values the
more courageous operators were moderate buy
.rs for a turn. Discussion of Saturdays bank
rtatement was the chief topic Of conversation
IN the Street and the fact that the exhibit
made such an unfavorable showing naturally
created the expectation Of higher rates for
money ana induced caution on the part OF the
hull element and among public spectators. who
last week thought that the advance in securi-
sizes yvould continue for an indefinite period.
Early losses were not heavy, while in the sub
seouent dealings many OF the declines were re-
overed in mart SO that hnal prices In the greater
Number OF issues showed unimportant changes
as COMPARED with Saturdays last quotations.
Southern and Union Pacific, St. Paul. Penn
s,lva1ia Reading United States Steel preferred
Louisville and Nashville, Tennessee Coa4 ana
7rcn ana Atchison were heavy features While
the only instances OF pronounced suehelh
,hroughout the day were furnished py Ihe COP
,,er shares and Colorado and Southern issues
he last named making striking advances on
o,,o-a+ions which apparently were backed by
the so-called HaYley element Ihere was ~
,,e,,,s development warranting the upward move
trent in these shares. but as the capitalization
az the company is small. speculative efforts 10
.s,-s,oa -ne stocks were not difficult Earnings
Of the company have been poor in the last seven
,,or.l,s ana il was only two weeks ago that the
dividend was passed on the first preierreu
st5cE. The Jewish holiday was FACTOR IN
,,,,-,- s,,ec,lative activity in this city and in
Tor5o, An estimate Of this years corn yield
nv q well known crop expert placing the mar
vest over five hundred million bushelS unoeI
the government estimate of September l. "@S
-asrons,ble for some of the selling in the West
ern railroad securities. reports OF weather cOli-
6itions in the agricultural section of the coun-
- - HE 10 the late growth Of corn.
Although the annual report Of the missouri
Kansas and Texas Railroad Company, received
YESTERDAY. showed a surplus after expenses
ana charges. Of over 100000 which would
more than pay the per cent TO which the pre-
ferred stock is entitled, there IS ACCORDING 10
interests identified with the company little
chance n a payment on this class Of stock for
some time 10 come. Indeed. the company mos
stself in a position that demands the raising OF
funds 10 provide for proposed extensions OF the
system and for the redemption of various d.
vigional mortgages. II is understood IN iac|
Ct is so stated in the annual report, that first
ref,nding mortgage bond issue to the amount
of s4OOOOO00 will be put out. of which a large
v,roportion will become available for the future
purposes Of the company. The president Of the
road states that although there are no present
plans of new construction under way, il is
deemed wise 20 make early arrangements to
meet any demands which may arise for new rail
way facilities I'm the Southwest showing the
nroVress of the Southwest in industrial growth.
AZ Is interesting 10 note that in the Missouri.
Kansas and Texas territory 116 new plants OF
diversified character were established in the last
year The recent activity I'm the Missouri Kan
sas snd Texas securities was not due 10 the eX-
pectation Of the immediate beginning of divi-
dends on the preferred stock, but 10 informa-
lion that the management was considering a
plsn which ultimately would improve the physi-
cal and financial condition Of the property and
place the road in a position 10 maintain divi-
dends after they had once been declared.
Reports received yesterday from railroad man
ayers in various parts OF the country reflected
great optimism the part Of business men over |
the outlook for trade Improvement this fall |
while railway earnings for the second week in |
September Endorsed the statement that no de /
mOTalization is probable in the companys |
transportation business Noteworthy gains I
we're made by Wabash. which showed an in 4
crease OF SlO3,sls. as compared with the same
time a year ago; Missouri Pacific an increase Of /
So 600. St. Louis Southwestern increase Of /
S3z $50 and Canadian Pacific an increase of {
$4,000. Since July I the earnings of the last /
named company have increased Ss6s 1886 In
dustrial and agricultural conditions IN Canada 1
the expectation OF further large gains ,
IN earnings by The Canadian Pacific Railroad. !
Good market Judges believe that Canadian Pa
ciflc stock eventually will sell many points above
its present quotation. which now returns 10 the /
investor over az per cent. and they assert that
the stock is much better purchase at present
prices than either Pennsylvania or New-York
Central which az present quotations make
smaller returns than Canadian Pacific on invest
neut holdings.
can money ruled at ? per cent I'm the early
part or the day. while there z0s no material
change IN the quotations for time loans ster-
ting exchange was weak. Foreign exchange
s=sssers believe that sterling viii rule at low
9sotations this fan. and that New-Yorlz rnrv
he able % draw sold from Europe