New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-08-24
BONDS.
STOCK MARKET OPERATIONS.

Stock market operations we're not heavy IN the
five hours OF business. while the movement OF
values confined to fractional variations in
the greater number Of active issues with the
prevailing tendency favorable to the advocates
Of higher prices. In many issues 4. speculative
contest appeared TO be under way, but as a rule
the bull element came out ahead. the volume of
sales not being heavy enough to Offset the de-
rnand, especially IN the Hartman stocks, which
we're market leaders. For the second time this
year Union Pacific crossed par, while street gos-
sip predicted 125 for the Issue. The Street Is so
buIiish at the moment that all kinds of predic-
lions are being INDUCED in, and, as a conse-
auence, the outsiders, known the public, are
showing evidence OF a strong desire TO take part
in the current speculat ton. The public will find
no difficulty in getting in but prices have
advanced from ten TO twenty points above the
low level Of the year the profits from the present
range may not he so large the enthusiastic
hull operators are now predicting. Ii is believed
that prices will sell many points better. but the
outsider may be caught at a. time when the
market IS ripe for a good sized reaction III the
course Of which his holdings may 90 To the IN
slider at 4 loss. At present, however there IS no
indication on the part of the big holders of
stocks that they are ready 10 distribute them,
and until they are ready II proceed IN such
manner the bear element will have great diff
Guilty in bringing about serious declines. The
question Of q good sized setback depends alto
gether on the elimination of the short interest
and the moment when the large holders decide
that the time to sell stocks has arrived. There
is very little stock for sale I'm commission houses
IT present.
The heaviest dealings in the day we're in the
Union and Southern Pacific. Metropolitan Sc
curities the Southwestern railroad shares.
Southern Railway, Amalgamated Copper, Ma
'jcnal Lead, ST. Paul Atchison and United states
steel preferred. Metropolitan Securities ad-
1a.ced is. but lost most of the gain before the
dose. Manhattan on small volume of bust
'sss was strong the price being helped 10y the
announcement of an amicable settlement Of the
Questions at issue between the company and its
employees. Southern RAILWAY, which was heav-
lis dealt in was apparently taken by good
lass Of traders, Morgan brokers being active
in the issue, and the advance being accom-
panied by the report that the Morgan party in
The stock had increased its holdings I'm the last
week by over twenty thousand shares There
are various good reasons FOR bullishness on the
Southern Railway securities. The country
through which the road runs is growing in in
dustrial expansion a. 2 rapid rate industries are
becoming more diversified i'm the South and the
purchasing power Of the people has increased
wonderfully in the last few years. Tho Southern
the development of the South and il is nor, re-
ceiving the reward Of its enterprise and pro-
sressive management. Earnings Of the system
show large increases over preceding wears and
al indications point TO another twelve months Of
large raflc receipts The company continues
the policy OF spending large sums for the better
;nent Of the property. II is double tracking
many portions of is lines reballasting. elm
mating curves. improving its rolling stock and
adding intrinsic worth TO its securities
Heavy advances In the Liverpool cotton mar
ket and an active Southern buying demand
caused strength and activity in the local and
Hew-orleans markets, prices advancing after
inc manner Of the Sully campaign in cotton last
winter This movement had no effect on the So
curlties markets, but the declining tendency, i'm
the wheat market undoubtedly helped stock
market values In the early dealings In the last
hour commission houses practically were out Of
mo market, and in the absence of aggressive
buying traders were able TO bring about recess
sions from the high points Of the dav while tb,
did not appear 10 be optimistic regarding +Ix
abliity or the bull element to rreyent rnafiI
reaction in the near future Last oun+atio,,
showed small net losses in many of the aoti,-a
issues, including United States Steel rreferrad
Alnalgamated and Sugar Refining Thee -
10 cnange OF Importance in the none, or ster
'ls hlarEei Domestic exchange al Chicago ,
continued to reflect the developrNeu+ of a ~
lslahd IN the West for currencv