New-York tribune., 1904-09-01
-Bx dividend.
BONDS.
STOCK MARKET OPERATIONS.

Activity in yesterdays stock market con-
fined Ia few issues. notably Reading United
States steel preferred. the Erie shares Union
Pacific, ST. Paul and Baltimore and Ohio IN
which Price changes reflected heavy realizing
sales and further operations for higher prices
AS a result OF activity On both sides Of the
market. final quotations IN the greater number
or issues were not materially changed from the
preceding days last figures. Reading was again
the leading active feature, its total transactions
amounting TO over 10000 shares on a price
movement that showed an advance in the morn
ing dealings Of nearly 1 point, and a subsequent
Gccline of per cent, followed by recovery in
The afternoon. The strength and activity IN
Reading were accompanied by buying move
lrent in the Erie shares, which carried the
quotations FOR the common, first and second
preferred 10 new high record figures for the
current movement. Based on dividend pros
poets. Erie common is not cheap at its present
level. the prospects OF a dividend return on this
issue in The course of the next few years being
distinctly unpromising. Efforts are being made
10 advance all the low priced railroad shares,
but the public and the financial institutions
that hare recently absorbed large amounts Of
high grade securities show no disposition to
buy noll-oividend paying stocks. except in the
case of issues which may be considered In line
for dividend payment. as, for instance, Read
cON6AAN
by the same people who have been active in
the issue in the last few days. while a similar
class OF buying was reported in Southern and
Union Pacific. Realizing sales IN the last named
issues, however. were heavy enough to depress
their prices.
The reduction in the volume of trading as
compared with the daily operations OF the last
week doubtless reflected a disposition the
part OF the larger speculative interests TO with
draw to some extent from speculative activity,
pending the outcome Of this years harvests and
she elimination Of various uncertainties from the
situation. Commission houses were not active
factors but operations for foreign account were
as large as the record of Tuesday, trading gem
orally being the selling side OF the market
In the bond department enormous dealings were
reported in Consolidated Tobacco IS, which en-
joyed an advance of three points selling at the
best price ever recorded. The upward move
nent in these issues was purely speculative in
character, and represented a sudden apprecia-
tion by the speculative element of the fact that
with easy money a 4 per cent bond of this char
acter is cheap in the sixties. In addition TO the
activity in Consolidated Tobacco As there was a
good demand for the Wabash debenture Bs and
the United States Steel 5s. but elsewhere the
bond market was relatively duh without i'm
portant price movements. Heavy buying OF the
Consolidated Tobacco As was followed by an up
ward movement in American Tobacco preferred
OF nearly four points and in Continental To-
bacco preferred of over six points. In the curb
market Interborough stock suffered sharp
break on a small volume OF business, the decline
apparently being due TO forced selling Of a weak
speculative account. although the possibility OF
a strike on the elevated road was advanced as
reason for the weakness in Interborough
shares. The decline in International Pump rep
resented a speculative attack on the stock, and
not adverse developments affecting the prop
erty The company is I'm excellent condition
aud its current volume of new business is large
Final prices showed more net losses than gain:
in the active shares