New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-08-17
BONDS.
STOCK MARKET OPERATIONS.

After opening at advances as compared with
the preceding day, the stock market developed
reaottonary tendency, and in the greater part OF
the rest Of the fi.e hours OF business prices were
more disposed to decline than advance De-
clininE values, however. were accompanied WIN
q reduction IN the volume OF trading. while there
vas no sign Of important liquidation beyond
sales for the account OF traders who decided 10
cash uaper profits. Sentiment did not turn
bearish with the appearance Of heaviness' as It
was recognized that the decline was heal'hful
5evelopunent Of q bull market In view Of the
large advance enjoyed by the leading active
securities in the last few months. a setback ut
this period is not surprising; nor would It be
surprising If the decline should run several
points before the upward movement IS resumed
In addition 10 technical market conditions that
warranted reaction, the bear element was
helped bv the strength n the wheat market III
which prices for the September ana Decernoer op-
+iors advanced more than two points. Corn was
also strong. and the Street was flooded with crop
damage reports that came by the way Of Chi
csqo. O5ioers Of Western railroads in this city,
rsrirr .heir opinion on dispatches received from
gents of the companies In the agricultural sec
4ion Of the country. still maintain that the wan
Street reports on Damage 70 the crops IS grossly
exaggerated This IS likely, as there Is q strong
l,uu party 81 the wheat market working Tor
t,gber nrices. while interests identified with the
,rbes+ burs are anxious 10 bring about lower
level for securities. The governments weekly
crop report showed nothing alarming.
In the forenoon dealings Union Pacific made
new high record price for the year, selling above
rsr. an advance Of % points from the low quo
ts,ion Of 1904. and 30 points as compared with
the low figure in last years bear market. South
ern Pacific failed to hold its place as leader in
,,oint Of strength but its decline was small Of
feriugs apparently being well taken, q. feature
that marked almost every issue on the list. Out
side Of Sugar Refining there was little marked
weakness. This issue was sold on the announce
ll,eut Of reduction in the price Of refined sugar
hv the American Sugar Refining Company
and before the close it registered a loss of over
two points. Weakness in this issue and in United
States Steel preferred hurt the general market
IN the last hour when the lowest prices of the
day were recorded. and at the close the profess
slonaI element thought that further losses might
be brought about to-day. As the present market
Is not a bear affair. traders may not be wise in
venturing for long turn on the short Side Of
speculation. In the final dealings Union Pacific
sold point under its high price, while stocks
that had enjoyed early Improvement lost most
Of their gain. Louisville and Nashville however,
which made maximum advance Of 2la re-
tanned more than per cent Of the gain at the
close. IT was reported that the heaviest volume
Of selling IN United States Steel preferred came
from interests close 10 the corporation. and Of
course, the Street was filed with rumors Of i'm
portant reductions in Steel prices and a reduc-
ton in the dividend on the preferred stock at
the next dividend period. While Brooklyn Rapid
Transit suffered decline of over point Metro
politan showed great resistance to the selling
pressure and closed unchanged from Monday.
ON the curb marlborough made a new high rec
ord az 144
Money market rates were unchanged, but ster-
ling was again weak. demand rates declining 20
points. although recovering half of the loss be-
fore the close Explanation Of the recent
strength in the foreign exchange market is found
In the governments report of foreign commerce
in July, which shows the smallest exports of gen.
eral merchandise since August, 1895 The show
ing OF imports vas also poor, the total being
lighter than in any month since February. 1902
The excess Of exports amounted in value 10 onl,
SlS459S1l Bearing in mind the differentiation
q imports and the payment Of interest on Amer
lean securities held abroad II may readily he
seen that fo- July the country was debtor ma
ton. For the fiscal year the excess Of exnorts
amounted IN value 10 Sab 81. 049. while in that
time We imported s29,924. l02 more gold than we
exported.