New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-08-23
BONDS.
STOCK MARKET OPERATIONS.

IN light volume of business the securities
,,.,,.+ moved In the direction Of higher prices
en- the greater part Of the day. Opening at IT
regular changes and showing great uncertainty
on the mart of traders over the probable course
f ,-sI,,es Improvement soon developed. and I'M
der the infiuerce of covering of shorts the more
sotiye issues enjoyed advances that ran from
large fractions 10 a point and above Sueis'ii
vas especially marked in the so-caled Harrl-
..,, ;ssues in the Southwestern railroad shares
77..a,vp ST Paul American Sugar Refining ana
s,,,a1earnsted Copper The upward movement
1-ss teired bv the weakness in the wheat mar
l,et and by the more encouraging reports lIoi''
,silroad officers in the West regarding the CON
5itions IN the wheat fields. While admitting
.ta+ certain amount Of damage has been done
81 the c-ops in the Northwest, unprecedented Cd
servers in the crop country III question uehS
that there has been anything like the damage
that the Chicago wheat pit bulls report more
Ger tbe,- declare that conditions do not war
rant the present high price of wheat Hls"
ices for cereals are having bad effect on the
oo,,ntrv's export trade. and as crop prospects
a, foreign wheat growing nations are not bad
a.. c,+Ioolr for 4 large volume of exports at a
10 , ,,,,roacrirg that now current in the wheat
market is not promising.
Tn speculative circles the absence of llauioa-
+iou in the face of developments which ordlna-
riI, might bring about an active seliing move
,7,ent is considered of the strongest FEATURES
,f the current market, and 1t Is owing 10 'le
fact that stocks apparently are not for sale al
Ibis level that predictions are heard of higher
rr,ces It certainly is evident that stocks VIII
not decline on bad news at present reactioii"
l,a;nr due entirely to speculative conditlohs'
This situation naturally encourages the aoFo-
cafes of better quotations. and it is therefore
moi surprising that the bear element at the mo-
rnenf is in the minority. Even the powerful hldii
;.,,lators in the wheat market who have been
irving 10 hiring about lower quotations in the
stock market have been unable to induce I'M
t,ortant liquidation, while the people who broke
sugar stock last week Ghe selling evidently
coming from No % Broadway so far have not
damaged the general list. 1t is not likely. how
ever that Standard Oil selling in Sugar was
done 10 affect the general list, although it may
have been done to test the inherent strength of
the current market. If the latter was the case
the result of the test must have been extremely
satisfactory 10 the powerful group of capitalists
who make up the Standard Oil party.
in the last hour the best prices of the day
were made, especial strength being shown by
Southern and Union Pacific Reading. St Paul
Sugar Refining. Amalgamated Copper and
issue making the best showing recorded in a
week or more. Although prices were strong
there little heavy buying for commission
house account, trading being made up in great
part OF the operations of the board room element
and the more important active traders who are
able 20 handle many thousands of shares a day
There was no change in the local money market
situation, but at interior points exchange on this
centre continued to move against New York For
instance, at Chicago exchange on this city
dropped TO 30 cents discount.