New-York tribune., 1904-08-12
BONDS.
STOCK MARKET OPERATIONS.

There was q marked increase IN stock market
dealings yesterday. as compared with the pre-
ceding days Of the week representing a gain
in commission house business and larger opera
4ions for the account Of the professional element
and the more important speculative interests
Opening prices were at advances IN all parts Of
the list, while throughout the first two hours
Of business marked Improvement was reported
IN the leading active securities. Subsequently
profit taking sales brought about small reac-
tions, but ct the close quotations were near the
best prices Of the day. with net gains IN almost
every issue. Strength II the Hartman stocks
was a prominent feature Of the trading South
eru Pacific, for instance. advancing more than
2lk points. while Union Pacific enjoyed a gain
of more than l point, closing At a net advance
of is per cent Buying Of Southern Pacific was
heavier than in any other stock on the list pur-
chases apparently being for the account Of So
called insiders. well as for commission house
traders, who generally follow movement that
is engineered by people close 10 the property
concerned. According TO Street gossip, South
eTn Pacific is Oh its way TO 20. but il may be
well for the ordinary trader 10 take frequent
profits IN the issue. the upward movement
doubtless VIII be accompanied by many set
hacks before the objective point IS reached. It
was reported IN the afternoon, when Southern
Pacific was advancing at a rapid rate that the
directors had decided 10 declare a dividend OF
III per cent the stock at once. but the rurnor
received no official confirmation, and, while It
was thought probable that & dividend would be
paid on this issue at no remote period, II was
not considered likely that action would be taken
until the return Of Mr.. Hartman, who IS now
IN Europe. The fact that Mr. Hartman IS in
London lends additional interest TO the foreign
buying Of Southern Pacific stock Union Pa
he'll h.
showed an increase in gross earnings OF S215.-
el8 and an increase IN net earnings Of SlO4lS3.
powerful factor in yesterdays bull move
rnent IN stocks was the government crop re-
port, which was far more favorable than Wall
street expected. OF course, since the reports
were received by the government. on which
its estimate Of crop conditions is based there
has been a certain amount Of damage to wheat
IN the Northwest, but it is not thought likely
That the result OF this damage will cause any
great scarcity Of the cereal IN the coming twelve
months. In corn, bumper crop is promised.
indeed, one Of the heaviest harvests ever re-
corded IN the history OF the country. While
there IS yet time for damage in the corn belt
II hardly seems probable that the final Weld VIII
he materially reduced. the plant is strong and
healthy, having made splendid progress so far
this season. All the Southwestern shares were
strong features, cotton crop conditions favorablv
anecting these issues as corn crop conditions
taVorably affected the sO-called corn roads Mis-
souri. Kansas and Texas, Texas and Pacific and
St Louis Southwestern issues were in good de-
mand; also Southern Railway shares The trac-
.tion stocks were less conspicuous. than on other
days Of the week. In the industrial list there
was a good demand for Amalganlated Copper.
Sugar Refining and American Smelling. The
steel shares however. were neglected.
in the last hour the midday reactions Eener-
ally were recovered, the leading active issues
exhibiting noteworthy strength, especially ST.
Paul and Union Pacific. both Of which touched
their best figures in the last fifteen minutes
Of trading. A runaway wheat market in which
quotations enjoyed sensational advances failed
10 check the upward movement in securities
while the wisdom OF taking profits at the high
level apparently was not considered by the
brought out stock from many people who had
been waiting d long time to dispose Of holdings
that they had carried for many months Money
market conditions showed no important change
Gold TO the amount Of S3,OO0OOO was engaged
for export, presumably for European account
hut OF this order 81 100000 was cancelled While
Metropolitan stock was moderately active its
price was heavy in the greater part Of the day,
closing at a substantial net loss On the other
hand. Metropolitan Securities was one Of tho
most active features on the list. enjoying
rsacting before the close. There were no de-
Vsiopments IN the local traction situation,