New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-09-30
BONDS.
STOCK MARKET OPERATIONS.

Stock market values were strong in the early
Dealings, but after the first hour reactions de-
Seioped throughout the list, while at the close
the greater number OF issues showed net de-
ciines as compared with the preceding days
final figures. Active traders were sellers
throughout the list, their operations inducing
liquidation the part Of commission house in
terests, although the selling by the latter did not
reach large proportions. representing as rule
offerings by holders whose margins were not
sufficiently strong TO encourage the continuance
OF an account on the long side of the market.
In view Of the recent strength shown by securi-
ties, the heavier tone noted IN yesterdays deal
ings not unnatural. while it was of distinct
benefit TO the general speculative position
further decline would help the bull cause. but
the fact that the public shows no desire 10 enter
the market creates considerable doubt in many
circles over the ability of the bull cliques to
bring about at present a materially higher range
of quotations although it is thought that GER
tain stocks will sell better prices irrespective
OF the tendency in the general list The con-
tinued absorption OF Canadian Pacific by Lon
don and the strength shown by the issue in
this market under the influence Of investment
purchases encourage the expectation that II will
show further striking improvement while the
same may be said OF United States Steel pre-
ferred which IS among the few stocks that are
not SelllnS at the lekel warranted Dy invest
,nent worth. In yesterdays trading the last
named issue showed decided strength in the
morning dealings but lost a good part Of the
gain in the forenoon operations. while at the
close it presented net loss Of 4 per cent.
Union Pacific, Southern Pacific and several
other active securities reflected the influence Of
heavy realizing sales. while throughout the list
evidence OF profit taking operations APP
parent Exceptional strength, however. was
shown by Reading, Canadian Pacific, ST. Paul
and Baltimore and Ohio. Reading stock adj
venced IN the face of extremely poor state
ment OF earnings for August, net receipts Of the
Reading system showing loss Of s26S. $50, and
surplus after charges a loss Of S24S SIS COM
parison being made with the same period year
ago From July l surplus shows falling off OF
S744.95S- It has been reported at various times
IN the last few months that the hard coal trade
IS in an excellent condition, but II judged by the
earnings Of the Reading and Erie companies for
August and July there is particular reason
for enthusiasm over the anthracite coal situa-
tion. For August gross earnings OF the Erie
present loss Of S35L721. while net earnings
show decrease Of $40. 266. making for the first
two months OF the fiscal year loss IN net earn
tngs Of S3l5yOO3 AS a rule net earnings for July
and August have been unfavorable. but railroad
men appear 10 be enthusiastic over the outlook
for better results in the balance OF the year
The most encouraging reports received yester-
day were those of the Canadian Pacific and the
Wabash. showing marked increases both in
gross and net income for the last month
Last quotations as rule. were above the
lowest OF the day. and although the greater
number Of securities showed net losses. striking
gains were made by a few issues. notably the
American Steel Foundry shares. Delaware and
Hudson and Delaware. Lackawanna and West
err Delaware and Hudson sold as. high as 40,
closing at ret gain Of ia while Laclawanna
touched 3O0 its highest price on record It's
closing, however was points under the top,
although II enjoyed net gain of 5la per cent.
There were no news developments accompany
ing the upward movement in this issue, but the
Street apparently believed that the company
would soon distribute part Of its surplus TO its
stockholders n the form Of an extra dividend
There vas no change IN the money market
Sterling rates were again lower