New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-19
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
Stock market trading started Of with rush.
heavy dealings being reported in all parts Of
The active list advancing level Of values.
Commission houses were moderate buyers for
out Of town account in all the popular issues,
such as Atchison St Paul. Pennsylvania
Union Pacific and Reading. but on the ad-
vance IN these securities heavy realizing sales
were recorded, and consequence final
prices showed recessions from the high figures
established IN the morning. Union Pacific, for
instance. which enjoyed an advance OF over
/ point IN the early trading. closed at net
gain OF only & per cent Realizing sales IN
this stock were particularly heavy. and the
board room element apparently was inclined 70
sell the stock short the theory that its
large advance OF the last few weeks war
ranted a reaction. In the other actives issues
declines from the best prices were not so large.
final quotations showing as a rule fractional
declines from the high points OF the day. In
the greater number OF stocks net gains were
recorded In Atchison. Baltimore and Ohio.
ST. Paul. Pennsylvania. Sugar Refining fnd
Reading the demand from new buyers was I'M
usually heavy while throughout the list there
was q fair sprinkling OF commission house
orders. At the close the heaviest net gains IN
the active list were shown by Atchison, Balti-
more and Ohio Pennsylvania and Reading.
Pennsylvania crossed the price at which the
recent new issue Of stock was put out selling
at 121 ana closing fractionally under that
figure II had been reported that at 10. the
price OF the new stock large amount or the
tssue would be thrown on the market, but
offerings at this quotation We're not heavy ana
when made were well absorbed. United
states Steel preferred, after early strength.
closed fractionally under Saturdays fnal quota
ton, but elsewhere in the active list final
figures were a. net gains.
Increased interest in stock market speculation
IS based on the ease in money. on the expecta-
ton OF a bountiful harvest in the agricultural
section OF the country, on the belief that the
Presidential campaign viii not upset the bust
ness OF the country. the indications OF indus
trial revival in all parts OF the land and on
the technical position OF the stock market. Ease
in money will doubtless be feature OF the Wall
Street situation FOR several weeks 10 come, but
II may not be wise to bank on a continuance OF
low rates for loans after The demand for money
from the interior develops. II the crops turn
out as well current conditions indicate the
West VIII require Large amount Of currency
from New-York while if activity develops IN
mercantile circles there yyil be a further heavy
inquiry for money at this centre. Assuming,
therefore, that the demand for money 20 move
the crops for mercantile purposes will be heavy.
Il is safe 20 predict much higher rates I'm the
loan market than those now quoted. This fact.
however. need not discourage the operator in
securities. inasmuch there is probability
OF serious disturbance in the money market In
expectation OF higher rates FOR loans, many
Wall Street commission houses are securing ac-
cOmmodation for the future at the present low
loan quotations. but II is interesting TO note
that despite the prevailing activity in stocks
commission houses are much lighter borrowers
than they were a year ago or IN the preceding
year. The greater number OF commission houses
have been carrying for customers large amounts
Of securities for the last year, and the advance
that is now under way is giving them an oppor-
turity 10 Nquidate their holdings The decline
Of 1893 compelled many traders either to take
losses On sales or else hold their stocks with
the view Of selling them at a profit at some
future period. and apparently the people who
held their securities last year are now distrib-
utng them 10 Others who are anxious 10 buy al
prevailing prices
While stock market values have enjoyed
great Improvement from the low prices re-
corded IN the spring il is believed by the
greater number OF competent observers in the
Street that the general tendency Of values in
the course OF the next few months will be in
the direction OF higher quotations Operators
however. who enter the market al the current
ton is subject TO sudden reactions. and that
The steady advance of the last few weeks sug-
gests the possibility of a temporary setback IN
values IL is quite likely that IL the present
market marks the beginning of a long bun
campaign there viii be a good sized reaction
before the advance is carried many points
further Reactions are an essential Part OF a
bun speculation, and declines that may de-
Nelop VIII not worry the well informed operator
The stocks that have had the largest advances
hnd the greatest speculative attention, notably
Union PACING, should be bought at this level
Win great caution by people who trust small
margins TO support their speculative accounts
Union Pacific doubtless will sell higher hui il
may be wise 10 take profits in il at the present
quotations At the moment tie Street is in
iatuateo with the idea that the decision favor
able 10 the Hartman interests in the Mort bern
securities litigation viii be upheld by the
higher courts, and that eventually the Union
Pacinc company viii not only control the
Northern Pacific, but also be the leading factor
IN the management OF the Chicago Burlington
sno quincy, ana as consequences do,ninate
the Western railroad situation. II NAV be
wei 10 bear in mind that any such develop-
ment would invite action by the federal q n
thorlttes similar 10 that which resulted in m
setting the Northern Pacihc-Great Northern
merger.