New-York tribune., 1904-08-13

BONDS.
STOCK MARKET QUOTATIONS.


In the opening transactions IN yesterdays
stock market the volume Of new buying was
sufficiently heavy 20 offset the realizing sales
as an influence on prices. but before the end OF
the first hour purchases Became lighter. while
values slowly began 20 react reaching at mid
day a level that showed little change for the
greater number OF issues from the preceding
days final figures. There was again great ac-
tiv1ty IN the Hartman issues. Southern Pacific
was dealt IN IN 1000 share lots at the opening,
heavy buying being reported for the account
OF inside interests. while large sales were re-
corded for the account OF spectators who have
been following the stock in the last few days
for speculative profits The report that a divi-
dend OF IL per cent would be declared on the
stock found no confirmation in official circles.
but the Street appeared to be under the impress
sion that on the return OF .Ir. Hartman from
Europe a payment would be made 10 the stock
holders. Southern Pacific has spent an enormous
amount OF money on its property IN the last
TWO wears and II has now reached a position
,rbfcl, entities the stockholders to receive some
return on their investment. This fact, however
is not a guarantee that a dividend viii be paid
I'm the immediate future The best argument
,u favor Of a dividend IS based on the large
boldings OF the Union Pacific Company Of South
orD Pacific stock. Union Pacific controls South
ern Pacific, and Il Is reasonable 10 suppose that
Union Pacific is anxious for a dividend on
Southern Pacific shares at the earliest possible
moment.
In the early dealings great strength was
shown by AmalgamateA Copper and Canadian
Pacific. while United States Steel preferred eN-
hihited a much better tone than recorded II th7
preceding days Of the week These issues main
iafned fair proportion Of their early advance,
despite the reacuonary tendency in other parts
Of the market. ard in the case OF Canadian Pa
,ifc its highest price was reached at A time
when the majority Of stocks suffered their chief
weakness. There was an excellent demand for
this issue, and buyers appeared t1 be confident
that the stock would sell "ilny points above
the current level. The remarkable earning
power Of the Canadian Pacific Company, rs
reflected in its report [or the last fiscal gear.
and the splendid outlook for large traffic re-
oeipts In the next twelve months naturally e.--
courage bull enthusiasm ou the stock crop
conditions along the lines of this company favor
a large yield, while the development Of general
industries throughout the section Of Canada
travers A. by this railroad suggests wonderful
traffic Possibilities. Canada is forging ahead
commercially at a rate which has induced the
Grand Trunk Railway 10 extend its line TO the
Pacific Coast Competition by the Grand Trunk
VIII not injure the Canadian Pacific inaslnuch
as the industrial growth Of the country viii
provide enough traffic for both companies.
In the afternoon dealings the market queted
down. and prices moved within fractional nuc-
tuations in the greater number OF issues. As
result OF the early advance and the subsequent
reaction. final quotations showed unimportaut
chi ip he Of
pared with the preceding days last figures Ac-
cording TO the known movement of money in the +
week the local banks have gained over 3OO0-
900 In cash. The increased speculation in stocks
in the week may have caused a large expansion
IN loans. and as a consequence the gain in cash
may not be reflected in reserve above legal re-
Guirements. AS the bank statement however
seldom shows results In accordance with csti-
mates that are based on the known movement
of money 1t is not wise TO make predictions re-
garding the showing Of the Clearing House aver
ages.
The governments report Of exports Of domes-
tic products in July showed a decrease as COM
pared with the same month a year ago in value
of S3661s 454. Of which the greater part WAS SIM
pied by the falling off in shipments Of bread
stuffs. Exports Of domestic products in the
first half Of the calendar year decreased in value
over S6OO00000, Of which over S57.O00000 Was
~ Nheat' corn and lesser grain On the basis
ot present crop estimates, exports IN the second
nan OF the year will show Improvement over the
SIX months ended June 80 especially exports NJ
corn ana cotton. Al current prices for y,be,,
and corn the value Of this years harvest viii
amount 70 upward of S4OOOO0.O00 more than IN
1903 '''''' '''
M the last hsf hour prices exhibited frrner
'e'aeicy' but trading presented little life. The
'''ae was well above The low figures of the dav.
ana et net gains in the greater number of is
sues