New-York tribune., 1904-09-23
BONDS.
STOCK MARKET OPERATIONS.


Stock market values failed t. maintain the
strength that was recorded in the operations OF
the preceding day. weakness developing soon
after the opening and continuing throughout the
greater part OF the five hours Of business. In
the final trading unimportant advances from
The low point were made but last quotations
showed q long list Of net declines, which. in
some cases. amounted to per cent and above
Commission houses were not active factors in
the days dealings. The leading financial inter
ests IN the Street were not disposed TO encourage
operations on the long side of the market, and
the professional element was not inclined TO
work for higher prices. Certain stock market
snanipulators, however, made vigorous efforts 10
bring about better figures for several issues,
notably Southern Pacific and Colorado and
Southern, but they failed to receive support
from the public. and a consequence
they found great difficulty in sustaining
prices for the issues concerned after they
had been pushed in the direction Of higher val
ues While there is no possible reason for an
advance in Southern Pacific far as the in
trlnsie value OF the security is concerned, pool
spectators insist that this issue is cheap at its
present price and that it viii sell many points
higher IN the course OF The next year. Possibly
manipulation may carry its quotation 10 a
better level, but there appears 10 be no reason
for the expectation Of a dividend declaration on
the stock In view Of the company's July
statement showing a tremendous falling of in
actual traffic receipts. the talk OF dividend in
the near future is absurd unless the manage
ment Of the property. which so far has been
extremely conservative, decides to depart from
its present excellent policy. The Street is filled
with bun talk on Union Pacific. but con-
seryative observer viii indorse the idea that this
security ought 10 sell above its current quota
tiOn. There is a great deal Of gossip intimating
that the Hartman interests. the Rockefellers
and the Gouds are actively buying Union Pacific
stock but as a matter of fact, the chief busi-
ness in this issue at its present price represents
speculation of people who are in no way identi-
fed with the property or with the large 1nan-
cial element in this company.
Union Pacific. however, IS considered by many
Wall Street operators . good short sale. and in
yesterdays market large amount of selling
OF this character was reported. Selling for this
account and realizing sales were responsible
for loss of more than 1 point in the stock,
while the same class Of operations caused de-
cided weakness in Missouri Pacific, Atchson.
ST. Paul. Pennsylvania and United States Steel
preferred. There was a material falling off in
the volume OF business. as compared with the
total transactions earlier in the week and in
last weeks market, and the development Of
dulness created the impression in commission
in the Street were opposed 10 further specu-
lative activity pending more definite news re-
garding the corn crop and the outcome of the
interior demand for money as affecting the
local money market Reports from the West
were not particularly favorable corn. Opin-
ION Of so-caIled crop experts over the probable
yield OF corn this year differs 10 such a wide
extent that the ordinary trader in stocks and
cereals is puzzled TO know in which direction
70 shape HIS operations one thing is certain.
that a large amount OF prevaricaton for
speculative purposes is going on over the condi-
fion Of the corn crop; also the cotton crop.
Sterling exchange was again weak. while call
money continued TO rule at per cent. The
sub-Treasury made further transfers Of cur
Uency for the account Of local banks TO the
South and West and it was reported in banking
circles that, while this weeks loss IN cash hold
ings would not equal that of the preceding
week. the reduction, nevertheless would reach
Important figures Judged by the contraction in
stock market dealings this week. as compared
with week ago. the loan account OF the Clear
ing House banks ought not TO show q large
expansion. IL any.
or the total dealings. amounting TO over J60,-
600 shares over Oae-half was supplied by
AmaIgamated Copper. Atchison. Erie, onrar.o
ara Western. Pennsylvania, Reading. Southern
Pacific, Union Pacinc ana the United States
Steel issues. Southern Pacific alone furnished
upward of 11S.O00 shares. The early strength in
this issue was succeeded in the afternoon by 4
declining tendency, its closing quotation show
ing small fractional loss as compared with the
preceding day. Union Pacific lost over a point.
closing al its lowest price. while ST Paul Mis-
soLu Pacific. Atchlson and Pennsylvania ended
tie Gay At substantial declines. In the after
aeon dealings Ontario and Western was a strong
feature. in the face OF weakness in the greater
number Of securities. its advance being accom-
panied b. a rurnor that dividend would be de-
eiared. 20 end the voting trust. just as soon as
the proposed financing had been put through.
Hawiey brokers bid up Colorado and South
egn.
THF DaNpa oorpn,,o.,s a., ao.,,-