New-York tribune., 1904-08-11
BONDS.
STOCK MARKET OPERATIONS.

Opening prices in yesterdays stock market
sere at advances as compared with the preced-
ing days final figures, while throughout the five
hours OF business the movement Of values Was
generally IN the direction of higher quotations
Strength IN prices however, was not accom-
panied by heavy dealings. Commission houses
were not active factors IN the days operations.
except certain firms which represent large in
terests who are engaged in speculative under
fakings In the local traction shares. United
States Steel preferred and Southern and Union
Pacific. Metropolitan was again the leading
feature, its price advancing points in the fore
noon trading on a volume OF business larger
than In any other stock on the list. Various re-
ports regarding possible developments affecting
the local traction situation were again heard in
the Street the most important as affecting
Metropolitan involving arrangements for an in
terchange Of transit facilities between the Metro
politan and the Interborough It was also re-
ported that announcement would soon be made
regarding the guarantee on the Metropolitan's Z
per cent stock. The fact that a number of houses
whose information on the traction shares has
often been correct We're buyers Of Metropolitan
raged the ordinary trader 10 buy the issue
United States Steel preferred was sold for West
ern account. but its price failed TO decline TO a
noteworthy degree. support apparently coming
from insiders Southern Pacific and Union Pa
cihc were in fair demand. feature of the trad
IN these shares being the purchase Of large
share lots In Missouri Pacific and Missouri
Kansas and Texas accumulation appeared to be
under way. the price OF the latter being helped
by foreign buying II IS understood that Am
sterdam and London are increasing their hold
ings Of the Kansas and Texas issues. Senti-
nent IN the Street is growing bullish on the
securities Of the railroads 81 the South and
Southwest owing 10 the favorable outlook for a
year OF large traffic receipts.
Stock market traders paid little attention 10
the wheat market, which showed less excitement
and reflected liquidation on the early advance
Icy wheat market bulls who evidently were
afraid that the monthly crop report would be
more favorable than foreshadowed by the re-
cent Chicago dispatches regarding the condition
Of wheat in the Northwest. The government
report shows conditions to August !, while most
Of the crop damage stories have appeared since
that date. The official estimate OF crop con-
ditions. put forth by the Department OF Ag-
riculture. was published after the close of bust
ness. In the money market there was no
change in rates. while sterling quotations ex-
hibited considerable iTTegularity The pros
poets favor gold exports 10 Europe by Satur-
days steamer, and If round amount OF the
metal should be shipped it would make in ad-
dition 70 the shipments TO Cuba large total
for the week The effect Of such shipment on
the money market viii hardly be reflected in
an advance in loan quotations, inasmuch as
the banks hold & reserve largely in excess of
loan market requirements. Reserve above legal
requirements is larger than at any time since
1884, and even with gold exports and shipments
OF currency 10 the interior the outlook for a
material advance in money rates is not at all
promising. year ago. with a reserve Of
S@locovSo, the rate for call money was 3 per
cent, and 4 per cent IN September and October
In the last half hour the stock market exhibited
reacuonary tendency under the influence Of
profit taking sales. Southern Pacific however
was not affected by the movement reaching
SIS best price IN the last few minutes Of trading
Metropolitan sold point under its early high
price, while Brooklyn Rapid Transit went under
the closing OF the preceding day.