New-York tribune., 1904-08-09
BONDS.
STOCK MARKET OPERATIONS.

Price movements IN yesterdays stock market
showed great Irregularity. morning operations
being conducted on an advancing scale OF quo
tations In most Issues. while in the afternoon
weakness developed which carried the majority
Of shares under Saturdays closing figures. The
decline IN the afternoon was due 70 selling IN
duced By the strength IN the wheat market.
advances OF from four to five cents in the Sep
ternber and December options being accom-
panied by further reports from Chicago Of seri-
Gus damage TO the spring wheat crop in the
Northwest Reports from Chicago are always
highly colored. and represent. as & rule. efforts
on the part Of stock and wheat market nauipu-
Iators TO control the movement OF prices for
securities and for wheat and corn Doubtless
@ certain amount Of damage has been suffered
by the Northwestern wheat crop. but, according
to the reports received by railroad men IN this
city. the injury from rust and weather condi-
Gions has been highly exaggerated for stock and
wheat market purposes. September wheat crossed
81 O5 bushel while December wheat went above
81 O4. closing under the best price Of the day.
II is interesting 70 note that the receipts OF
grain al Chicago last week we're largely IN ex-
cess Of the preceding week and OF the corTe-
sponding week q year ego. while the movement
az general merchandise both East and West
bound was large enough to encourage railroad
officers TO predict an increasing volume OF traf-
nc In the course OF the next few months. or the
railroad earnings received yesterday. the most
important was the June statement Of the Wa
bash Company. which showed an Increase Of
S30S, PSI IN gross and an increase Of S42o.l3S
IN net, making for the fiscal year an increase in
ret earnings Of 5000.
In the industrial list features OF strength and
weakness were presented. ss. for instance. In
United States Steel preferred, which showed
maximum loss Of more than point, and Ameri-
can Sugar Refining. which exhibited maximum
gain OF Ia per cent Bear pressure In United
States Steel preferred was based on the reported
cut by the Republic Iron and Steel Company
in the price OF steel billets, and on the fear OF
unfavorable developments at the meeting OF the
Steel Billet Pool this week At its low price
there appeared to be a good demand for the
stock. and IN well Informed quarters the opinion
u vas expressed that Steel preferred was a good
purchase IN the neighborhood Of IS, its low
figure yesterday. This price compares with the
low level Of the year of 5l14. Sugar Refining
was bought by lower Wall Street, and predic-
tions were heard Of higher price for the issue.
Further marked strength was reported In Arneri-
can Cotton Oil stock. which advanced more than
per cent on the same class Of buying that has
marked the operations in this issue in the last
ten days Bullishness on this stock is due 70 the
expectation OF a large yield Of cotton this wear
and 10 the belief that dividend Will soon bo de-
clared on the security. There appeared 10 be
fair class OF buying on the decline in the gem
eral Ist but commission houses were not ac-
tive factors in the days speculation Final quo
tations showed net losses in the greater number
Of securities. In the foreign exchange market
rates for sterling failed TO make further head
way. the tendency being more in favor Of
lower level. the consequence Of which was re-
port. apparently well founded that there would
be no further engagements OF gold for export
this week. Indeed, the engagement which was
made Friday for z shipment Of s., 100000 70
Europe to-day was cancelled JUST before the
close OF business yesterday.