New-York tribune., 1904-09-15
BONDS.
STOCK MARKET OPERATIONS.

Prices for securities were strong in the greater
part Of the day on a large volume of business.
made UP Of heavy operations by the professional
element and increased buying by commission
houses for the account Of operators who appar-
entity believe that stocks not lear at pres
errt prices and that higher quotations will be
recorded before a sustained downward move
rnsnt develops. In addition to the large pur-
ehsses by local houses heavy buying orders
rere executed By foreign firms. London taking
pn balance upward Of 10000 shares, the chief
part Of which supplied by Southern Rail
way, Erie and the Hartman stocks. In the ac-
tive list advances reached per cent and above
. number OF issues enjoying maximum gains Of
2 per cent, while throughout the market the de-
n1and for securities heavy enough to bring
tbout material improvement IN quotations. Re-
ports from the West that frosts in the northern
section Of the corn belt had been much lighter
than expected and weaker tendency i- the
grain market were factors favorably affecting
Wall Street sentiment. while the increased de-
nand for standard stocks, such as Pennsyl-
rania. and New-York Central created bull con-
tdence in commission house quarters.
Pennsylvania was again the market leader
and the fact that this stock taken in large
amounts by some of the leading brokerage firms
In the Street apparently created the~impression
that there was no intention the part Of bank
ing interests to curb current bull enthusiasm
There were no news developments warranting
lhe upward movement in Pennsylvania but the
Street appeared to believe that an announce
nlent Of importance would soon he made re-
gardng Pennsylvania affairs AS far may
be learned from trustworthy sources the ad-
vance and activity IN Pennsylvania shares do
not foreshadow any unusual change in the po-
Eition of the property. other than the expected
Increase in traffic receipts in the course of the
chesp investment at its present price but mat
ers Of this sort seldom sway speculative oper-
stions when substantial financial interests are
actively engaged in promoting bull market
Union Pacific and Southern Pacific enjoy
striking improvement; also United States Steel
preferred. which was actively dealt in at the
best prices Of the issue for the year. PeopIe
who are interested in this stock state that it's
advance is discounting most favorable change
In the condition Of the iron and steel trade
while the upward movement in most issues is
supposed 20 present warning TO the pessr1s-
hcaily inclined that business affairs in the
United States will soon be ENJOYING the pros
perity that marked the country's industries two
years ago. Railroad earnings appear TO hear
out the theory that business is improving as
current traffic receipts show more increases
han decreases as compared with this time last
Fear. The Erie shares Atchison, Reading Con-
sohdated Gas and Metropolitan We're in good
Hemand, recording substantial gains. Although
II was announced by the leading interest in the
Metropolitan company that reports regarding
the possible amalgamation Of the local trans
portaffon companies were not based on nego
hat'ons tending In that direction. both Metro
poiitan stock and Metropolitan securities main
tstned a part OF their early strength throughout
The day.
In the greater number of issues prices closed
hear ths best. the heaviest net gains In the
active list being made by Atchison, St Paul.
Erie. missouri Pacific. Pennsylvania, Reading
Rock Island, Southern Pacific, Union Pacific
and the United States Steel stocks Steel pre-
1erred closed at net gain of over points
Can money showed frner tendency, loans
being made as high as III per cent