New-York tribune., 1904-09-14
BONDS.
STOCK MARKET OPERATIONS.

Opening prices in yesterdays stock market
showed small declines from the closing of the
preceding day. and. although subsequent opera
tions In the morning reflected transactions for
tetter prices. the general tone of speculation
WAS not encouraging TO the advocates OF higher
values In many issues transactions ex-
tremely heavy. with the chief activity in Brook
lyn Rapid Transit, Erie. Amalgamated Copper.
American Locomotive Pennsylvania, Reading,
Rock Island. Southern Railway. Southern Pa
oiic. Texas and Pacific United States Steel pre-
ferred, st. Paul and Union Pacific. Southern
Railway failed TO maintain it's leadership on the
bull side OF the account, although in the for
noon dealings il recorded maximum advance
OF 1 point a large volume OF trading. which
included purchases by the same interests that
were active factors in its advance in Monday s
market. While the upward movement in this
issue IS due TO pool operations there appears to
be good reason for the advance in the present
condition of the property and its outlook for
increased earnings in the next twelve months.
For the first week in September gross earnings
of the company showed a gain of S96,563 as
compared with the corresponding period in 1903.
making from July l gain Of S412921. Holders
of Southern Railway securities are satisfied that
the intrinsic value of the issues is steadily i'm
proving and that the day will come when the
common stock will be placed in the dividend
column. There is little chance, however. Of a
dividend payment on the common stock in the
future. the policy of the management
does not favor action of this sort until the
physical condition of the property has been
brought TO point that will insure the continu-
~ ance of dividend payments after they have once
been declared. All the Southern and Southwest
EN- railroad securities are growing in popularity,
an indication of which is the active absorption
7
Southwestern and Missouri, Kansas and Texas
shares. Texas and Pacific was one of the ac-
tive features In yesterdays trading.
In the early afternoon decided weakness de-
veloped throughout the list the leading active
shares with the exception of Pennsylvania and
New-York Central. showing declines running
from large fractions to ! per cent and above,
hut in the last half hour sharp recoveries took
place throughout the list, the result of which
was unimpoTtant final changes in the greater
number Of issues, compared with the preced-
ing days last quotations Heavy buying in
PENNSYLVANIA the feature Of the afternoon
trading There was no news warranting the
upward movement in this security, the advance
apparently being due operations for pool ac-
count People who were extremely bearish on
Pennsylvania a few months ago. predicting that
The price of the security would sell under par.
enthusiastic bulls on the stock, assert
ing that the intrinsic value of the issue justifes
price of 80. In the opinion of conservative
fnancers, Pennsylvania stock is now selling at
q level that fully measures its investment value
SIS a per cent issue, while people who are not in
the habit of being carried away by speculative
enthusiasm not at all bullish on the rail-
road stocks in general at present prices. New
York Central was I'm fair demand, and in the
late dealings became one of the strong features
of the market in the industrial list American
Locomotive was again an active advancing feat
ure. while good buying also reported in the
American Car and Foundry issues. The i'm
provement in the last half hour operations ap-
peared TO be due more TO covering of shorts than
to an active demand for the long account.
Despite the late strength in the market, spec
ulative sentiment not bullish at the close
the railroad stocks although the Street ap-
peared fsvorably inclined toward the industrial
issues. Further reports Of frost in the northern
section Of the corn belt. and the bulletin from
the Weather Bureau indicating cold weather
west of the upper Mississippi. naturally created
bear ideas on the Western railway securities. a
sensational advance in the local and the Chicago
wheat markets also helped 10 encourage the
bear element. Talk is heard Of 50 wheat and
although actual conditions do not warrant such
a figure it is easy TO see that the powerful
speculative interests in the wheat market may
be able 70 manipulate the price TO such figure.
Every advance in the wheat market means de-
creased exports of the cereal, as foreigners will
not buy at eXorbitant figures. There was no
material change IN money rates, but bankers
reported further heavy shipments Of currency
10 the interior Closing prices in the stock
market showed more net declines than gains
London houses were heavy sellers on balance
THE DAYS OPERATIONS I'M poNne