New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-06
STOCK MARKET OPERATIONS.

Responding to higher prices for American
sentiment on the London and Continental ex-
changes, the local market opened yesterday with
prices rule above Saturdays closing levels.
London an extensive purchaser in this
ket, taking in all about $4,000 shares and the
demand from that quarter. coupled with heavy
covering by the shorts, caused prices to advance
sharply during the morning hours When this
buying eased of. the market became quiet, and
on profit taking and a partial resumption of
short selling q considerable part of the early
gain was lost although at the close the great
majority of the issues showed net advances for
the day. The leader in point of activity, as well
as advance was Reading, which ran up to 1209s
closing AZ points above Saturday at 12O. Amer
lean Smelling and Refining common, which like
Reading. had had a noteworthy record of adj
vance prior to the recent market break and
which during last week was with AmaIgamated
Copper under especial bear pressure, was taken
vigorously in hand yesterday and was advanced
to l2o. closing q per cent under that figure and
312 points higher than on Saturday. Its advance
was regarded as demonstration against the Bos-
ton bear party, who covered many of their short
contracts in the stock Canadian Pacific, Of
which the floating supply both here and abroad
is small, was among the issues most largely
bought for London account and made net gain
Of 5 points. its closing price being the highest
of the day.
The weekly government crop summary sup
piled fresh encoura cement for the belief that
the corn crop will be a record breaker reporting
the condition of the crop as still excellent
throughout the corn belt There has been some
damage to spring wheat in the course Of the
week, but a big harvest is fully assured. The
average condition of the cotton crop has deteri-
GRATED in the week. On the Cotton Exchange a
break of about 80 points followed the announce
ment Of the government Crop Estimating
Boards estimate Of the average condition of the
crop as of August % as 72.1 falling off of only
2.S per cent from the July % condition. The
railways Of the West are reported to be finding
it a problem how to avoid congestion from the
heavy tonnage now offering, with the vast grain
movement soon to add to their perplexities.
Late earnings, published yesterday, are in line
with the general record of railroad prosperity.
the Louisville and Nashville reporting an in
crease in gross for the fourth week in August Of
$35,4S1, and the Missouri Kansas and Texas Of
SS1, 1884
With the crop outlook so favorable railroads
taxed to their freight carrying capacity the iron
and steel industry in a highly prosperous state.
general business in all parts of the country -four
ishing and the gold production rapidly increas-
ing, the feeling is that the stock market all
though prices are now high, will have a further
advance, unless acute stringency should develop
in the money market. The banks are still los
ing cash. and the drain will not be stopped for
several weeks TO come, but no signs of a squeeze
have yet manifested themselves and the best
opinion is that. beyond a few furres money will
rule comparatively easy during the fall. 1t is
believed in London that Russian loan is TO be
brought out In the immediate future, but much
the largest part of it would be taken abroad
where preparations had been made for financing
much greater Russian requirements than will
need TO be met now that the Japanese demand
for indemnity has been withdrawn.