New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-21
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market trading was light IN volume
throughout the day movement OF values
that exhibited great irregularity, with net losses
pre6onaina;ing at the close. Commission house
business amounted TO g small total while opera
lions for the account OF the more important
market interests were insignificant II the
gresfer number Of issues. In United States
Steel preferred selling was said TO be for the &C
count OF the so-called Standard Oil party. but
elsewhere In the list the character OF trading
d.c not suggest interest IN speculation on the
part OF the substantial Wall Street dealers
The decline IN United States Steel preferred was
not explained by news developments affecting
the company. but traders sold the security
short. on the report Of q disagreement in the
iron ore trade Railroad etocks exhibited fair
degree OF nrnness, notably the coal stocks end
wabash preferred. A bull pool apparently Is At
work IN the last named stock Its operations
being based on the expectation Of a large in
crease IN the coInpsny's earnings through the
roads Pfttsburg connection. OF course, the
wabash company's Pittsburg entrance means a
large gain In the company's traffic receipts. and
people who are interested IN the property
naturally believe that at its present price the
preferred stock is well worth buying to hold for
the dividends that some day undoubtedly VIII
be paid on this issue IN the final trading Union
Pacific and Southern Pacific developed some
strength on rumors that new legal proceedings
would be brought by the Hartman interests
against the Hnl-Aiorgsn element IN the North
err Securities Company. The importan. move
rnents OF the day were confined TO special issues.
such as Consolidated Gas. Brooklyn Union Gas.
United States Rubber preferred and the Car
Building Companies shares Pressed Steel Car
declined nearly four points. while American Car
and Foundry and American Locomotive issues
suffered losses Of point or more. Consoli-
dated Gas advanced four points on the per
sistent reports that the Mayor would approve
the Remsen Gas bin. In the local traction
group Metropolitan strong feature at an
advance OF over one point. The general list
closed heavy and unsettled.
Railroad earnings received for the second
week in April show for twenty-eght roads re-
porting a net decrease In gross receipts com
pared with the same period year ago OF S2S4.-
600. Nineteen roads presented total loss OF
over S305 GOO while nine roads showed total
gain OF S12l0O0. A noteworthy feature OF cur
rent earnings is the falling OF in the receipts Of
the roads in the Southwest Until within the
last few weeks earnings IN that part OF the
country made Catering exhibits IN the face OF
declines among railroads IN other sections OF the
United States. For the second week in April
the Missouri Pacific shows a loss IN gross earn
ings Of $4,000, Texas and Pacific q loss OF
nearly $4,000 and Louisville and Nashville a
loss Of over So. 600. Increases in earnings when
made were unimpOrtant the largest gains being
recorded by two companies outside the United
states-tbe Canadian Pacific and the National
Railroad Of Mexico which supplied Of the gain
for all roads reporting $4,000. leaving a gain Of
only $4,000 for the roads IN the United States.
The volume Of traffic is lighter than It was a
year ago, but Il should be borne IN mind that
comparison IS made with g period last year
when record breaking results were being OBJ
fained by most Of the railroads In this country.
The March report OF the Baltimore and Ohio
shows a small gain in gross earnings but a
large falling Of IN net. due TO large expansion
In operating expenses. Railroad officers. as a
rule are not at all alarmed over the outlook for
business IN the rest Of the year. inasmuch as
sheir reports from various parts Of the country
3ndicate healthful business conditions, despite
she fact that reactionary tendency IS under
way in most lines. In view Of the approach OF
the Presidential campaign and considering the
enormous volume OF general business that has
been transacted in this country IN the last few
year, & is not surprising that the industrial
activities OF the nation should undergo a mod
crate setback There is no evidence in the cur
rent situation that encourages the belief that
season Of great industrial depression is ap-
rroaching. Business men are not making ex-
fensive engagements at the moment. but in all
circles there IS a cheerful expectation OF re-
sumption Of activity in all lines after the No
vernber election.
Further engagements Of gold for export by TO-
days steamer were made yesterday. the total
amounting 20 S1.500.0O0. The local banks have
gained so far this week both in their operations
with the Sub-Treasury and with the interior,
and the outward movement OF gold Will prob
sbly have no effect on bank cash holdings,
which VIII be shown in Saturdays Clearing
House statement. The abstract OF reports
made 10 the Controller Of the Currency show
ing the condition OF the national banks of the
f-nited States on March Is furnishes interest
ing data regarding the position OF loans and
other important items. Total resources and
liabilities amount to S6.6e5. 1896, GIG. against
ss579l4l. go on January % OF this year, an
Increase OF nearly So. 10000. Loans increased
g75 500 SIG hut as the increase IN the loan
count In the Neu-ToTk banks alone in the time
sander review amounted 20 over S1e.OOOOOO there
vas a slight decrease in loans outside Of New
York Compared with year ago loans Of the
countrys national banks show increase or
nearly s142 0O00O0 while cash holdings show
rain Of over SsI, 10000. The actual loan ac-
rount On March 3 amounted 10 S3J4499ooO9
which compares with 1903 .4Sl.S97. the total
amount OF money IN circulation March l. OF
this enormous Joan account TIE Eew-Tork Clear
ing House institutions hold over SlO43OOOO00
United states deposits held by national banks
decreased ia the last two months 100000
7hile In the last year they show an increase II
over $ll.0Oo.0O0. The increase in circulation in
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