New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-19
BONDS,
THE DAYS OPERATIONS IN STOCKS

Stock market values were strong throughout
the day on q fair volume OF business, with DUH
sentiment apparently more marked than II has
been on any day this year. There was now
ever no important response from the so-caIled
public although commission houses reported
q disposition among customers 10 make IN
ouiries regarding the wisdom OF coming INTO
the market In the greater number OF cases
hrol,ers are bullish and they are advising
their clients marked increase IN the DEAL
,ngs in United States Steel preferred and the
Sinking Fund 5s further buying of the Alton
issues. a good demand for Brooklyn Rapid
Transit and Rock Island, and sharp advances
an some of the usually inactive shares were the
features Of the days trading. In the final
operatfons the whole market presented great
strength, and last quotations were generally al
the best Total dealings were not heavy
amounting TO over 10000 shares. Of which the
greater part was supplied by ten stocks. but IN
bonds transactions aggregated in par value
s6.45OO00 Of this amount S3.4S9lo0O represent
kng the dealings in United States Steel 5s These
issues have been listed on the London STOCK
Exchange and II thought that their &C
tiyity here was Que in part TO this TACT While
,bere Was also a theory that the advance was
engineered by the underwriting Syndicate Win
a view TO marketing the balance OF its hold
nearly Z per cent, and there doubtless has been
some investment buying. The general bond
market reflects an investment demand
Reports from the railroads in various parts OF
the country show that traffic is keeping up well.
with returns for the first and second weeks OF
January generally heavier than in the same time
IN 1903. Current tonnage is much heavier than
railroad men predicted few months ago. and
officers of the largest roads now believe that
gross earnings in the first quarter OF the year
viii compare most favorably with the CORE
spending period year ago. As TO net earnings
the chances favor a good showing, as il is
probable that the railroad companies VIII be
less generous this year IN the matter OF ex-
penditures on their properties than they have
been in recent years owing to the tendency of
conservatism among railroad interests based on
the possibility OF trade reaction in the present
Presidential year. II is interesting to note that
while I'm many lines OF trade there has been a
setback IN the last six months from the first
six months OF the year just closed. and from
the same time in 1902, gross railroad earnings
have. on the greater number Of roads, made
most hattering exhibits. There is boom in
sight in business, but the outlook favors health
full progress IN the country's industries.
Money was easy yesterday and foreign ex
change was strong. The large increase In
bank cash holdings last week encouraged the
expectation Of big money supplies at this centre
for long time to come; but II bank loans keep
on expanding al the rate recorded in the last
four weeks there may be uneasiness In some
circles over the money and stock market in the
spring Since Friday night the banks have
gained over S2O00000 on their operations with
.he Sub-Treasury, while the gain has been
large on receipts from the interior. Money has
not vet begun TO come back from the South in
large volume, and Il is therefore likely that
bank holdings will. IS usual at this time Of
the year. increase FOR several weeks to come.
Bank reserves al this centre are generally the
heaviest from the middle OF February to the
middle OF January, and the present time is
therefore favorable to the negotiating of time
loans which now may be had at 494h per
cent against 5Q5k per cent year ago.