New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-06-14
BONDS.
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
light In volume a movement of values that
reflected to some extent realizing sales for the
account of operators who bought securities at
last weeks low prices. Declines brought about
by the profit taking movement not impor
tant, final figures showing for the greater num-
Der of active issues insignificant net losses as
compared with Saturdays last quotations. Com
mission houses We're not active factors in the
days dealings but they reported growing dis
position on the part Of their customers to in
vestigate the ACCESSIBILITY of buying stocks at
current prices. According to the opinion of the
best informed men in Wall Street, securities are
cheap at their present level and people who
have made careful study of conditions govern
ing the actual value OF investment issues be-
lieve that stocks selling at prices which
ought to encourage investment and speculative
buying. on the reaction in yesterdays trading
offerings well taken. especially in Atchison,
Brooklyn Rapid Transit Pennsylvania and
Union Pacific 1t is likely that In the next big
upward movement Atchison will sell many
points above its current quotation. while the
may be said of St Paul. Missouri Pacific.
Union Pacific and Reading
In Ontario and Western there were indica-
lions of accumulation Of the stock for the ac-
count OF the interests who We're actively identi-
fed with the buying OF this issue last week but
the IN the STOCK y uOt accompanied
by news developments affecting the property.
There have been various theories regarding the
future OF the Ontario and Western property. all
OF which doubtless have been based on the Inn
agination Of Wall Street SPECTATORS For IN
stance. one Wall Street firm announced in a re-
cent market letter that this property would be
secured by the Gould interests for Eastern
outlet for the Wabash system. It would be in
teresting to learn how the Wabash Railroad
could make profitable connection with the on
tario and Western without securing control Of
the West Shore or the Rome. Watertown ana OE-
densburg company. which practically owned
by the New-York Central. The Wabash has an
arrangement with the Grand Trunk Railway by
which it's traffic is carried 10 Buffalo. whence
its business IS taken over by the West Shore
Railroad and carried to New-York The on
tario and Westerns main line runs from Corn
wall, the Hudson. to OsweGo Lake on
tario and from Cornwall this company uses the
track OF the West Shore 20 New-York. The
Wabash. It viii therefore be seen, would In no
event care to secure control of the Ontario and
Western. but 1t might be glad 10 make
rangement with the Vanderbilt interests by
which the West Shore Railroad would pass TO
its control. The New-York Central. however
would hardly part with the West Shore. it
is of its valuable assets. The Vanderbilt
system needs the West Shore 10 help the New
York Central with its enormous freight traffic
from Buffalo TO New-York. OF course. the Van
derbilt interests may be glad TO make
rangement with the Wabash by which 1t will
be able 10 secure better service TO New-York by
the way of the Grand Trunk and the Rome
WATERFOWL and Ogdensburg to Oswego. from
which point the Wabash trains would be able to
run over the Ontario and Western to Cornwall.
and from Cornwall by the West Shore to this
city.
Railroad earnings received yesterday for the
first week i'm June were much more aging
than those for the last few weeks, while reports
from officers of the various roads throughout
the country indicated improv cment in the gen
eraI traffic situation An indication of better
situation I'm the matter Of earnings was reflected
in the Increase in the receipts of grain at Chi
cago for the week ended Saturday. the move
ment showing gain of over SpOoOO bushels as
compared with the preceding week. and sub
stantial increase as compared with the same
week year ago. 1t may be interesting for the
Wall Street pessimsts to Know that railroad
earnings for the first week in June exhibit
more increases than decreases, compared with
1903, and II may also be interesting for these
people to note that the general condition of the
countrys industries indicates a resumption of
activity in the course of the next few months
The reaction in business practically began at
the end of 1902, although there was little evil
dence of depression until the last six months of
1903. The stock market, however began to
decline long before there any visible evil
dence OF trouble In the business world. and for
this reason change toward higher prices and
bull activity may be expected in securities sew
eral months before noticeable Improvement in
business develops. Depression in business oc-
ours, a rule, about every years, while
panic may be expected at longer interval. the
experience OF the past suggesting accute trou-
bic III business every twenty years. The coun-
try was plunged into industrial panic in 1893 In
1903 and 1904 there has been depression, but not
| panic. and if one cares judge the present
| period by precedent 1t may be concluded that
| the period Of industrial reaction is nearing it's
! end. and that there will be no serious trouble
! in the countrys industrial situation for many
! years TO come. Outside the theory of cycles of
! prosperitv and depression there is enough en-
enlargement in current conditions to suggest n
resumption of business activity in the course of
| the present calendar year.
There material change i'm the money
market situation yesterday. rates for loans ruI
ing at last weeks level. Sterling exchange was
steady. Stocks closed fairly firm
THE DAYS OPERATIONS IN BONDS
| GOVERNMENT BONDS.-Marl1et steady Final