New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-02-12
BONDS.
STOCK MARKET OPERATIONS.

stock market trading was duh throughout the
day on an irregular movement Of values. with
more net gains than losses at the close opera
tlons consisted in great part Of the dealings a
the board room element commission houses nav
ing few orders for public account, while the sub
etautial Interests that were such Important fac-
tors IN the January advance were not disposed
70 engage in speculative transactions IN the
foreicu markets government securities, with the
exception Of the japanese and Russian issues.
We're heavy, but there was no indication OF de-
mora Iizatiou despite the report that the war
situatfor might be complicated by an outbreak
OF h7stulues between Turkey and Bulgaria.
Notwithstanding the denials that Russia VIII
ISSUE "a war loan # is believed in London hnan-
cial circles according 20 cable dispatches re-
celve5 yesterday. that the Russian government
will be compelled 10 go into the market Tor
money as Il is Thought that financial conditions
sn thai country are not strong enough at present
10 finance p way without heavy borrowing. Re
rardi-E loans. the report was received in Wall
Street yesterday that the New-Nork Central
would soon ae .u Tho market for S225o0Ooo for
which IL would give ger cent notes, the loan 10
ran eighteen months The ccmpany's stock was
adversely affected bv this rumor. while the whole
list sold f~acfionauv down. There was no pres
sure % sell however and traders soon ahan-
Coned tho attempt to bring about lower level,
final prices showing U4iuportant changes as
ca-1Dare7 with the preceding DAY. The heaviest
part ~ the dealings was supplied by Brooklyn
TerfE Transit ST. Paul Pennsylvania. United
States Steel preferred. Nev-Tork Central Anal
1aratel Copper and Peoples Gas The last
named stock was strong on buying induced by
-,a .c-r.la-y's excellent showing of earnings in
s-s re1or- fo~ the last year. AmalGamated Cop
~e- advanced 20 point in the final dealings, and
tre steel shares were firm.
-.h.l general railroad earnings are beginning
g. show o falling Off as compared with this time
A.. -..r ago che results presented by the trac-
-.on companies il this city and elsewhere con-
t.--e 90 reflect Improvement ln gross, and, as
-iIo. in r5t o. course. the factors affecting
she Steam rai-oad situation have little influence
o1 the city transportation business and It is
therefore rrooa5. that in "a time Of reaction IN
the c5uatry's industries investors viii realize
moro fully she merits q the securities Of the
nrst class city railway companies. as. for in
stance. Manhattan. Earnings Of the INTERIOR
ourh Company. which controls the Manhattan
for the quarter ended December 81 show the
BEST results for any corresponding period in the
history oe the elevated roads IN this city. sur
plus after charges increasing CO per cent. Gross
earnings increased 13 per cent and net earnings
q per cent. Manhattan stock VIII be placed on
2 permanent guaranteed : per cent basis ia
fa- received for the last week in January show
for forty roads q decline Of over 9 per cent as
compared with the same time last year. The
bad weather in the month was. Of course
factor IN cutting down gross earnings, but the
fact should not be lost sight az that the volume
OF traffic is also being affected by a normal and
healthful reaction IL business
II s. well TO note. however. that there is
indication Of intrinsic weakness in the situation.
while In most lines Of industry the soundest
kind ,of foundation exists. According 10 the re-
ports from the trade the output OF pig iron last
month reflects the resumption Of work in the
steel plants Of the country on larger scale than
recently expected. the actual production in Jan
uary amounting to 965,766 tons. against S92.Jo0
n December while there were on February !.
Us furnaces in blast compared with 153 on
January J.
There was no change in the local money mar
ket and the only incident OF the day in the gen
eral financial situation was an advance in the
London open market discount rate. The Bank
OF England's minimum rate remained at 4 per
cent. According 10 the known movement OF
money in the week the local banks have gained
over 100000 IN cash holdings.