New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-01
BONDS
srocK MARKET OPERATIONS.

---+,o,,s q, 7-ester5av's stock market were
lirp+ =, volume the movement or prices "@s
eora-ed within narrow limits and the charac-
SCI ~ trading did not indicate the presence IN
the Street OF an active body Of SPECTATORS
,-.-f..f0, houses were not factors IN the
davis dealings Indeed these firms had pracu-
,srlz, M man orders. while they transacted Ut
lie business for the account Of local customer :,
n the greater number Of instances sales ana
,,,,-craeos % securities represented the opera
lions NJ an unirnportant professional element
f--c-+ On scalpfng profits on either side or the
market Activity. so called. was SoiHheu ~
A-7aIra mated Copper, st. Paul FelilsS ''--''7
Tinted states steel preferred, Atchlsoh ol'io'
Pacific Baltimore and Ohio. Missouri racine
e75 p~oollyu Rapid Transit. In these issues
shore were no important price changes the Ten
derc,, generally being in the direction OF hls's'
cuotatfons Foreign trading IN ms mar Ae' "e7
about evenly divided between sales ana poT-
,,.sos ~, n business amounting 10 five thou
sand shares the dealings heinz entirely Tor ar
mirage account. In the London and Paris mar
s<a+s the course Of values reflected great uheas'
ness and Nervousness among investors and spec
,,ls+o-s hut the declines in government ana
.,e- see,,as were not factors fn the American
market Neyv-Yo-lz Interests naturally assuming
that the financial troubles abroad WOULD hoI
extend 20 this side. owing 10 the strong positlon
Of affairs d. the United States and the strictly
local character Of the disturbance In foreign
circles. There were several more failures II
France and Germany.
In the last hour speculation eNhihited n slis"'
increase tn ACTIVITY as compared with the earlier
dealings. and prices, as a rule. moved toward
a higher quotation level, with the chief improve
rnent in Pennsylvania, New-Tork Central and
United States Steel preferred. the three issues
gaining nearly 1 per cent for the day There
7~ere no news developments OF sufficient trlpor-
tance 10 excite an active interest IN any Eecur-
ity. and no attempt was made 20 bring about
an active market. Reports OF further rate cut
ting IN the West had no effect on stocks. Prices
moved under the influence OF traders operations
and the fact that the room element was gen
orally on the bun side OF the market should not
he taken as an indication that sentiment on the
floor has changed In favor Of an upward move
In values. Traders are bearish, but this fact
does not prove that conditions governing the
actual worth q securities are less promising
than they were a few months ago. As matter
OF fact. the outlook iu the United States IS Tar
more buIlish than a. was AZ the opening q the
year. Money market rates showed no important
change. can loans being freely offered At = Per
cent Wheat was down, while cotton made
striking advance. More Interest was taken IN
the commodity markets than ia stocks. but
both grain and cotton moved under the iniu-
ence OF manipulation. Total dealings 81 securi-
lies were the smallest for any day this year.
amounting 10 only III q23 shares.
Railroad earnings for the month % January
received yesterday showed. as a rule, declines
both in gross and net as compared with the same
time a year ago. the chief exception being Union
Pacific. which made remarkably good exhibit
SIS gross receipts Increasing : per cent and its
ret receipts 20 per cent over the returns OF Jan
vary. 1903. From July l net earnings OF this
company have increased SlG1GUJ9, equivalent
10 over Per cent on the common stock. o. az
The rate OF over . per cent for the year. The
road was able 10 reduce its operating expenses
10 a considerable degree IN the last month,
owing 10 the fact that all departments % the
road were in better condition than 81 the year
before. while extraordinary expenses on equip
inent and roadbed were eliminated. or the
other roads reporting all showed decreases,
rave the Atlantic Coast Line. which presented
gain in gross Of over 100000 and IN net a gain
% over $4,000
The DAYS OPERATIONS IN BONDS.