New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-28
BONDS.
THE DAYS OPERATIONS IN STOCKS.

There was an excellent demand for stocks in
the early dealings On an advancing level Of
values that carried prices IN many issues point
or more above the preceding days closing. as.
for instance. in Norfolk and Western, Rock
Island Southern Railway preferred. United
States Rubber preferred and Colorado Fuel and
Iron The gains in these stocks and in other
issues were not fully maintained throughout the
day, afternoon movements at times being in the
direction of lower figures, owing to renewed
efforts on the part Of the professional element 10
bring about a cheaper level of values and 10
profit taking sales among operators who desired
70 convert their paper profits into cash. London
houses bought stocks in the local market, and in
investment circles It said that there was
good foreign demand for bonds. In the London
market easy money and better advices regard
ing the Far Eastern situation encouraged buy
ing Of various issues, including American
shares. and according to the cable dispatches
received by local houses sentiment in foreign
financial circles was distinctly bullish on Ameri-
can issues.
In the forenoon there were heavy dealings in
Baltimore and Ohio, Pennsylvania Rock Island.
Southern Pacific. Norfolk and Western. Missouri
Pacific, Wabash preferred and the United States
Realty issues. Strength In the Pennsylvania
and Gould shares had a favorable effect on the
whole list, but the buying in these securities was
not continued In volume after the first hour al
though all offerings found ready buyers Wall
Street is generally favorably impressed when
signs OF active trading IN the Pennsylvania and
Gould issues develop as activity in these shares
IS thought TO reflect progress in a settlement Of
the so-called differences between the Pennsyl-
vania and Gould interests.
In the final dealings disposition to cover
shorts developed. and the general market closed
III strong with the greater number of issues at
fractional net gains compared with the pre-
ceding days last quotations. exceptional gains
being recorded by American Smelling preferred
Baltimore and Ohio. Chesapeake and Ohio Colo
rado Fuel and Iron. Norfolk and Western.
United States Rubber preferred and Pressed
Steel Car. The Pressed Steel Car directors de-
clared the regular quarterly dividend Of l per
cent on the common stock. but there was no
extra distribution at this time a year ago,
when per cent was declared IN addition 10 the
regular rate OF per cent. The company shows
for the last year large surplus above dividend
requirements. but a falling off in net earnings
as compared with the preceding year of 81 800 =
237. This return is not at all surprising in
view OF the decline in orders for new cars In the
year. As a matter Of fact, II was better than
many people expected. and II reflected that the
railroads are still buying cars, although In
lighter volume than in 1902 American Car and
Foundry Issues were IN good demand from PEG
pie who realize the strong financial position Of
the company. The preferred stock is a solid in
vestment issue, and it ought 10 sell many points
higher on its merits.
There was no change OF Importance in the
money market Foreign exchange was firm ana
Domestic exchange continued to move in favor
Of this city.