New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-06-01
BONDS.
STOCK MARKET OPERATIONS.


Transactions in yesterdays stock market were
light In volume irregular movement Oh
values that ended with more net losses thah
gains Activity was confined 20 the leading
nonuIsr issues such as Amalgamated Copper
BROOKLYN Rapid Transit. Erie, St PAU, fehh-
sylvanIa Union Pacific and United States Steol
preferred In the securities losses were gem
orally confined TO fractions. while throughout
the list the decline seldom ran above y point
There was news Of nature calculated 10
weaken the intrinsic value OF securities. the sag
cling tendency in market quotations apparently
being due to the total absence Of demand from
commission houses and the unwillingness OF
substantial interests work for higher figures
In view Of the splendid exhibit made by Satur-
days bank statement, there was considerable
disappointment In speculative circles over the
refusal Of the public to come into the market.
and this fact naturally created pessustic senti-
ment among the board room element. Senti-
rnent was also adversely affected by a failure
the Cotton Exchange and a number of I'M
favorable reports OF railway earnings, The Erie
shares weak for the latter reason, earn
ings Of the company for the month OF April
showing a loss of over S2SI 900 I'm gross, while
net earnings presented a decrease of over S293-
600. For the ten months of the fiscal year the
gross income of the company has increased a
trtfie over Sol, 900 and net earnings have de-
creased over 100000. OF course it should be
borne in mind that comparison is made with a
period year ago when earnings were unusually
heavy. Erie first preferred suffered NET loss Of
point, the second preferred loss OF 4 while the
common closed fractionally above Fridays final
quotation. Despite the reduction in the volume
of business on the Erie Railroad in the last few
months. officers Of the company are not AZ all
alarmed over the prospects, for future traffic,
heeir
of the Erie securities TO maintain a tight hold
of their Investments This company occupies n
position In the railway world which will eventu-
ally place its securities among the high grade
investment issues; that is, II the future man
agement Of the property is conducted along
present admirable lines
riilal prices were generally near the lowest of
the day. with the heaviest losses in the active
list in AmalgaInated Copper Erie first pre-
ferred. Consolidated Gas and Detroit Southern.
Detroit Southern common lost a point while
the preferred declined 2 points The weakness
In these issues was due to apprehension that
the stockholders might be called on for an as
sessment In case of a readjustment Of the com
pany's financial affairs. The road has been
forced TO contend with many unusual conditions
initiating against large earnings I'm the last
year, and a consequence the management of
the company has been forced to announce tina.
III VIII De unaple TO Its interest its bonds
at the next interest period on small dealings
Chicago and Alton declined over . points clos
ing at a net loss Of y. selling apparently COM
ing from the interests who a wear ago ,yera
supposed to be owners of a large amount of the
company's securities. II is generally believed
in the Street that the Hawley- Gates following
I'm the Chicago and Alton stock has been COM
PEELED 10 nquidate large amount of its hold
ings. There was no change of Importance in
the local money market but sterling exchange
rates were firm and a trife higher Sight
drafts ruled at 4S714 while at Paris exchange on
London advanced TO % francs IL centimes
Bankers at this centre announced that further
gold exports possible but no new inquiries
for the metal were made at the Assay Office
It is interesting to record the fact that, ac-
cording 10 the detailed statement OF foreign
trade for the month OF April. the exports of
manufactures increased in value nearly $500
600 the same time year ago while ex-
ports Of agricultural products decrease in value
more than S2.o0O000. Total exports showed
reduction from April year ago Of only S155,-
$50 while total imports showed a reduction in
value to the amount OF over 81 100000 For
the nine months OF the fiscal year ended April
80 exports of manufactures increased in value
SD CO.,. 3O7 as compared with the corresponding
time in the preceding year. while exports OF
agricultural products increased in value So 1914
912 The total increase for the nine months in
exports OF ell products amounted in value to
$50 953, $50 while in imports there was a de-
crease to the amount Of So, $50 OS5 The state
ment a whole is extremely encouraging 1t
may be interesting for the Wall Street pessfmist
10 know that in the last week crop conditions
in this country have been extremely favorable
and that the outlook for normal yield Of spring
wheat and corn is encoura gng