New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-05-06
BONDS.
STOCK MARKET OPERATIONS.

Activity in yesterdays stock market was con-
fined TO a small number OF shares, while the
movement Of prices seldom exceeded fractional
varieties. Opening figures were generally at
small gains as compared with the preceding
nights close. but in the subsequent forenoon
trading a heavier tendency prevailed. which
followed IN the afternoon by stagnation
without important changes in the final dealings.
AS rule. net gains predomnated. The total
number Of shares dealt in amounted TO 1s6,79S.
OF which the greater part was supplied by
Amalgamated Copper. Pennsylvania. the Rock
Island issues. Union Pacific. United States
Realty preferred and United States Steel pre-
ferred. A number of the specialtes showed de-
cided strength on a small total of dealings.
notably National Biscuit. National Lead. New
York Air Brake and Minneapolis. St Paul and
Sault Ste. Marie issues There were no news
developments affecting these securities. the up
ward movement apparently being due entirely
to speculative operations for the account OF
unimportant operators. In the of Morris
& Essex which purchase of 100 shares
sold at 1867. points above it's last preceding
price for this issue was the highest of the year.
comparing with the high figure of 1913 in 1903.
Metropolitan Street Railway sold down over
point sales in the afternoon being induced by
the report of the State Railway Commissioners
showing the operations OF the local traction
companies for the year ending March l. which
apparently indicated only small increase in
the number OF passengers carried by the Metro
politan. while in the case OF the Manhattan a
large gain over the preceding year was pre-
sented There was material change I'm the
money market and in both time and call funds
transactions We're extremely limited Sterling
exchange was a trihe under Wednesdays final
quotations, but IT still ruled at the gold ship
ping point While no further engagements of
the metal were made, negotiations were under
way for additional gold exports next week.
Foreign bank statements showed n large In
crease in reserve for the Bank OF France and a
substantial decrease in the holding Of the Bank
of England
Current conditions in the stock market do not
suggest an immediate important movement of
values in either direction. Prices have been
moving within fractional limits for the last thir-
" days without making substantial progress
either toward a higher or lower level the range
of quotations to-day being nearly the same as 1t
was month ago A noteworthy feature of the
declines on the announcement Of unfavorable
developments and the indspositiOn of holders OF
securities to throw their possessions on the mar
ket despite the vigorous efforts of the boardroom
element to create feeling of insecurity among
investors. There have been various unfavorable
factors sufficiently important TO encourage liquI-
alton. 1t is becoming more evident every day,
however that stocks are in the hands of people
who have absolute confidence in the. intrinsic
value of their holdings and firm faith in the
belief that conditions underlying investment
values in this country will not move in direc
tion which will carry acute business troubles in
their train. The substantial financial interests
apparently not willing to work for higher
quotations at the moment and there appears
little probability that they will do anything tow
ard encouraging bull activity until after the
national political conventions and possibly,
til after the next Presidential election. In the
mean time, however they holding their
ready TO take advantage Of any sudden
adverse development which might be effective in
bringing certain amount of stocks on the mar
ket When the time comes for an upward move
ment in securities it doubtless will be found that
there will be ample supply of funds at this
centre to meet speculative requirements.