New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-06-09
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
There was a decided increase IN the volume OF
business In yesterdays stock market While the
distribution Of trading indicated much better
demand for securities both for speculative and
investment account. Although the total opera
-tons did not reach particularly large figures.
the gain as compared with recent days, was
large enough TO encourage the expectation OF
growing interest in the market for the account
of the so-called public and the more substantial
GENERATORS in Wall Street. According to the best
Informed people IN the financial community
there is adequate reason for the prediction that
the bull element will soon be able to bring aoout
a materially better price level the basis for such
q prediction being conditions affecting the actual
value of American securities and the fact that
current r,rices more than discount the trade re-
action that has been under way IN the last few
months. The heaviest dealings were in Anlalga-
mated Copper St Paul. Consolidated Cas- the
Erie issues Reading, Rock Island. Southern and
Union Pacific and United States Steel preferred
Good buying reported in St Paul; also IN
the Erie shares Reading and Union Paclnc 1t
IS a noteworthy fact that St. Paul stock in the
last few months has not responded TO the EFFORTS
Of the professional element TO depress its price
all attempts TO establish materially lower level
for this issue having been met with pronounced
support from people who believe that the stock
is extremely cheap at its present quotation Inc
St Paul company has not burdened itself with
entangling alliances. and IL has not been COM
PEELED 10 borrow money on its notes at high IN
terest rates. This fact doubtless accounts Tor
the favorable opinion in which the company's
securities are held by conservative investors ana
speculators Activity IN Consolidated Gas was
accomnanied by a buying movement Of the
rights" which fuctuated within fractional
limits closing at 154, a net loss Of y from the
opening quotation. The activity in Ontario and
Western which marked the course OF trading in
the two preceding days not a factor in
yesterdays market, total dealings in the issue
amounting 10 only l., $50 shares at net loss
OFFS.
Chicago Great Western again showed. for the
common stock. heavy tendency declining
point with a net loss Of q. There was no SELL
ing pressure, however, in the preferred
A The trading in Reading was heavier
than in the any other stock on the list,
total transactions amounting TO over 1900
shares on a price movement that showed
a net gain OF u at the close There news
regarding the company. but it reported
from Philadelphia that the company's output of
coal in the last month amounted TO over
100000 tons All the anthracite coal roads
with the exception Of Ontario and Western. ex-
hibited decided strength. Delaware and Hudson
advancing over ! point. while the Erie issues
up Is for the common and q for the first
preferred at the close. Final prices showed net
gains IN the greater number OF issues with the
chief advances in the active list IN Colorado and
Southern. Consolidated Gas, Reading first pre-
ferned. Union Pacific and Atchson In the bond
market further activity was recorded in Con-
soidated Tobacco Is and the United States Steel
sinking fund 5s. the first named showing a re-
dictionary tendency under the influence of really
ing sales. while the Steel Is ended the day at a
small net gain. There was no change Of impor-
tance IN the local money market, rates for call
loans ruling at ! per cent. In sterling exchange
quotations remained al the preceding days
level
Current conditions in the sterling exchang,
market at Paris suggest that there will be n,
further exports Of gold from New-York to tina
centre. At the moment foreign exchange rates
co not favor shipments of the metal from her
10 London. and II is now believed IN foreign
banking houses that exports OF gold TO Londo,
viii not be made at present especially as tn
London market is we'll supplied with funds Dis
count rates abroad apparently are tending tow
ard a lower level, while in the local market Their
is no indication Of a movement in the price o
money toward higher level for many weeks L
come 1t is interesting to record the fact that
despite the shipments of over SG0000oOO in gol,
10 Paris in the last two months, the actua
supply Of the precious metal in this country ma
decreased only trile 100000. In
creased gold production and heavy receipts O
the metal from Japan at time when the de
mand for money in mercantile and speculativ
circles has been light naturally have tended I
bring about situation OF extreme ease in III
money market and from present indication
there is little chance Of an advance IN rate
IN the summer months. The glut of money q
the chief financial centres in this country an
abroad ought 10 exert an important influenc
on the bond market Bankers who make
Speciality OF bonds believe that the deman
for mortgage issues viii increase from now OF
and that idle funds will seek employment in I'll
department OF the stock market. In the create
number of cases bonds selling at a lev
which ought TO induce investment and specl
lative buying. In the last two days evidence .
a revival Of interest in the bond market hs
been noted on the Stock Exchange dealings
attractive cheap issues having reached sui
stantial figures This has been specially n,
ticeable in the Consolidated Tobacco As and
the United States Steel sinking fund 5s