New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-02-06
BONDS.
STOCK MARKET OPERATIONS.

Stock market trading In the greater number
OF issues was almost az a standstih until the
lssi hour when an Increase n dealings deVel-
oped throughout the list. generally at the eK-
pense of values. Indeed. In The final trading
the whole market showed evidence OF acute
wealcness selling being attracted by the absence
OF demand and by the announcement Of the
proposed Pennsylvania S500e00cO loan. The
heaviest dealings were IN Ar1algsnateo Copper.
Rooklyn Rapid Transit. Atchison, Pennsyi-
vsnia Southern Pacific. Union Pacific and
United States Steel preferred. Pennsylva MIA sup
plying the chief point OF activity. with total
transactions Of $4,000 shares as compared with
q total In all securities OF 520.497 shares There
appeared 20 be little support II any part Of the
list although United States Steel preferred at
times showed g tendency 70 rally. Weakness in
some Of the Gould shares and the traction is
sues was not explained by Developments affect
ing the properties. selling representing profess
sional operations rather than outside liquidation.
There practically no public Interest In the
market. and there was indication OF a
1ewal OF activity among substantial market
operators Advices regarding the Far Eastern
situation were effective Influences IN the foreign
markets so far as restraining activity was con-
cerned. but sign OF decentralization developed
On any Of the foreign boUrses while transac-
tons cor European account in the local market
were Of importance In the cotton market
there was a further break In prices. also in
wheat
Money market conditions IN the local and for
eign financial centres made no important
changes. but the statistics OF the known move
ment OF money In the week as affecting New
York Indicated the possibility Of a hrmer mar
ket in the course OF the next few months AS
against gain In cash a week ago OF over
SaOocoo0. the banks this week have gained less
than Sl.OJO.O9O. and II the loan item has again
been materially Increased. q material falling OF
In reserve above legal requirements may be ex-
pected. 1t Is not unlikely that the notification
which has been given by the Secretary OF the
Treasury to depository banks regarding the with
drawal OF funds incident 70 the Panama Canal
payment WIN Induce the purchase by banks out
SIDE New-Hork OF exchange on this centre ia or
der 20 transfer 20 their correspondence In this
city an amount OF money equal 20 the amount
they vii be compelled 10 pay out under the call OF
the government Exchange on New-Yorz VIII
doubtless rise. end receipts OF currency al this
centre from the Interior win be heavier than is
usual at this time OF the year. There Is rrac-
ucaliy no possibility OF disturbance as the re-
suit OF the Panama payments. although money
rates may. for a time, rule al q higher level
The banks received from the Interior IN .be yrs.
much more money than they sent out: they s,.o
received large amount OF new gold while the
only loss sustained was on Sub-Treasur, &C.
count The net gain from the interior bo,0ayor
was smaller than IN the corresponding vDs.l,
IN the last three years.
Stock market values were adversely a-ar..s
IN the afternoon by the report that the r,s-r-
sylvania Railroad Company had ar-anpos -
borrow S5oOo0.0Oo for eighteen months on con-
pon notes secured by good collateral. In view
OF the oeniais from official sources In the 1,~,
Few days that the company expected TO make
q loan. the announcement yesterday thar q Ioan
would be negotiated was surprising 70 say the
least Last July the company paid OF a loan Of
S4oo00oOc from the proceeds OF the s75oo0-
600 stock sale. The company IN March q wear
ago increased its capital stock from S251. 700
600 70 $4,000 Ooo and OF the increase S95-
$50 $50 has been issued--S20 ESQ., $50 in exchaaFa
Tor conve-tibie 6ebentures IN April and the bal
ence subscribed for by stockholders last Octo-
Der. leaving the amount unissued Ss3 300 coo
Pennsylvania bas been conducting its fnan-
cisl operations on such a gigantic scale N the
last two years that some people are. Of course
worried over the future OF the property as
dividend institution. but as the PENNSYLVANIA
company Is al enormous concern its transac-
dcns that run into the many millions are not
cisocieting 70 interests who appreciate the nat
sTe % the improvements on which the road IS
spending money and the position tkis road occu-
pies as a fsctor IN the industrial development
Of the United States