New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-11
BONDS.
STOCK MARKET OPERATIONS.

STOCK MAhhE1 UtEhd11ONO'
Transactions IN yesterdays stock market were
the lightest Of any day since July .. 1871
amounting to 1862 shares. against 6ooD
shares AT the time just named and 1900 shares
on February "A. 1855 the lowest record made In
the last twenty years except in the two hours Of
business on March II. 1855. the day following
the great blizzard Of that year. when only Z'Ooo
shares were dealt in. There was absolutely no.
demand from commission houses for the account
Of the so-called public. no demand from the I'M
portant market interests and no disposition on
the mart Of the board room element 10 deal &C
lively on either side OF the account. In the rev
stocks IN which transactions were recoroea
prices moved within narrow limits, with more
net gains than losses at the close. II Is hardly
necessary TO mention Individual stocks. as there
were no features in the stupid dealings. but in
the interest Of the people who wish to preserve q
report Of this tiresome day the exchange II
may be said that the heaviest dealings were In
United States steel preferred. which on opera
tions Of 1900 shares advanced u. Pennsyl-
vauia came next with 5000 shares at no price
change while third IN activity was Brooklyn
Rapid Transit. with nearly three thousand shares
to its credit at unchanged quotations as com
pared with the preceding day. Elsewhere In the
usually active list transactions lot Ile udy ran
from 600 to $500 shares. In the bond market
trading was trihe active. total sales
amounting I'm par value 10 over Sl.oooooO. The
Brooklyn Rapid Transit new As were dealt in for
the first time At price ranging from - at the
opening TO - at the close Foreign houses were
not active factors IN the local market.
People who are laborinE under the dNlusion
that the war In the Far East will Increase our
exports OF breadstuns would better study the
statement Of shipments Of wheat and corn in
the last month which published yesterday.
High prices for American food products have had
a most serious effect on our foreign commerce.
and the results reported in February are doubt
less much better than these that we may
pect in the current month The Far East is not
buying American grain 10 any extent. Japan
has not yet been educated 10 a wheat diet. rice
satisfying its hunger while Russia being the
second largest grower Of wheat In the world,
does not have 20 call the United States for
the product. And countries that are in the Ia bit
Of depending on our supplies OF wheat and corn
are not willing TO pay the present exorbitant
prices for the cereals, or as some people say the
prices that have been brought about by natural
conditions. II the crops fail this year. perhaps
viii be justified IN talking about natural
causes being justification for advanced quota
tons. but at present prices based on last years
harvests are too high. Exports Of breadsturrs
. I'm February showed falling Of as compared
with the same time year ago in value OF So
/ lOo49S while shipments 81 cotton declined in
value SG.S5N255. The actual reduction in the
outward movement Of cotton cannot be meas
ured by these figures, inasmuch as prices this
year are well above those prevailing al the cor
responding time in 1893 In bales the falling
OF was extremely heavy. Total exports OF do
nestle products in the last month declined from
February year ago In value S11. ga 796 I'm
less there has been large increase in the ex-
ports Of manufactures the detailed statement Of
/ foreign commerce for the month. which will b..
issued next Tuesday. will make A poor showing
as compared with this period in 1903
Money market rates at this centre remain
/ change It is understood that the Panama paw
ment viii not be made for some little time 10
come and that when II If made the transfer Of
funds TO the French capital viii be made with
1 out disturbance in the local market The de-
mand for loans. outside OF corporation borrovv-
/ ing. IS exceedingly light. Owing to the absence
] Of A speculative demand for securities there is
practically no business I'm the loan market for
stock exchange account while general nercan-
tile borrowing is not an important factor in tbe
situation. Commercial paper Is I'm light demand
and the supply is small OF course with the
railroads in the market for loans at rates as
high as. and in some cases higher than the rates
for commercial paper. there is little disposition
among the banks to bid for mercantile offerings