New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-05-03
BONDS.

Extreme dulness again ruled In the stock mar
ket. the total dealings amounting to only $685.
30 shares with the heaviest transactions In
Amalgamated Copper. United States Steel pre-
ferred, Union and Southern Pacific, ST. Paul,
Erie, Atchison. Pennsylvania and Metropolitan.
Opening prices little changed from the
final quotations in Saturdays market. while
throughout the day the movement of values
presented few important fluctuations in either
direction AS rule final figures showed net
losses Commission houses were not active fac
tors in the days trading. there demand
from large speculative interests. and there were
no foreign operations to exert influence on
sentiment quotations. Traders appeared TO
be moderately bearish, but they unable to
bring about a materially lower level owing TO
the absence of liquidation and the refusal OF the
larger operators to encourage decline. Opin-
ion in the Street, nevertheless appeared to
favor a gradually sagging market for many is
sues, although sound reason, far in
trinsic values are concerned was advanced for
this theory. OF course. in dull speculative pc
RODS like the present the trading element is
more inclined TO work for lower prices than
for an advance but If its success in the next
few weeks is to be measured by results so far
attained its profit account will be wofully small
Further engagements OF gold were made for
export. and In foreign exchange circles II was
believed that the weeks movement would reach
a large total. Money rates continued easy
with no indication OF immediate change III
quotations, either for call time funds. A
firmer market, however. should be expected IL
the outward movement OF gold continues. 1t
probably will. but the belief that disturbance
will develop in the monetary situation is not
entertained in we'll informed quarters. The
chances are that the money markets Of the
world will rule firm before the end OF the
summer II the struggle between Japan and Rus
STA is not speedily settled Both countries have
already expended enormous amount Of
money. and they must OF necessity soon be COM
PEELED to come into the market borrowers.
Already Russia is arranging for a large loan.
which 1t is understood will be placed IN Paris.
This Of course. will have direct bearing on
our money market. and II is likely that In ad-
dition 10 exports Of gold Panama account.
Paris will continue 10 draw on New-York for
much OF the metal II possibly secure.
II has not yet been determined whether the
shipments far made have been entirely on
Panama account whether they include pay
ments by Japan for supplies bought In England.
A large part of the gold which has been
ceived at San Francisco from Japan doubtless
has been for London account payment by gold
exports to San Francisco and thence through
the New-York market TO London being the
easiest form Of settlement.
Among the active issues that closed at a loss
of point or more were Amalgamated Copper.
Baltimore and Ohio. Erie, Metropolitan and
Reading Elsewhere in the active list losses
were confined TO fractions. Selling OF the coal
ers wes based the theory that Attorney Cen
eral Knox might proceed against the coal COM
panies under the provisions OF the Antitrust
law The dissolution OF the Erie voting trust
was not considered a bear argument on the
stock while in some quarters the Erie securi-
ties were bought on the belief that the shares
would eventually sell higher under the infiu-
ence of competitive buying. There appears TO
be an idea In certain quarters that with the dis
solution of the voting trust a change in the
control OF the road may take place.