New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-27
BONDS.
STOCK MARKET OPERATIONS.

Stock market values were weak IN the greater
part os the Day. with net declines IN most issues
at the close Last quotations were trile above
the lowest but the general range Of prices IN the
active securities showed substantial net losses
as compared with the best figures OF Mondays
market Sentiment appeared TO be depressed
over the developments IN the Far Eastern situa-
tcra also over the labor troubles IN this country.
and bear operators took the opportunity 10 work
FOR e. decline the success OF which may be ap-
ureciated by reference 10 the quotation tables
published elsewhere on this page The possi-
niIity Of Russia seizing ships sailing under the
American flag naturally creates uneasiness In
speculative circles IN Wall Street. but IL Is not
ct ell likely that investors VIII throw their Sc
curaties on the market because OF the remote
chance OF complications between the United
States aad Russia, or between England ana
Russia Investors. as rule. are Level heaoeo
neonle and they must therefore realize that any
trouble that may arise over the seizure py Aus-
STA OF the merchant vessels Of other countries
VII not under present conditions bring about a
sit,,stton that VIII compel American investment
roroperties 20 suspend or reduce their DIVIDENDS.
Assuming that Russia Is deliberately working TO
eYnbroil herself with England and other powers
fn order TO have excuse TO Withdraw grace
fully from the war with japan. IT Is cincult 10
see how the business interests Of this country
would be materially affected
In view of the large advance which the stock
market has enjoyed in the last few weeks the
current pause in activity and the accompanying
setback IN values are not surprising. Indeed. a
reaction is due and there is therefore no cause
for alarm among holders Of securities. save the
cite trad who
Ret at last weeks high prices on small margins.
Total dealings yesterday were heavy in only
few issues notably Atchison. Brooklyn Rapid
Transit, Aualgamated Copper, st. Paul, the
Erie shares. Missouri Pacific. Pennsylvania,
Southern Pacific, Union Pacific and United
States Steel preferred. Weakness IN Erie first
preferred was encouraged by further reports
that the dividend would be passed or reduced,
although these reports were not based on trust
worthy information. While the earnings of the
company in the last fiscal year We're under those
OF the year before the net results for the twelve
months were large enough TO warrant the con-
tinuance Of the per cent dividend the first
preferred stock, and the fact that there has been
no material decline in the market value of the
issue warrants. according 10 the opinion Of many
people, the prediction that change viii be
made IN the rate at the dividend meeting, which
VII be held Just it IS possible 10
cure a quorum Of the company's directorate.
In the early dealings Southern Pacific exhib-
ited considerable strength, while other stocks
were declining owing apparently 10 purchases
for inside account. but in the afternoon its price
declined with the general list selling point
der its best figure recorded in the morning.
Many OF the active shares declined over a point.
United States Steel preferred was heavily sold,
and the report was circulated by bear operators
that the dividends would be reduced. The direc-
tors met at 8 o'clock and declared the regular
quarterly dividend Of Ia per cent and made
public the statement Of the company's earnings
in the last quarter, which showed net results OF
Sl949O12o and a balance after all deductions
Including interest and dividends Of 2777G44
Orders on hand on July ! were about 100000
tons less than on April l. amounting TO So 1872
277 tons, against 4.G66,57s at the same time a
year ago and 4.741. 1888 tons on July /. 1902.
Sterling exchange was sgain strong. and il was
generally believed that an outward movement Of
gold would soon begin. Indeed, It was reported
that arrangements had already been made for
shipment OF the metal IN the current week At
the rate quoted for cables and demand bills in
yesterdays market gold could be exported with
out loss. OF the active stocks Ontario and
Western alone closed at net gain