New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-28
BONDS.
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market We're
made up n great part OF the operations of
professional traders who generally worked
on the short side of speculation. While
the tendency OF prices in the direc-
ton OF g lower quotations level. the de-
cline failed 10 bring out important offerings Of
securities. either for speculative investment
account. Commission houses were not active
factors in the days operations the larger Wall
Street interests confined their dealings 10 small
totals. and investors were not identified with
the course of business. Traders We're beaFish
because Of the possibility Of serious develop
rnents as result of the Far Eastern situation;
also because of the falling off in the United
States Steel Corporations orders for work
but their efforts 10 secure support from prom
inent interests IN their campaign against values
were not especially encouraging. In Atchison.
AmaIgamated Copper. Brooklyn Rapid Transit
St Paul, Missouri Pacific. Ontario and Western.
Pennsylvania, Reading, Southern Pacific. Union
Pacific. United States Steel preferred and
Tennessee Coal and Iron dealings were
moderately heavy, with final prices al
about the lowest Of the day. Early strength
marked the course Of Tennessee Coal and Iron,
the price advancing more than point in the
forenoon dealings. with reaction. however, IN
the afternoon which carried the quotation IN
der the opening figure. United States Steel pre-
ferred opened unchanged from the preceding
nights last quotation. but in the greater part Of
the day the tendency was downward. its final
price showing a net loss OF ia per cent.
Careful observers Of the market apparently
do not believe that the reaction Of the last
two days foreshadows a downward movement
OF material proportion. They recognize the fact
that the advance OF the last few weeks war
rants a setback: also that the situation affect
ing Russia and England, with the possibility
Of the United States becoming involved sug-
gests great caution on the part Of Spectators
in current market operations for higher quota
tions. II is natural that Wall Street should
pause for the moment, but there is no reason
TO suppose that the uncertainties IN the present
situation viii develop into factors large enough
10 injure the intrinsic value of securities It
is likely that from now on the position OF the
money market viii be more carefully studied
owing TO the condition Of the foreign exchange
market and the approach Of the period when
large Withdrawals Of money VIII be made from
this centre for Western and Southern crop
movement purposes. Strength in the foreign
exchange market and gold exports were not
considered probable a few weeks ago, and the
advance in sterling rates has therefore attract
ed attention TO the money market, while it
has encouraged the bear element in stocks TO
work for lower prices. the theory that If gold
goes out at a time when the interior IS making
demands on local funds the rates for loans
viii advance to a level which VIII force Iuutda-
ton in speculative accounts. Fortunately the
New-Hork banks have a larger surplus reserve
than recorded IN many years, and. according
TO the opinion OF the best informed bankers
there Will be no disturbance .n the money mar
kst this year. A higher range Ger loans may
be expected. but this fact alone Will 10. inter
fere with a further upward movement In Sc
curlties prices.
Values declined with considerable Violence IN
the last boar, with the heaviest losses among
the active securities IN Anlalganated Conner
Atchison. St Paul Missouri Pacific, Reading
Union Pacific and United States Stee. preferred
which showed net declines os over / point In
European markets prices were weak through
out the Cay, and on the local exchange foreign
houses were heavy sellers OF our securities
British conscls suffered a loss Of nearly a point
while corresponding weakness was shown bv
French and German government bonds De-
clines IN the last hour were due in great part
10 selling induced by the reported demand by
England on Russia for an immediate apology
for the sinking OF The steamship Knight Com
Gnander in Japanese waters.