New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-30
BONDS.
STOCK MARKET OPERATIONS.

Trading in yesterdays market dull
throughout the five hours Of business, on an ir-
regular movement Of values. that presented at
the close more net losses than gains. Opening
prices were as a rule under the preceding
nights final figures. but there were few note
worthy declines, while in the greater part OF
the day losses. when made, were generally con-
fined to fractions. Compared with the recent
activity there was a decided falling off in the
volume Of business. and the opinion was gen
orally expressed that public operators had not
been attracted by Thursdays reaction in values.
and that the efforts Of the speculative element.
that such important factor in the ad-
vancing markets in 1902, to create n wide out
side following in the speculation had been
complete failure. Despite this opinion. COM
petent market judges reiterated their belief In
the theory that prices win sell higher before
the winter IS over. They argue that despite the
advance Of the last few weeks quotations are
still below their actual level, and unless there
should be a radical adverse change in the in
dustrial situation in this country there will not
be enough liquidation in securities to cause a
material shrinkage in values. It is interesting
to note. however that there are some people
who believe that lower prices viii be seen in the
current year than were recorded in 1903 There
extremists Of both kinds IN Wall Street at
present. and many ridiculous claims are being
made by both parties
Adverse reports the iron and steel industry
were responsible for local and foreign selling in
United States Steel preferred. and at one time
the price OF this issue was one point under the
preceding nights close. After the early weak
ness a rallying tendency developed throughout
the list, with especial strength in Atchison.
Pennsylvania and Reading, although before the
close further weakness developed throughout the
list The heaviest dealings in the day were IN
Amalgamated Copper. Atchison. Baltimore and
Ohio. st. Paul. Pennsylvania Rock Island
Southern Pacific. Union Pacific. United States
Steel preferred and American Sugar Refining.
In these stocks net losses predominated at the
close. According to Street gossip. the Western
element has received d:scouraging suggestions
from the banks regarding its attempts to create
bull enthusiasm IN the current market but as
the Western element has good financial credit
and the banks In the money lending busi-
ness. and at present have a large supply Of
funds available for lending purposes It IS not
likely that they are doing anything 10 discour-
age speculation They just as anxious to
make money as the spectators are, and the talk
that they discouraging activity in stocks IS
nonsense The banks lend money good col
lateral. They are protected against loss. and It
is not their business to try 10 regulate specula-
ton. The only discouraGement that the West
ern element has had has been the refusal of the
so-called public to come into the market.
According TO the known movement Of money in
the week the local banks have gained upward OF
SS,500,OO0 in cash holdings. due 70 receipts from
the interior and from new gold. The receipts Of
currency from out OF town were mainly from
nearby and Eastern points little money coming
from the South and West. The speculation In
cotton in New Orleans has interfered with the
return movement OF currency from that centre
Further advances We're made IN yesterdays cot
ton options. and the bulls predicted price Of
90 for July. A year ago last fall when stock
market values were selling at fictitious level
the bulls proclaimed far and wide that the end
Of the bull market not in sight. Just about
that time a decline set in that did not eliminate
for over twelve months In the noon dealings IN
cotton a loss Of 65 points recorded from the
high prices Of the morning. but before the close
the greater part Of the loss was recovered.
Outside the general markets, the chief topics Of
interest In the day were the changes IN railroad
earnings which showed great irregularity in the
matter Of gains and losses Union Pacific, for
instance, presented gain in gross for December
OF $751; $40. and an increase in net Of $664357
while Lehigh Valley showed loss both in gross
and net. and Canadian Pacific and Wabash
losses in net or the four roads reporting gross
earnings for the third week IN January. two
showed declines compared with the same
time year ago. The weeks movement in the
export trade exhibits a large falling off. both in
the exports Of wheat and corn. Reports received
from the commercial agencies last night indi-
Gated great irregularity in most lines of busI-
ness, but outside the iron and steel industry no
evidence of important weakness The point
is made that conditions would be more salts
factory If the present high prices Of staple
products were the result Of a healthful demand.
instead of speculative manipulation.