New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-02-11
BONDS.
sToCK MARKET OPERATIONS.

STOCK market values moved III al AAeseAe1
manner throughout the day on volume Of
business that amounted to s30O31 shares. In
che forenoon dealings prices were generally at
advances as compared with the preceding day,
a number OF issues showing gains OF over per
cent but in the afternoon a resctionaTy ten
dency developed in the course Of which the early
Improvement lost especially IN St Paul
%evv-York Central. Pennsylvania Union Pacinc
and United States Steel preferred, which SUI
fered declines averaging a point Afternoon
weakness was helped by the report that Senator
Hanna was dead. by the heavy falling of in the
January earnings OF the Nev-York Central and
70 some extent by the failure OF prominent
b1nlling house in Bremen. That decreases in
railroad earnings must now be expected Is re-
Elected IN the decline Of the New-York CentraTs
gross income for the last month. amounting TO
SE5S 695 as compared with the same time a year
ago. ana as a matter OF fact, IN all the recent
earnings reported. Il should be borne in mind.
however, that results IN 1903 were larger than
ever before reported In the first dealings
Brooklyn Rapid Transit was the leading feature
Rt an advance OF per cent, buying apparently
being for the account OF a good class OF traders
INCLUDING purchases by brokers who sre supposed
Go represent interests identified with the prop
erty. Peoples Gas was also well bought This
stock ought TO he materially benefited by the
per cent earned on the security IN the last
calendar year. despite the fact that there was
o marked increase IN the cost Of labor and
materials and strikes among the employees.
There was a slightly frmer tone IN the time
money market at this centre and a moderate rise
IN the London rates, the latter being reflected IN
higher quotations IN the sterling exchange mar
zet in New-Eorz The reactionary movement
in securities continued until the close the final
In many OF the active issues. as FOR instance /
point IN New-York Central, / IN Pennsylvania.
2 IN St Paul. ~ in United States Steel preferred
and 1H IN Wabash preferred.
There appears 20 be a well defined feeling in
the Street that the war in the Far East viii
not be followed by disturbance IN the money
markets OF the world but Il may be entirely
too early to make any predictions favoring this
Idea The effect OF war on the money markets
win depend on the length o. the conflict and the
ability OF the two nations TO finance their war
requirements without assistance from the out
side. As Ear as Russia is concerned, Il is likely
that g loan win have to be negotiated in other
countries, and Il is probable that France VIII be
called on 10 float e. II Japan wants money II
doubtless would have no trouble in securing ac-
commodation as its credit IS good and Il is
not at al unlikely that bankers IN the United
States and IN England would be willing 10
finance loan OF moderate proportions. Posi-
billy OF a widespread derangement Of the
money markets lies chiefly In the chances Of
other nations becoming involved IN the Eastern
war, but from present indications the progpec+s
OF such development are extremely .poor Ac-
oording 10 its last report the Imperial Bank OF
Russia had cash on hand OF S144 10000 and
IN addition. S293215.O00 OF gold bars. with a
balance OF SS4aO350O0 OF gold abroad-that f.
balances IN Paris, Berlin. London and elsewhere
making the total amount OF gold held hv the
bank including the gold In the cash balance.
ao4tooOOo Against this amount however.
there are notes In circulation OF S2S6 10000.
Even g. short war is expensive. and il VIII take
no great amount OF time Tor the war demands on
fSussia's money chest 10 cut down IN. bo,s,--.
OF the government bank
Exports OF domestic p-osuc+. s L. ~, -
figures OF which were received veete-5,,, -.
improvement IN the total as conspared vr,+b +bs
same month IN the preceding wear h,r. :.
material falling or as compared with the ro-,+h
before. the loss being due 10 the daclir.
IN The exports OF cotton, which IN Novev,be-
amounted IN value TO SCI $3.50 2Sz ss ag.5-s+
@ao'Sc5.oo0 In December. In January. 1902 the
NA-ue OF cotton exports amounted 10 $50 Ga7 900
sno IN January OF the current year 10 SAG $50
BOO. but the actual outward movement ~ "a.
RIooucl a year ago was about as heavy as this
49, ne olIerence being Cue 10 the higher
It-Ses pTekalllng IN 1904 Exports Of bread
ttuus 10 January this year .rere ,-ei1 NEE
-. - ne corresponding month IN 1902 while
- 49, tsI al exports of domestic products
SHOWS en- increase IN value OF only 81 lG4 40
from JOlY there has been an Increase a., 80.
- foooa-ooZ- The export trade OF The T-riteS
49, ses = s5oNing ano now that cotton prices
haNe feactec. the chances viii favor an s,o+ess.5
export movement Of this product