New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-05-18
BONDS.
STOCK MARKET OPERATIONS.

Trading in yesterdays stock market was dull
throughout the day a movement of values
that generally tended in the direction of higher
prices. although in the final dealings recessions
from the best figures were recorded. The rally,
however seldom amounted to more than frac-
lions, while it represented little beyond the oper
atoms OF professional SPECTATORS. Commission
house business made up unimportant part of
the total transactions. and there little indi-
cation of activity on the part of the more i'm
portant speculative interests. It is likely that
most Of the business reflected the closing out of
contracts for lower prices entered into a week
ago. OF the active securities Amalgamated Cop
per, Atchison Brooklyn Rapid Transit, st. Paul,
Consolidated Gas, the so-called Hartman issues,
Pennsylvania and United States Steel preferred
supplied the greater proportion of the days deal
ings.
There appeared to be a fair demand for
Brooklyn Rapid Transit, and in various parts of
the Street optimistic talk on the future Of this
security was heard especially in quarters where
the information regarding the property has al
ways been good. At it's present price, and in
view Of the prospects for heavy earnings the
companys lines this summer. Brooklyn Rapid
Transit-stock ought naturally TO appeal to spec
uators who believe that active issue repre-
senting the largest street railway in the coun-
try should sell many points above 45 1t may
be recalled that Brooklyn Rapid Transit sold
80 points above par number OF years ago, when
the actual value of the security not nearly
S great as it is at present The United States
Steel issues exhibited amount of strength
that stimulated Improvement in other issues, but
it failed to bring forth an investment demand
for the Steel shares. although It was understood
that a number Of conservative spectators
bought the preferred on the belief that It Will
sell at a price we'll above it's current level in the
course of the next few months. This idea is
based on the theory that there Will be change
in the dividend rate. From hat can be learned
from people identified with the United States
steel Corporation there appears TO be uneasi-
ness on the part OF the directors OF the concern
over it's ability 10 maintain the preferred divi-
dend at the current figure.
In the industrial list, outside the Steel stocks.
activity was confined To Amagamated Copper
and Consolidated Gas. The latter opened strong
and advanced a point In the early dealings. clos
ing at a net gain of pa per cent. Strong bull
talk was heard Amalgamated Copper but the
stock failed TO show an advancing disposition.
Efforts are being made 10 create n bull following
In General Electric on the basis OF the company's
present good earnings and the expectation of "A
large addition its income in the next year
through its operations in connection with the
instalment of electrical equipment on various
parts OF the New-York Central system. While
some people maintain that the $3OOO0O0O de-
benture bond issue by the New-YorB Central is
a bear argument on New-York Central stock,
they hold that il is a strong bull card Gen
eral Electric. owing 10 the fact that much Of
the money received from the sale OF the bonds
will be spent on electrical equipment. New-York
Central stock extremely duh in yesterdays
market, while General Electric did not respond
TO the enthusiasm that many traders show over
its future.
Money market conditions showed no mpor-
oba he ing I-y-
loans ruling at per cent and time money at
from TO / per cent, according to the period.
Sterling exchange firm, but there
further engagements Of gold for export In the
last two days there has been liberal selling of
bankers sterling bills. and il IS thought in some
circles that this development will tend to check
the outward movement of gold.