New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-06-04
BONDS.
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market we're
again light in volume. while the movement of
values reflected an absolute lack of aggressive
ness on the part of both the bulls and bears
AS a rule, prices We're above the preceding
days final figures, but gains were generally con-
fined to fractions, last quotations showing un-
important Improvement from Thursdays close
In some of the anthracite shares there was a
fair degree of interest for speculative account,
notably Reading which bid up on the eX-
pectation that the company's May report will
make most nattcrng exhibit 1t is understood
that earnings have been heavy and that the
company's figures VIII show a large addition to
net income. There many people in the
Street who believe that Reading stock will be
one Of the active features just as the
general market begins to develop activity. and
they appear TO be buying the issue at it's current
price the theory that it will sell much higher
before recording material decline. The Erie
issues advanced in sympathy with Reading.
while small dealings Delaware and Hudson
and Delaware. Lackawauna and Western moved
up over point. People who well informed
regarding the Erie property say that there is
10 probability Of a change in the dividend rate
on the first preferred stock despite the fact
that earnings have been SO poor In the last few
months. Consolidated Gas was also a strong
feature. closing al a net gain OF rs per cent.
Favorable reports Of April earnings by the
Union and Southern Pacific systems doubtless
helped sentiment. although they failed TO en-
courage activity I'm the stocks OF the TWO com
panies. Southern Pacific showed n gain in gross
earnings of Sl22.7 IDS and gain in net OF SI43.-
364. while Union Pacific presented an increase
in gross Of $fG,12l and an increase I'm net Of
S1993l. Southern Pacific. however. had a def
icit after charges Of S512.S2T. The policy Of
cutting down expenses wherever possible is
being followed by the Hartman system. and
as consequence net income is making a better
showing than the majority Of roads In the
country. The greater number OF railroads IN
the United States I'm such a good physical
condition that it is possible 10 reduce expenses
without iniuring the properties. They have
been preparing for lean years i'm the last few
years OF prosperity. and stockholders need>not
become alarmed over the tendency TO reduce
operating expenses. especially it viii serve
10 insure the maintenance Of dividends.
According to the known movement OF money
in the last week, the local banks have gained
upward OF S9OooODO due To large receipts OF
currency from the interior and new gold. II IS
likely that to-day's bank statement will show "A
further reduction in loans. and the chances.
therefore. favor another increase IN the reserve
above legal requirements. The effect Of the re-
cent shipments of gold on the amount of money
in the country is reflected in a decrease of S23.-
3G2,21S in the amount Of money in circulation.
which is equivalent TO decrease Of 3:} cents
per capita. This is the first decrease in per
capita circulation in nearly a year. Compared
with year ago, the circulation per capita shows
increase of 81 % Outside of Treasury hold
ings the amount of gold in the country decreased
IN the last month Sl1 264.S70 in coin and bull
ion while gold certificates decreased SI33I4I4O
The Federal Treasury's gold decreased in the
month S3S 163, 100 Compared with year ago
the amount of money in circulation shows an
increase of $127, 1O5,O92
Stocks closed duIler than they opened. there
being sign OF life in any part OF the list In
the early afternoon Amalgamated Copper lost
more than a point. In bonds trading more
active than in the share department. dealings
covering a large number of issues, with heavy
operations at advancing price in the United
States Steel sinking fund is.