New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-05-24
BONDS.
STOCK MARKET OPERATIONS.

Activity in yesterdays securities market was
confined to a few stocks in which transactions
were moderately heavy on a movement of values
that showed irregularity. although net gains
We're recorded in the greater number of shares
dealt in. Opening quotations were generally
above the figures of Saturdays closing, with
out, however any disposition to move rapidly
toward a better level. Commission houses were
not active factors in the days trading. and there
little evidence of interest the part Of
substantial operators. despite the fact that Wall
Street gossip intimated that the Standard OIL
people working for a rise in values.
Strength in Brooklyn Rapid Transit was due to
speculative buying based on the companys i'm
proving traffic and its expectation Of handling
an enormous business TO the Long Island resorts
throughout the summer. Opinion in the Street
is more bullish on this stock than 1t has been
for a long time. and there is a much better de-
mand for the companys bonds. the last named
factor being an important influence in increas-
ing Wall Street confidence in the property.
United States Steel preferred was again
tive feature, its price moving within fractional
limits. while Union Pacific moved In about the
same manner smaller volume OF dealings.
Southern Pacific was not extensively dealt IN.
but 1t reported in well informed quarters
that the stock in demand for the account
the affairs of the company. Eventually South
ern Pacific doubtless viii sell many points above
its current level. and its advance will naturally
tend to increase the value Of Union Pacific
stock owing to the fact that the Southern Pa
ciiic is controlled by the Union Pacific. Its stock
forming one OF the valuable assets OF the Union
Pacific Company. People who are fond OF max
ing predictions regarding the stock market do
not hesitate to advise the purchase OF Union
Pacific stock to hold for Duch higher prices
Bank statement figures for the last week
created a most fax orable impression in Wall
Street circles. and comment among bankers yes
terday on tho monetary situation tended in IA
direction that suggested confidence in banking
circles IN the ability Of the country To with
stand heavy calls for funds without causing
disturbance in money or business 1t was
thought that slightly hrmer rates for money
would develop. but this. of course was consid-
cred favorable outlook the low rates that
have prevailed so long have made large profits
for banks impossible. Higher rates for money
doubtless would have adverse effect on the
stock market, there is practically demand
for stock market accommodation at present.
Brokers we'll supplied with time money.
while most of the current stock purchases that
are made for outside account represent cash
transa ctons rather than marginal operations.
People who are carrying stocks on margin arc
we'll protected, and they do not intend to sacri-
flee their holdings at present prices. especially
conditions underlying investment values are
sound while there is nothing In the business or
political outlook which warrants the belief that
the coUntrys industries are to suffer a period Of
acute depression. Some uneasiness is felt over
the masters and pilots strike on the Great
Lakes, industries representing an investment
CT $2JO,O00OOO are tied up while thousands of
"a IaGn Of NOR
result Of this trouble 1t is well to bear in mind
that the country has had many large strikes. and
that they have been settled before widespread
damage has been done The local freight ham
dlers' strike has not yet excited alarm in fnan-
cial circles, and it is not thought likely that
this disturbance will have a serious effect on
the New-York. New-Haven and Hartford's ma
rlne transportation department.
Total transactions were larger than the recent
average amounting to 330,376 shares. with the
heaviest operations in Amalgamated Copper,
Atchison. Brooklyn Rapid Transit, st. Paul,
Erie Pennsylvania, Reading Union Pacific and
United States Steel preferred. Amagamated
Copper was strong throughout the day. closing
at a net gain Of / per cent. Atchison showed de-
cided strength although it lost part of its
gain in the late dealings while Brooklyn Rapid
Transit retained the greater part of its early
advance, ending at net gain of over l per
cent. The other local traction shares were also
strong features. In the last hour trading showed
an increase in activity, and rule the best
prices Of the day We're recorded in that period,
under the lead OF United States Steel preferred,
which WIS bought in large amounts by promi-
nent houses Call loans averaged under per
cent. There was no further engagement OF
gold for export but it was understood that 4
considerable amount of the metal would he sen;
abroad on Thursdays steamer.