New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-02-04
BONDS.
STOCK MARKET OPERATIONS.

a
values moved toward a lower level in the greater
mart OF the day. final quotations showing net
losses OF per cent and above in a number OF
,ssues although in the majority % stocks last
,vice, were generally only fractonally under the
closing OF the preceding day. The more I'M
ro--ant declines were made by the local traction
securities. Brooklyn Rapid Ic'ansit losing over
? points Metropolitan over point and Manhat-
tan . points. selling OF these shares not Delng
accounted for by developments anecting me
con,nanies speculative reasons rather than the
intrinsic merits OF the issues apparently beng
behind the liquidation. In Brooklyn RAPID
Transit for instance. speculative pool mat
ba6 not been successful in lifting the price
OF me stock was a heavy seller, while In Met
ropoIitan the bear element attacked the price
-, tbe theory that the death OF SIr. Whitney
-,oa,,d cause the liquidation OF his holdings in
.ba+ oompenv This is indeed p silly reason for
she sale OF the stock but Wall Street is noted
for It's peculiar arguments and vagaries Sales
or the traction shares ala not attract liquidation
from solid holders OF these securities. while
the weakness in the Pennsylvania and Gould
shares A Atchison. Consolidated Gas and Anal
RarnateS Copper, and the selling OF the general
list by traders failed 10 bring about important
Outside LIQUIDATION While news regarding the
war situation in the Far Eas' was not altogether
T,cee
IN the local market. taking on balance upward
OF - 600 shares
The violent fluctuations IN the cotton, wheat
corn and coffee markets were factors that Gre
ated hear sentiment in the stock market. the
depression IN cotton, the advance in wheat to
the highest price OF the current movement and
the afternoon break in coffee naturally suggest
ing the possibility OF serious trouble in the
markets named. Speculation has run wild in
staple products. and interests identified with
fhese markets announce that securities must
eventually be benefited from the movements IN
cotton. wheat. coffee and provisions in general.
People who know anything about the stock
market know that the manipulation that has
marked the course OF the commodity markets
VIII not encourage confidence in Wall Street or
IN circles outside the Street. Despite the de-
cline in cotton in the last two days the bull
leaders in the cotton pit continue TO predict 20
cents for July while on the Produce Exchange
IN this city-and the Board Of Trade in Chicago
dollar. wheat is talked OF. with 75c bushel for
corn. The high prices in commodities are not
due TO an urgent demand for consumption. and
without such demand the upward move in
quotations cannot help being harmful 10 the
general situation. This phase Of the situation is
beginning 10 be reflected in the stock market
and It may yet be an unfavorable influence in
There change OF importance IN the
money market and no indication OF an imIne-
date movement Of rates in either direction a.
though the course OF money IN the week sug-
syested 20 some minds higher quotations in the
near future. According TO the best informed
people IN the banking community the present
year VIII be OF case in the money market
tkis idea being based on the current position Of
bank holdings, on the favorable foreign trade
balance. the probable lighter demand from
mercantile sources, on the expected quiet year
in the stock market and on the additions to the
supply OF money IN the country through do
inestic and Klondike gold production. The
monthly statement OF the amount Of money in
the country, which received yesterday
shows that outside OF federal Treasury holdings
there was an increase in January Of over S2l,-
100000 as compared with the preceding MONTH
while as compared with the same time year
ago there was an Increase OF S132. 240. 467. The
local banks viii lose a large amount of money
TO the Sub Treasury this week account OF the
retirement % circulation OF national bank notes
and 10 shipments OF currency TO New-Orleans.
The latter movement IS apparently Que to the
speculation in the cotton market. urgent
demand FOR money from that centre is not usual
at this time OF the year. At other points do
snestic exchange is Ftill ia favor OF New-YOrk