New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-13
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market trading was light in volume
throughout the day on a movement Of values
that generally tended IN the direction Of lower
prices, final figures being at net losses in the
majority Of issues. A declining market in Lon
don and moderately active sales on the local
exchange for foreign account were factors that
attracted operations for short account, but they
failed 10 bring out any large amount of long
stock except in cases where holders decided TO
take their profits. According TO Wall Streets
point Of view. the principal adverse development
Of the day was the more warlike advices from
the Far East. advices that led to weakness In
Russian, japanese and Chinese government
bonds; also weakness in British consols and
higher prices for wheat. Cotton, which last
week declined on so-called war news. was strong
IN yesterdays market The dealings in stocks
were narrow. with little interest from the out
side and no evidence of support from substan-
tial market interests, although in a few issues,
as for instance. the Chicago and Alton stocks.
further manipulation for pool account was
ported In Chicago and Alton preferred extreme
fluctuations amounted TO 3 points. with net
gain of over points. Pennsylvania and the
Wabash issues resisted the downward move
ment. buying being encouraged by the reports
that a settlement OF the differences between
the Gould and Pennsylvania interests un-
der way. So far the Gould entrance at Pitts
burg is concerned there is difference be-
tween the Goulds and the Pennsylvania
people for the simple reason that a Gould
line in that city is an accomplished fact.
A wild story circulated that a settle
lnent of the differences between the two
interests over the efforts Of the Gouds to
reach tidewater would involve the abandon
ment Of the plans that have been perfected by
which traffic over the Wabash and other Gould
properties VIII find outlet at Baltimore This
Is absurd. The Gould interests have not planned
and worked and spent millions Of dollars in this
direction only TO throw UP their hands at this
5uncture.
Foreign selling was moderately heavy in
United States Steel preferred. while NewYork
houses were also fairly active IN offering this
issue. sales being induced IN part by the report
that several prominent railroad companies had
refused to come into the market for steel rails
at last years prices. which the steel companies
at recent meeting fixed as the schedule for
1904. II the railroads viii not buy at S2S ton
then the steel concerns VIII either be forced TO
reduce their price or else close their plants.
From what can be learned from authoritative
sources there has already been cutting of
prices, and the chances therefore that
lower rate will soon be announced. Such action
ought to be a bull argument rather than a bear
argument. as, IN reducing prices on steel rails,
the United States Steel Corporation VII be ad-
justing quotations to demand that will insure
large sales throughout the year. In the day
the heaviest operations were IN Amalgamated
Copper. Atchison. Brooklyn Rapid Transit.
Pennsylvania, Union Pacific, Southern Pacific,
United States Steel preferred and Chicago and
Alton preferred. Total sales in all issues
amounted TO 337, 341 shares.
Sa far this week the local hanks have
over 100000 in their operations with the Sub
Treasury, while receipts from the interior have
been heavily in excess Of shipments. The outlook
therefore, is extremely favorable for further
considerable addition to bank holdings this
week. continued ease IN lending rates and pos
sibly bull enthusiasm in the stock market the
last named factor. however. depending. of
course, on the absence OF disturbing develop
rnents affecting the actual value OF American
investment issues. In well Informed circles II is
not admitted that war between Russia and
Japan win upset the intrinsic worth Of our
stocks and bonds. and II is asserted in the same
quarters that business reaction incident to a
Presidential year viii not involve shrinkage in
Industrial activity to extent that VIII induce
wholesale dividend reductions. In the absence
of good public demand for stocks, however,
she professional element may be able 10 carry
on successful bear campaigns at different times
81 the year. although at the moment there is
little evidence OF aggressive bear party In the
Street Sterling exchange firm In yester-
days market. with demand rates at a point that
precludes further engagements of gold for i'm
port at present. AS the local market is well
supplied with money additional imports of the
yellow metal are not needed.
THE DAYS OPERATIONS IN BONDS.