New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-05-20
BONDS.
STOCK MARKET OPERATIONS.

Dulness was again the chief feature in stock
market trading. AS a rule, prices moved IN the
direction of a lower level, losses, however, being
confined to small figures with final quotations
showing in the greater number or issues I'M
important net declines as compared with the
preceding day. The heaviest dealings were IN
Amalgamated Copper. St. Paul, Erie. Pennsyl-
vania Southern and Union Pacific united
States Realty preferred and United States Steel
preferred In these issues opening prices were
generally under Wednesdays last quotations.
while throughout the day there was just enough
selling pressure to cause decided heaviness. In
few stocks strong commission houses were sell
ers but their sales doubtless represented hQul-
dation OF accounts whose owners were unaple
longer to carry them. On small transactions
New-York Central sold down point suose-
quently recovering the movement being induced
by the company's report for the quarter ended
March 81. showing a large shrinkage IN gross
and net earnings and a big decline in surplus
after fixed charges Gross earnings decreased
over 81 100000 net earnings decreased over
S1114OOO while surplus declined SS2'0oO' to
$3.50 29T as compared with the same period
year ago AS 1t requires S6,6O4,Oo. for the per
cent dividend for the year. these figures being
based on last years payments. 1t Will be seen
that in the last quarter the company did not
earn after fixed charges an amount sufficient to
the dividend Tor InaI peIlOu Nii4io tA'lS
was a natural falling off in traffic in the last
winter New-York Central heaviest loss in
earnings was due to the interruption 10 its
business caused by the unprecedented severity
OF the weather In its territory. In the South
west, where weather conditions were not bad.
the Missouri Pacific elbows for the month of
March a falling off in Its net earnings OF
Sl40, 76S. There was moderate degree of &C
tlvity in United Realty shares. trading being
induced by expectations regarding the nature
OF the readjustment plan which will soon be
announced.
So far this week the local banks have lost In
their operations with the Sub-Treasury over
S11 600. but 1t is the general impression that
this amount will be Offset. TO some extent at
least, by receipts Of currency from the interior
and japanese gold and far as It's influence on
the reserve above legal requirements is con-
cerned. by a reduction in bank loans. There is no
certainty, however, that loans will show con-
traction. but the fact remains, nevertheless. that
there has been in the last few days moderately
heavy liquidation in this account, many banks
having called loans. doubtless in order 10
strengthen their reserves. The Bank Of Eng
land at its weekly meeting yesterday made no
change in its minimum rate OF discount. al
though its statement Of holdings showed a loss
from the preceding week, the percentage
OF reserve to liability standing at 1900. as
compared with 1872 a week ago No
further engagements of gold for export were
made. but. according 10 the opinion Of foreign
exchange bankers, further amounts OF the metal
will go out in the course of the next few weeks.
It is well TO bear in mind that exporting large
amounts Of gold at present will improve the
country's chances OF importing the metal in the
fall, when our monetary requirements will be
more urgent than they are at present. The
chief point of interest in yesterdays foreign
markets was the activity in the Japanese bonds
in London. on heavy dealings they made
further advances while the Russian issues were
inclined to advance, owing 10 the reports that
negotiations were under way for a settlement Of
the Far Eastern conflict.
Western railway shares We're weak, selling
being induced by the sharp advance in the local
and Chicago wheat markets. There were no
news developments affecting the grain markets,
and the advance was due chiefly to the specu-
lative position Of traders.