New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-14
BONDS.
STOCK MARKET OPERATIONS.

There WAS little life in yesterdays stock mar
lxet transactions being confined in the greater
number Of issues TO the operations Of the pro
fessonal element, which showed no disposition
20 trade actively on either side Of the account
Price movements exhibited frregularity. Early
declines were followed by Insignificant rallies
which in turn were succeeded by further losses.
while before the close another rally developed.
leaving net gains predominating in the final
,r,otations Declines when made. were unim-
rortant and the same thing may be said OF
gains except in a few cases. notably Reading
second preferred. which advanced per cent on
the announcement Of an increase in the dividend
rate on the stock. Western houses sold Union
Pacific. and It was reported that the so-caIled
Western element was bearish on the whole list
despite buush interviews circulated by Ger
tain Interests. which are supposed TO represent
she orinion OF some OF the big Western opera
tors Sales Of Union Pacific were moderately
heavy. but from the low point at S5l9 there
was a recovery Of more than a point. from
which q further reaction took place. The move
rnent Of this issue was extremely irregular, ap-
1,arently rejecting mixed sentiment among
traders regarding the best position TO take on
the stock. Pennsylvania was strong; also st.
Paul It is understood that the short interest
in the first named stock is still large, while II Is
known that the general short account has been
largely Increased in the last two days Bonds
showed a contraction in the volume OF business
as compared with the preceding day, but there
were again fair dealings in the United States
Steel sinking fund 5s-
There was material change in the money
market but the rates for sterling were again
firm exhibiting an advancing tendency More
gold was engaged for export while 1t was re-
r,orted in foreign exchange circles that lnulca-
+ions pointed TO the shipment Of consloeraolI
amount Of the metal in the course OF the neHt
few weeks There are various factors In the
exchange situation that may prolong the golo
.,-,ort movement for several months but 1t
should be borne in mind that the local monetary
situation is in an excellent position TO Withstand
a drain for European account without the rear
OF acute disturbance in rates for loans There
&c more money in the country than ever before
recorded the New-York banks alone showing
an increase in cash holdings. as compared with
this time year ago. OF S69.345,Goo 1t Is re-
ported that the demand for mercantile paper Is
improving both for the account Of local ana out
Of town banks. The supply. however. Is not
heavy Call money is now lending at IL per
cent as against rangeof 3a< 10 IA a year ago.
II is interesting to observe that the short time
notes that are being put out by railroads and
other corporations find ready market ooth
here and IN Europe instances OF which are re-
ported by the Rock Island and the American
Telephone and Telegraph Company, which have
lust sold the entire amount Of their note issues
which were announced on Tuesday
An encourag ing feature Of the business STU
alton is the continued Improvement in the iron
and steel trade evidence Of which is presented
in the weekly report OF The Iron Age Fro-
5ucfion IS returning to the normal. reflected
IN the fact that on April the furnaces In blast
had a weekly capacity OF 334.207 tons. as com
11sred with Dos 751 on March ]. Exports are not
fncrea sing but the inquiry for home consump-
ton shows a rapidly expanding tendency.