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

Stock market trading light IN volume
throughout yesterday on a movement of values
that showed many small net advances at the
close The remarkable bullish interview with
&. II. Hartman, which published in yes
terday's papers. was an important factor in
creating improved sentiment in speculative cir
cles. the effect Of which especially notice
able in the shares OF the so-called Hartman
roads. which were all strong and higher There
fair demand for Union Pacific and South
ern Pacific from the shorts. but there was no
marked increase. however, in the volume Of
regular commission house business. While
Mr.. Harriman's remarks his observations OF
conditions in the West were effective in help
ing the greater number of issues. the steel
shares were under moderate selling pressure
account of the disruption OF the Bessemer
pool at Cleveland. 1t was generally thought
that this action would exert an Injurious in
nuence the iron and steel trade. although
among the iron and steel men in this city no
particular alarm was expressed over this latest
trade development. Rock Island preferred was
noteworthy strong feature advancing over .
points moderately active transactions. but
the common stock failed to show particular i'm
provement. Buying OF the preferred appeared
10 be inspired by interests identified with the
property. who have recently expressed favor
able ideas regarding the current and prospect
I've business OF the Rock Island system. The
bonds were also active features
Trading exhibited further duIness in the
afternoon while prices moved within the small
est fractions. final figures showing unimportant
changes as compared with the best figures that
were made earlier in the day. In the railway
list the heaviest dealings were supplied by
Pennsylvania Reading, Southern Pacific Union
Pacific. Atchison and Mexican Central The
last named stock was heavy under profit sales
for the account OF people who bought the
stock wher II was selling points lower few
days ago. In the Industrial department activ-
ity was confined TO Amalgamated Copper.
United States Realty preferred and United
States Steel shares. Sugar Refining on small
dealings advanced over a point. There was no
change In the local money market and huctua-
lions in sterling exchange were unimportant
Gold TO the amount Of 81 10000 was engaged
for export.
The total amount Of money in circulation in
creased In the month OF April S1GO05.912. ex-
elusive OF government holdings Including the
amount of money in the United States Treasury
increase in the amount Of money in the coun-
try i'm the month was due 10 increased
gold production in this country and re-
ceipts OF the metal san Francisco
from Japan. the gain in gold coin I'm circula-
ton amounting to over S5GGOOIO while gold
certificates representing gold deposited in the
Treasury showed a gain OF Sl4. J0S. 900 Com
pared with a year ago the amount OF money I'm
circulation in this country increased over
Sl5SOo0Ooo while compared with twenty-five
years ago the t1lal amount Of money exhibited
a gain Of So 3TS.414. In that time the gold
in the country outside Treasury holdings
rose from s96OOOO 900 TO S656 100000 Based on
the estimated population in the United States
Of S1,637.OOO. the circulation per capita on May
! amounted 10 S31 Or In view of the enormous
amount OF money In this country rs indicated
i'm the ofro al government statement as OF
May |. IL Is natural that the banking
munity is not at all alarmed over the monetary
situation and the possible influence which the
outward movement Of gold will exert on money
rates
Money is so cheap at this centre that g 10
more profitable TO send funds abroad where bet
ter rates can be secured and It would he a
most fortunate development. according TO the
bankers point of view. If the local plethora
Of money should he reduced 20 point where
higher quotations for loans could ne secured
When call money IS put out as low one-half
81 per cent. as il was in Tuesdays market
there is little profit for the bankers. In con-
nection with the low price OF money. the point
is made that. while the large subscriptions 10
the latest municipal loan We're satisfactory
far as offerings we're concerned the price
cured 10y the Controller disappointingly
small Time loans for n period running over
the first OF the next year can he negotiated in
this city AT / per cent, and il therefore seems
unnatural for city 3is per cent bo-ds TO sell At
a trihe less than 10l. From the buyers point
OF view OF course. the price high enough
but in The present condition Of the bond mar
he, II does not appear probable that tho syndi-
Gates to which these bonds Will be awarded will
be able to sell them AZ material advance to