New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-05-10
BONDS.
STOCK MARKET OPERATIONS.

Stock market trading was again extremely dull,
while values generally moved within fractional
fluctuations, showing a few more net losses
than gains. There absolutely no demands
from commission houses no interest on the part
of the more important speculative dealers and
little disposition among the board room traders
TO deal extensively on either side of the ac-
count. In the usually active issues transac-
tions were confined to small share lots the
heaviest operations in any issue amounting to
only 1920 shares in United States Steel pre-
ferred. The days dulness not explained
by news developments. There was little in
the general situation to encourage activity either
for the short long account. while there was
nothing in general developments affecting the
financial and business situation to create en-
thusasm in quarters where large orders for
securities often originate. Traders were uneasy
over the money market situation. despite the
fact that rates for loans ruled at an extremely
low level II thought that higher rates
would soon develop. and that the price of money
might advance 10 point which would drive
prices of securities to a lover quotation level
The idea that money will advance is based on
the showing of the local banks for the last
week Saturdays bank statement presented
loss in reserve above legal requirements of
over 100000 while cash declined over Sc
100000. At this rate of decline bank holdings
will soon reach a point that will encourage
much higher rates for money. but it is not GER
tain that the changes in the last week accu-
rately foreshadow the results OF the next few
months. Owing to the reaction IN the coun-
trys industrial activities money will probably
continue to move toward this centre for long
time TO come, and II is therefore likely that
part OF the future loss on gold exports will be
offset by receipts Of currency at this centre from
the interior Fortunately the stock market is
in a position 70 stand adverse developments
so far as technical conditions are concerned
Securities are in the hands OF people WHO are
we'll provided with money. Weak accounts have
been eliminated. evidence Of which is presented
in the failure Of the board room element 10
bring about important declines in prices on the
development of unfavorable factors
OF the total business in stocks the greater
part was supplied by Amalgamated Copper. the
local traction shares Louisville and Nashville.
Pennsylvania. Union Pacific. st. Paul. United
States Steel preferred and Corn Products. In
the last named stock there was a decline OF over
. points in the common and over points in the
preferred the loss being due 10 speculative
operations based on unfounded rumors regard
ing the condition OF the company. It may he
stated on the authority Of people Identified with
this concern that the present position Of the
company is far stronger than II was few
months ago. Consolidated Gas on small deal
ings declined 2 points. the selling Of this issue
being accompanied by reports that Governor
Odeu would hand down decision unfavorable
TO the Remsen Gas bill An advance of over
! point in Louisville and Nashville was not
explained by news developments affecting the
company. 1t is likely that operations in the
stock for rise were based on the favorable
statement regarding the value Of Louisville and
Nashville by one of the local Wall Street news
bureaus Call money continued to rule at Ia
per cent. while sterling exchange showed no
important fluctuations.