New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-29
Xxx dividend
BONDS.
STOCK MARKET OPERATIONS.

The tendency IN prices IN yesterdays stock
market was. as a rule, in favor of lower quota
tons declines at times being heavy enough TO
encourage the expectation in circles where the
recent advance was opposed that the JanuaT"
l,oorn had run its course ana that IN the next
few weeks declining values would be the charac-
tertstic feature Of speculation. This element
contends that as there has been rise in values
In the last two months of from 10 to 20 points,
with even greater Improvement in a number
of issues the market is entitled to good sized
setback and II is operating In accordance with
this theory. It's IDEAS however. are not IN
dorsed by the leading speculative interests IN
the Street. The general opinion among the peo-
zle who have been the chief factors in the bull
market OF the current month is that prices Will
record further advances before a material
downward movement Of any size develops. This
opinion. however. reflects the views Of people
who are financially interested IN seeing higher
quotation level. but they have nevertheless.
many sound arguments to support their posi-
ton The bear party is encouraged by the ac-
ffvfty OF Mr.. Bryan, as It argues that there is a
possibility Of the Democratic nomination going
TO him again. or else 10 some men Identified with
the Bryan element OF the Democratic party.
The nomination Of a Democrat Of the Bryan
type might frighten n few investors, but II
would hardly induce alarm among the rank and
file OF Wall Street.
In the early dealings there was fair demand
for various issues. and on the decline in the
afternoon offerings were well absorbed. The
first evidence Of weakness developed in United
States Steel preferred, which was vigorously
attacked by traders. and after soft opening
it ran down to 561s. ending at 56A, net loss
OF IL points as compared with the preceding
days close. There were news developments
affecting the company. but the reports from the
iron and steel trade were not especially
couraging. according to the Wall Street traders
point of view The Iron Age" however. says
that "the volume OF current business, with the
exception Of some branches" is disappointing.
No one is looking for boom in the iron trade at
present, and the fact that the activity that
marked the industry a year ago is not feature
OF the present market for iron and steel prod
ucts ought not 10 cause disappointment. Bust
ness cannot boom ct all times, and healthful
reaction viii not plunge the country into bank
ruptcy. There are no signs OF intrinsic weak
ness IN the general business situation in this
country. The underlying conditions are sound,
and m well informed circles the idea that the
current year viii be a disastrous one Except
for the Democratic party is not for a moment
entertained.
The heaviest losses IN the day were made by
AInalgamated Copper. Sugar Refining. Baltimore
and Ohio st. Paul. United States Steel preferred,
Pennsylvania. Southern Pacific Union Pacific,
louisville and Nashville and Tennessee Coal ana
Iron. In which declines were over / per cent,
while elsewhere in the active list reactions OF
per cent and less were common. Weakness IN
Pennsylvania and Missouri Pacific was accom-
panied by reports that hitch had developed in
the alleged negotiations for q settlement OF the
so-caled differences between the Pennsylvania
and Gould Interests. AS a result OF the days
decline II values sentiment among the people
who keep their eyes glued 10 the ticker through
out the Stock Exchange session was depressed,
and predictions Of a most pessimistic nature
were INDUCED in. There was no change Of I'm
portance IN the local or foreign money markets.
and the only feature Of the day outside the Stock
Exchange was the advance IN cotton to a new
high level and active bun speculation on the
Coffee Exchange. Many people who take the
time TO recall the troubles from which the stock
market suffered last year are wondering If there
Will not be similar disturbances in the cotton
market. July cotton touched is cents in yes1er-
days trading. Wall Street was bothered by war
runors throughout the day. bat there was noting
in the foreign markets that encouraged the be-
lief that hostilites IN the Far East are imminent
The market closed weak and not Tar from bottom
prices.