New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-05-21
BONDS.
STOCK MARKET OPERATIONS.

C1OCh mhhhEl UfEhh11ONO,
While stock market trading was light in vol
ume. prices generally firm, with an adj
vancing tendency in the greater number of
securities In few issues. notably Union Pa
cifc. maximum Improvement amounted to as
much as l per cent, but in the greater number
of instances final quotations showed only small
fractional gains The upward movement in
Union Pacific. and. in fact in the entire list.
was helped by the announcement that the Har-
riman interests had reduced their claim in the
Northern Securities case for Northern Pacific
STOCK from SISOOOO00 Of the issue to ST1 COO
WV the dlnerence representing the amount paid
by j. r. Morgan & Co. TO the Union Pacific at
'he time or the merger. Naturally this de-
equipment tended TO create the impression that.
despite the suit brought by the Hartman in
terests against the proposed distribution of the
ASSETS OF the Northern Securities Company har-
Hony prevails between the Hartman and Nor
gan-HiH parties. or course If the present con-
test uoes not represent a bitter fight but n
friendly suit the influence on the securities mar
ket ought to be marked. OF the total business
III STOCKS the greater part was sunn1,ad IN.
An'dlsanated Copper, Atchison St Paul Penn
SSNah'a' Union Pacific. Brooklyn Rapid Transit
and United States Steel preferred WIZ H.
exception or Union Pacific. the advances In tho
sueS named amounted to less than | Der cent
"hlle the buying represented little bevond =
covering movement by the professional eIeman,
I"e!e Is considerable short interest in Union
racine and under present conditions ard +L
possiDiiity OF further important DEVELOPMENTS
ahectihg the property, it may not be wise to sell
lhis stock short at current prices. In we'll In
formed quarters predictions were rnade vastor-
gay mat Union Pacific would be the leader II n
genuine bull movement should develop.
Desplte the enormous shipments OF gold in the
week. amounting to more than SISOooOt0 the
preliminary statement of the movement OF
money indicates loss OF only 81. 623 900 in cash
held Dy the banks. This relatively small decline
was due 10 The large receipts Of currency from
the interior which amounted TO more than $40
Wo.co The banks shipped to the interior more
than S2.o0co, thus making the net gain on
the interior movement about SIS OOo ono In a1di
ton 10 receipts of currency the banks received
new gold amounting TO more than So 900 600 Of
which more than S2.O00OOO represented san
Francisco Mint checks and telegraphic trans
fers on account of imported Japanese ven The
banks received yesterday from the Sub-Treas-
ury large amount OF money in excess of paw
ments' the Sub-Treasury's debit balance
amounting to more than $0J0OO00 This was
due TO the payment to the fiscal agents Of the
Republic of Panama Of 100000 which was re-
ceived by j. p. Morgan & Co and deposited IN
will show in to-day's bank statement owing to
the average system, and it is impossible To make
any satisfactory forecast of this statement for
the same reason. II may be said however that
the statement viii be compiled on falling
averages the loss IN cash will probably BE-
greater than estimated in yesterdays prelimina-
~ figures 1t is generally believed that loans
have contracted materially in the week and II
is therefore thought that only small part OF
the loss in cash may be reflected in the reserve
above legal requirements.
Many people in Wall Street are pessimistically
inclined, owing 10 the natural reaction that is
now under way in the business world. and they
predict lower prices for securities, forgetting
however, that quotations are already at a low
level. and in the great number Of cases well
below the actual value of Investments Efforty
10 bring about cheaper prices are not meeting
with much success at present and there is no
good reason why any should part with securi-
ties at the current range of quotations. At their
prevailing prices stocks have discounted bust
ness reaction and sooner or later this fact will
be realized in the Street. 1t is not an easy mat
ter to buy good stocks at these figures, because
the floating supply is not large. the greater num-
Der Of securities being in the hands of people
who will not sell at prices which do,not repre-
sent intrinsic worth. There is nothing strange
about the present dulness in the country's in
dustrial activities. Trade is always light in a
Presidential year. but this year underlying con-
ditions probably stronger than they ever
have been before in a season of national POLITICAL
activity.