New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-19
BONDS.
THE DAYS OPERATIONS IN STOCKS

THE DAYS OPERATIONS IN STOCKS.
Transactions In yesterdays stock market were
light in volume a movement Of values that
generally tended in the direction Of lower prices
Total dealings amounted TO less than 2ooVoo
shares compared with a total twice as heavy
q week aEo and three times large on the same
day In 1908. Commission house business was
not an important factor In the days dealings
while the operations Of the larger speculative
interests were not heavy enough to influence
the course Of trading. Opening prices showed
irregular changes compared with Saturdays
final figures. In a few issues sharp upward
movements were subsequently recorded. notably
Consolidated Cas- which advanced to 2OI1a
against Saturdays price at 20514. and New
York Air Brake stock which small dealings
ran up over 2 points to 136. the closing price.
Consolidated Gas. after advancing, declined to
eos ending the day at only fractional net gain
The failure Of the United States Circuit Court
in ST. Paul to hand down decision in the
Hartman intervention suit apparently exerted
an adverse effect sentiment and induced
transactions for the short account Union Pa
cifc in the early dealings advanced Il per cent.
but gradually lost its gain and declined a point
further. Transactions in this stock were heavier
than in any other issue. amounting TO nearly
$4,000 shares. with the last quotation under the
final price in Saturdays market. Wabash pre-
ferred again exhibited fair amount of strength
on buying for the account OF operators who be-
lieve that the future position Of this security
will be vastly improved by the increase in traffic
which the Wabash company Will receive
through its Pittsburg entrance. The United
States Steel stocks moved within narrow limits.
the annual meeting OF the company's stockhold-'
ers failing to cause any material fuctuation in
the price Of the preferred or common stock.
49, rN,1H pff ia
Germ who evidently are not satisfied with the
methods employed by the present management
OF the corporation. but they are not strong
enough In numbers to bring about any change In
the directorate. In the final dealings covering
OF shorts was responsible for moderate rallies
from the low prices OF the day.
Reports received yesterday from Western rail-
road officers indicate smaller volume OF rail-
road traffic than at this time year ago. but
in comparison with other years the tonnage is
most satisfactory. Traffic men do not look for
material improvement in the course OF the next
month. owing TO the fact that mercantile busi-
ness has been curtailed is usual at this period
OF the year. due in great part TO the fact that
the agricultural community is busy in the fields
The farmers at this sea son In the great Western
wheat and corn belts lay the foundation for
the profits which later in the year they will
spend in the general commercial markets. Re-
ceipts Of grain at Chicago in the last week
showed falling off from the preceding week
OF over $4,000 bushels. but they were over
$1,000 bushels heavier than in the same week
in 1903. According to the advices received by
the Eastern representatives of Western rail-
roads. the crop situation is far better than re-
fected in the governments April report. ana as
a consequence there is no disposition TO exhibit
alarm over the prospect for winter wheat.
few weeks Of good seasonable weather will
cause 4 vast difference in the Western crop out
look
The further expansion in local bank loans. as
reported in Saturdays Clearing House state
ment encouraged certain traders 10 work for
lower prices in yesterdays early dealings, but
there was little response from holders of securi-
ties Loans are at a record breaking figure and
II they were not we'll secured there might well
be occasion for acute uneasiness. The New
York banks are ably managed, and they
careful to exercise close scrutiny of AL col
lateral offered against loan accommodation. OF
course, institutions of the mushroom variety
such as the Federal Bank. which recently was
forced to close its doors. make bad loans and
suffer accordingly. In speaking Of New-York
banks, however. only the representative insti-
tutions which practically control the banking
business in this city are included. The tendency
among railroads to increase their obligations
by raising money their notes suggests TO
many minds the possibility OF adverse develop
ments in the maturities Of these loans
should come at a time when railroad earnings
begin TO reflect depression in the countrys bust
ness While the policy of the railroads in bank
ing on expectations may lead to trouble among
some Of the roads, the banks which advance
money to the railroads on note issues are well
secured against loss. and bank depositors there
fore need not concern themselves with the will
ingness Of the banks to advance money to the
railroad companies The notes themselves are
excellent securities, inasmuch as in case Of n
nancial difficulties among the roads they would
rule ahead of stock issues.