New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-05
BONDS.
THE DAYS OPERATIONS IN STOCKS

THE DAYS OPERATIONS IN STOCKS.
Opening prices IN yesterdays stock market
were generally at sharp advances compared
with Saturdays close, but throughout the
greater part of the day the movement of values
exhibited irregulsrity. with last quotations well
under the initial figures. Although efforts were
made in the early dealings TO attract active
outside demand for securities, the so-called pub
10 failed to into the market and in the
greater number of cases transactions repre-
scented little beyond boardroorn traders opera
tons Sentiment however. more bullish
than recorded in Saturdays market The higher
prices on the London Exchange, the more reas-
suring from the Far East and the COM
parative ease IN money rates We're factors that
restrained bear activity and encouraged oper-
ators long of stocks 10 hold their securities
for better figures. Various attempts to create a
bear following were not successful. but the abb
sence of an active demand encouraged Irregular
fly and heaviness. OF the active issues Anal
gamated Copper, American Sugar Refining.
Atchison. Brooklyn Rapid Transit, St. Paul.
Erie. Missouri Pacific, Pennsylvania, Reading
Rock Island. Southern Pacific. Union Pacific and
the United States Steel sha1es supplied the best
part Of the days business These issues gener-
ally closed at net advances as compared with
Saturdays final figure. Cali money ruled at 5jA
per cent. as against II per cent at this time
year ago. In the foreign exchange market rates
We're trife friner.
The directors Of the United States Steel Cor
poration VIII meet to-day to take action on the
dividends on the common and preferred stocks
for the current quarter. They will also discuss
the demands Of the non-union steel workers at
the Carnegie mills regarding the proposed heavy
wage reduction which goes into effect this
month The threat Of these men to strike has
caused considerable uneasiness among the Of
fcers Of the United States Steel Corporation.
bur in yesterdays market il had especial ef-
feet on the securities Of this concern. Specula-
. tion active in the preferred, which fuc-
N tuated within a range of over 1 point while in
VI the common transactions We're relatively small
on a movement Of values that was confined 10
fractional variations. The market price Of the
latter stock suggests the passing Of the dividend
at to-day's meeting and If the directors decide
10 take this stock out Of the dividend column
It is not likely that the price VIII at present go
much below its current quotation According
TO Wall Street opinion there will be no change in
the rate on the preferred stock, and this issue
is now selling at figure which returns over u
per cent It may reasonably be supposed that the
market price viii gradually work toward a
higher level, unless the cOmpanys earnings
should show severe shrinkage this year It is
IN the iron and steel trade indicate that orders
for steel rails already booked for 1904 aggregate
about one-third OF the capacity OF the mills,
which compares with new orders year ago
amounting TO more than two-thrds Of the en-
tire capacity OF the plants The official price OF
steel rails for 1904 has been placed at the same
figure as prevailed IN 1903. but there is little
chance according to the opinion Of men who are
wei Informed regarding the trade. of large con-
tracts being placed at that price. 1t is well to
note that the United States Steel Corporation
will now be compelled TO face the competition or
the Iackawanna Steel Company. which begins
The new year with its STEELE ran mill in operation.
as well as the competition Of the Pennsylvania
Steel Company.
Considerable interest exhibited by Wall
Street IN yesterdays cotton market owing to
H NJ Neilrs estimate Of the cotton crop, snow
ing an increase Of more than one million bales
over the governments estimate of month ago.
On the Cotton Exchange prices reacted num-
her OF points but the bull leaders continued to
exuress confidence in the market, making the
prediction that prices in 1904 would run beyond
The high record of the last year AT the present
market quotations Of cotton the crop, as based
on the governments estimate. shows a money
value of over 5000 1000. and even If the price
should suffer q reaction OF several points the
South would still be richer by many millions or
dollars as compared with the last few years,
while the whole country would enjoy important
benefits with cotton at 10 cents a pound Every
Industry except cotton mills IN The South
ought TO be favorably affected by the Increase
In the value OF the cotton crop. and the OPP
tiraistic predictions that are now being made
by Southern business men regarding the outlook
OF The South for the next twelve months are not
unnatural In addition TO the profits that the
Southern planters viii make on cotton that sec
zion OF the country Will be helped by a yield Of
corn which Is many bushels in excess Of the
e,o,, in the preceding year The general bust
ness situation in the Southern States is re-
fs.ctel in the earnings OF the Southern Railway
ana other roads which depnd on the South for
,f.ir traffic These roads have presented, with
ou+ ir1portant interruption. gains in earnings
for the last year. and from current indications
There IS every reason 10 suppose that the volume
~ business ia 1904 viii show better results than
tn The wear Just closed. There has been good
buvtng OF the Southern Railway securities. The
preferred stock which pays . per cent, is selling
an a basis that returns over q per cent, while
tba = Issr cent bonds return over per cent
The DAYS OPERATIONS IN BONDS