New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-27
BONDS.
STOCK MARKET OPERATIONS.

Stock market trading was again dull. on an
irregular movement of values. with unimportant
net changes at the close In the early dealings
efforts were made by the professional element
to bring about lower level of values. but its
success was measured by fractions only. In
deed after the first hour OF business the ten
dency appeared to be in favor OF higher quota
tions, especially in Atchison, st. Paul, Union
Pacific and Pennsylvania in the railroad list,
and United States Steel preferred. CONSOLE
dated Gas and American Sugar Refining
among the industrial shares The last named
stock advanced nearly points good
class Of speculative buying. This is the time
OF the year when an upward movement I'm
Sugar Refining stock may he looked for owing
10 the approach Of the season when the COM
pany enjoys heavy profits from the demand
for refined sugar. incident to the fruit canning
period 1t is interesting TO note that in good
times and in bad times the American Sugar
Refining Company has been an active dividend
payer. and that, despite the manipulation I'm the
companys securities. holders Of the stock have
always received most satisfactory return on
their investment. There a fair demand for
Union Pacific. and the character of buying sug-
gested accumulation Of the issue by people who
active buyers a month ago when the stock
started on it's upward movement, which resulted
in an advance Of over II points. Commission
houses we're not active factors I'm the general
list. while the brokers who supposed TO rep
resent substantial market interests were not
actively identified with the course Of trading.
Total transactions amounted to only 1877 Dol
shares, with the heaviest dealings in Steel pre-
ferred. Union Pacific. Sugar Refining ST Paul.
Southern Pacific and Atchson. In the bond
department heavy dealings were recorded in the
United States Steel sinking fund rs. While
many operators are hearish on Steel preferred,
they are inclined to buy the bonds the theory
that, matter how much earnings may decline.
the corporation viii always be able to make
enough TO pay the interest the sinking fund
issues. Final prices generally showed net gains.
Railroad earnings received yesterday for the
third week I'm April showed for ten companies
reporting. a net decrease in gross receipts Of
STA $50. nine companies reporting losses and
one company a gain. The most noteworthy fall
ing off in traffic receipts recorded by the
companies I'm the South and Southwest. notably
Missouri Kansas and Texas. which showed n
decline from the same week year ago OF over
$67 900: Southern Railway. which showed de-
cline of over $4,000 and Louisville and Nash
vile. which showed a decline OF over $4,000.
The Atchison. Topeka and Santa Fe Company
reported for the month Of March an increase in
gross earnings Of over S272,OOO and an increase
I'm net earnings Of 5000 900 The criticism has
been made that many Of the roads showing in
creases I'm net earnings in the last few months
have made their exhibits at the expense of the
physical condition Of the properties. In answer
to this it may be said that the various COM
panies. especially the Atchson and the so-caled
Hartman roads have in the last six years spent
enormous sums for the physical betterment OF
their properties. and that these companies are
now in a position to decrease their opera ting ex-
penses without injuring their physical condi-
ton The decline in railroad earnings repre-
sents Of course. a reduction in the volume OF
general trade i'm this country, but it should be
borne in mind that comparison is made with
a period n year ago when earnings were break
ing all records.
There was no change i'm the local 10Y mar
ket situation. while i'm sterling exchange rates
continued to rule at the gold exporting point.
At present quotations for sterling the profit in
shipping gold is not large, but It is heavy
enough to encourage outward movement Of
the metal. An enga cement of 100000 gold was
made for tO-morrOw's steamer. while Il was
reported In foreign exchange circles that further
shipments Of the metal would he made by this
steamer and by the vessels sailing next week.
Money lenders unable to secure X per
cent for call funds Ia per cent being the best
figures they could obtain. Time money rates
were not affected by gold shipments. and in the
money market IL not thought that there
would be a material change I'm rates in the
course of the next few weeks. despite the posi-
biity of further large shipments OF gold to
Europe. So far this week the banks have lost
in their operations with the Sub-Treasury over
81. 100000. In the time o week ago the
banks gained over 100000. AS bank reserves
unusually large 1t viii require a large loss
before quotations for money Will reach higher
figures. 1t reported from Washington be
fore the close OF business that the payments on
Panama Canal account would be made by
syndicate of Paris bankers which would advance
tho $40 600 600 required drawing on the United
States Treasury for that amount. As the Treas
ury intends to its deposits in national banks
for this payment this announcement is of little
significance as affecting the local monetary
sit nation