New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-06-10
BONDS.
STOCK MARKET OPERATIONS.

Trading in Yesterdays stock market was light
In volume on an irregular movement or values
that showed unimportant net changes az the
close. In The early dealings a fair degree OF
strength was exhibited by the greater number OF
issues hut in the subsequent forenoon traIlsac-
lions a reactionary tendency developed. whlch
carried ouotations for the majority OF issues
under the closing figures Of the preceding Gay.
In the afternoon price movements were confined
10 fractional limits. last figures presenting more
net gains than losses. Commission houses while
vet active factors in speculation. reported a
growing disposition the part OF their Gus
toners to investigate the chances Of prohts on
the long side of the market, while bond houses
received enough encoura cement from people who
have money available for investment TO suggest
the probability OF further expansion III the mort
gage issue department OF the Stock Exchange
The advance of the preceding day was not fol-
lowed by aggressive operations for higher prices
ON the mart of the professional element, its fail
,lre TO take an active interest on the bull side
Of speculation apparently being due TO the abb
senoe OF heavy buying orders for the account Of
the so-called public. The professional traders.
however were not disposed to make important
commitments on the short side Cnwilllngness
on the part OF the trading element TO make
ventures for lower prices is a noteworthy feature
OF the current trading, and it suggests the laed
that the board room element is convinced That
considerable danger is attached TO the short SIDE
Of speculation. The heaviest dealings were IN
Amalgamated Copper, Erie, Reading Union IA
ciac United States Steel preferred 81 FauA anu
pennsvlzania. In these shares price changes
er,ounted TO insignificant fractions. There was
no activity in Ontario and Western and Chicago
and Great Western. the two stocks which in the
carl, mart of the week supplied large proper
sion of the total dealings. II may be recaAeo
that the decline in Chicago Great Western Is
Sues a few days ago was accompanied py re-
morris of a heavy falling off in the company >
earnings. The report Of the company Tor April
(which was received yesterday, did not make d
particularly bad exhibit gross receipts showing
a loss Of 1851 and net receipts a loss OF soo'-
Ss5 as compared with the same month 9eai
AGO. II was said yesterday that the-dlFec'orS
% the company might decide 10 reduce the
dividend on the preferred A stock to per cent
Even ct per cent the stock at It's present pi lee
,vopl5 he extremely cheap. As a rule, earnings
recaiyed Yesterday were unfayorable, the New
York Central for instance. showing a loss IN
gross for the month Of May Of S33-'voo
In well Informed Wall Street circles conserFa-
tive bulishness exists. And in the greater num-
her of commission houses sentiment is becom-
ing more cheerful, while brokers are beginning
N figure ON a market which VIII outgroW uau-
arc'd dimensions. AareiQl OhSttNtIo u AliN $50
market and conditions which govern the actual
value Of securities maintain that, despite the
approach OF an active political campaign ana
she possibilities OF a further reacuonary ten
6encv in trade there is no reason for the current
extreme dulness in Wall Street and no reason TO
look forward 10 a period Of permanently lower
quotations 1t would not surprise oldtime oroA-
ers if the market should develop bull activity
before the political conventions while they VIII
he greatly disappointed If the market OF the last
few weeks has not marked the dullest perloo OF
the year IN circles where wide view or the
situation IS taken there is no indication Of un-
easiness over the effect of the political cam
paign on the country's industries. and there is
no besitancy on the part of the best Informed
and most careful thinkers IN the Street TO pro-
coed with their operations on the confident ex-
pectation that there viii be no change IN the
national administration a result Of the No
vember election II is pointed out that there Is
no intrinsic or underlying weakness IN the busi-
ness or financial situation in this country, and
that even II a Democratic candidate should, 10y
some unfortunate chance. be elected Il would be
impossible for him to institute Democratic re
forms" as he would not be backed by Con-
gress with Democratic majority. The business
men OF the country are not going into bank
ruptcy as a result Of politics. is Wall Street
going 10 make assignment because the stock
market is dull and railroad earnings on many
roacs show decreases from year ago.
Reports from the iron and steel trade are not
AT all discouraging. and, matter of fact
the volume OF actual business which is being
handled in the various lines OF the countrys in
dustries is larger than in the greater number OF
preceding years the reduction from last year
not being OF large proportions. Last years trade
records il should be borne in mind, were un-
usually heavy. The rapid growth of population
I'm the United States lnsures an Increase in this
demand for consumption. and after the present
healthful reactiOaary movement in trade this
factor viii be reflected in expansion IN business
and q growth in both gross and net income
Bearing the fact IN mind that the stock marke
has more than discounted the unfaVorable feat
ures in the situation, Wall Street should accep
, the theory that the tendency OF securities ough
soon 10 be in the direction Of higher figures, dis
coupling the return OF aggressive operations II
all lines OF work. II the crops turn out well thi
yea, which from current indications may b.
counted OF. the man who finds himself short O
stocks may have extreme difficulty in securin.
enough money TO pay his living expenses Their
IS big short interest already in the market an,
when this clement begins TO cover there nav b
some lively upward moves in prices.
TEE nnNsS nRE