New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-13
BONDS.
STOCK MARKET OPERATIONS.

transactions IN yesterdays stock marker Were
made I'D IN great part OF the operations OK inc
professional element, commission houses having
few orders FOR public account. dealings when
made generally being on the selling sioe- open
ing prices were under the preceding days close
fractional declines being recorded In most parts
az the list. while IN the greater part Of the day
The tendency was reactionsry. with the chief ex-
captions among the so-called specialties. as, foT
instance. Kansas CITY, Fort Scott and Memphis
rreterred and KeoIzuE and Des Moines, both ad-
vancing over a point The disposition among
tradere to change their position on the genera
market was based on the IDEA that Tor the mo-
rnent the more important interests had reureo
from speculation. and that In their absence IL
would be possible TO bring about lower quota
ton level The unfavorable government report
on the condition Of winter wheat served 10 help
along the theory that cheaper prices could be
established. It should be borne IN mind that the
government reports conditions as OF April 1. and
that since that time the crop has enjoyed I'M
provement in the chief wheat growing States
The weekly report received yesterday states that
the spring wheat seeding is IN full progress and
well advanced over the southern portion Of the
spring wheat area. No corn has been planted
north Of Tennessee and North Carolina, except
in certain portions Of Missouri and Kansas. 1t
is TOO early to speculate on the outcome OF THIS
years harvests. but IL the conditions in the
winter wheat belt fail TO continue 20 improve
the WELD viii be one Of the smallest on record.
based on the governments April figures.
After the early weakness in Union Pacinc
the stock was inclined TO rally. and at one time
ft sold well above Mondays last quotation The
reported remarks OF James J. Hill in effect that
efforts were being made by the Hartman and
Chicago Northwestern interests TO bottle UP
Great Northern and then force IL 10 sell out to
the Northwestern. while the Union Pacific would
take the Burlington and the St Paul the North
err Pacific naturally attracted interest in the
Street but the idea OF any such outcome Of the
rresent Northern Securities fight failed TO i'm
rress the majority Of Wall Street men as worthy
OF serious consideration. Mr.. Hin appears 10
be unduly alarmed and disconsolate. 1t looks
as if vigorous efforts were being made to Gre
ate sentiment in the Northwest adverse 10 any
settlement Of the Northern Securities case that
win throw the control Of the railroad situa-
ton into the hands Of any one interest. The
argument that any such settlement win create
n situation that might again call for federal
interference under the Sherman Antitrust law
IS advanced by Mr.. Hil. Gnd many people be-
lieve that the contention is well made. Trading
was moderately heavy in Union PaclEc, and
there was a moderate demand for the cOnverti-
bic bonds. but It Is not likely that Mr.. HIS re-
ported statement had anything TO do with the
movements in the two issues Foreign houses
were active sellers Of the stock. The really in
teresting movement in the days market was the
heavy dealings IN the United States Steel sink
ing fund bonds IN which transa ctions amounted
tn par value 70 over s. 100000. one firm bought
over So 100000 OF these securities, but there was
no known explanation OF the heavy purchases
AT present prices the steel bonds appear 10 be
a GOOD speculation, and the chances are that
the buying represents speculative purchases
rather than an indication Of developments in the
near future affecting their actual value
In the last hour Of trading selling became
more active. and prices declined with consider
able speed from the best figures OF the day
Sentiment was adversely affected by the an
rouncement that Attorney General Knox had
sent notice to the Hartman interests Of his OBJ
lection 10 the proposed Intervention OF those in
tsrests In the settlement Of the Northern Sc
c,srstses case. Quotations ended the day with
net losses OF a point more IN many Of the
active issues Union Pacific showing oonspicu-
Gus weakness, losing its midday gain and clos
snc at a net decline OF over = per cent. Money
market rates were unchanged while sterling re-
rnasned firm at the gold export point Additional
demands on capital were announced yesterday
d., she Rock Island Company and the American
Telephone and Telegraph Company. amounting
S20o00Oo0 on its notes at 3 per cent. and tAe
Rock Island company the balance at AZ per
cent.