New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-05-13
BONDS.
STOCK MARKET OPERATIONS.


Stock market values were weak throughout
the day on a volume Of business that showed
a decided increase. as compared with the oper-
atoms of the last few weeks Bear pressure
was again directed against the United States
Steel securities. and, in fact, against all of the
iron and steel issues, heavy selling being re-
ported in Republic Iron and Steel preferred and
moderately heavy liquidation in Tennessee Coal
and Iron. There were no news developments
affecting this department of the market, but the
general sentiment among spectators was bear
ish the iron and steel shares the theory
that earnings in the trade in the next few
months would show a material falling off. as
compared with the same period a year ago.
United States Steel common made new low
record, while the preferred sold down point,
closing at n net loss OF 1s per cent. London
houses sold stocks I'm the local market. and IN
many of the commission houses sales were re-
ported for the account OF customers who have
been holding to their accounts for n long
time in the confident expectation that the mar
ket would rally to point which would permit
them TO dispose OF their securities at a profit
Evidently the developments of the last few days
In the foreign exchange market the adverse
government crop report. the signs of business
reaction throughout the country and the dspo-
sition Of the speculative element to hammer TIE
market have created n certain amount of alarm
among timid holders OF securities, inducing them
TO offer their stocks for sale.
While the greater number Of issues were weak,
Amalgamated Copper again firm and In the
early dealings showed an advancing tendency on
a fairly active volume Of business. There has
been good support in this security in the last
few days. and the efforts Of Mr. Lawson OF
Boston. TO create alarm among the holders OF
the stock have failed TO bring out any important
nm oFt 81
at its current price is far different proposition
from Amalgamated Copper at 100. and. accord
ing to the opinion Of competent market Judges
the price OF the security at the present level is
well under the actual value %. the shares based
on the present and prospective earnings OF the
company. Atchison common was under selling
pressure; also Pennsylvania, Union Pacific Con
solidated Gas and the railway equipment shares
The last named stocks were not offered I'm heavy
amounts but sales were sufficiently large 10
cause material weakness in these issues. Amer
lean Car and Foundry preferred, for instance
sold down over / point, but the sales did not
represent actual Investment holdings Efforts
are being made 70 bring about lower level for
the American Car and Foundry stocks by a GER
tain speculative element. which is endeavorinR
to induce investors in the company 10 baIia,a
that the outlook In the car building business IS
so poor mat dividends on the preferred stool,
VIII have TO be passed. 1t may be said on the
authority or officers OF the company that while
the orders for cars have declined I'm tho lac.
year, earnings OF the concern are largo ano,,rb
to pay dividends. and that there is no possibr
lty OF any change being made in the rate on the
preferred stock. The railroads have been ont of
the market for some time for new eauipn,ent
Out they VIII soon be compelled to increase their
orders IN order to maintain their service in q
manner which will protect their earning nov,or
The early decline in Consolidated Gas vras d.,
TO the announcement from Albany that Governor
OdeH had vetoed the Remsen Gas bill Action
OF TINS sort on the part Of the Governor was er
pected, and II therefore caused no surnrieo .,
the Street, while before the close Of tho r,.l,ot
the company's stock advanced g points above
Mondays final figures
cold to the amount of 100000 was engaged
Tor export by to-morrow's steamers bripcir-
The total for the week to S1S5OOOO0 AS tbis
amount has not been Offset by receipts NJ chr
rency from the interior or nv recein+. 80 ~
anese gold the chances are that the u,oo1,I,
statement Of the associated banks will chou. .
large railing off In cash and reserve HOLDINGS
Inc erect OF large gold exports is reflected I'm q
slBhty nrner market for call and time money
II the outward movement Of the metal co1
tnues at It's current rate reserves will SOON Ia
Drought 10 point that viii encourage mucb
higher rates for call and time funds and +be,,
gold shipments Will cease The government bas
so far called for $42,O000OO Of its deposits from
the banks and it is understood that in the
course OF week it will make a third call fo,.
HloVoo0OO on Panama account As govern
ment receipts are rapidly falling behind ax-
pehses' 1t is quite likely that the Treasury will
De compelled to make material reduction In It's
deposits in national banks In the next few
months. Receipts for the fiscal year to date
have been under expenditures by over $4,000
900, while since the first of the year customs ro.
ceipts have decreased 500, 100000 as comnarad
with the same time year ago It is interest
ing to note that the Japanese loan has been
oversubscribed both I'm New-York and London
Spectators who watched yesterdays marker
carefully appeared to favor the opinion that the
extent OF the short interest was large enough
70 bring about q material rally in nuotat innn