New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-15
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
Trading in yesterdays stock market light
In volume irregular movement Of values.
with last prices generally at net losses. Com
mission houses were not actively identified with
the speculation. while the more important mar
ket interests showed disposition to deal
on either side OF the account Fluctuations in
quotations confined to fractions with the
exception of a few issues in which trading was
based on developments affecting the properties
which these securities represent An instance
OF this tendency noted in Mexican Central,
in which operations were unusually active. ow
ing to the various reports regarding the future
OF the Mexican Central company. Holders of
Mexican Central stock apparently are under the
impression that a reorganization of the COM
pany will soon be effected. and that they will
be called upon to pay an assessment on their
stock Undoubtedly the interests who control
this property working out some scheme by
which n readjustment of the company's flnan-
cial position Will be brought about. There are
many good reasons why capitalists should in
vest their funds i'm Mexican enterprises, and
there is no for the security holders OF the
Mexican railroad properties to feel uneasy over
the outlook far as the Mexican railroads and
Mexican Industrial activities are concerned. IL
may be recalled that holders Of many Of the
American railroads securities ten years ago
were forced TO contribute a certain amount OF
,,cnav IN each share Of stock that they held IN
order TO bring about a reorganization or the
nroper+ies in which they wero interested. ana
that within the last few years they have been
able 10 realize handsome prohts on their orig
ina1 investments. including the assessment I'M
der the reorganization plans. The chief acuN-
g.. IN the davis marke. was supplied by ST
~. iFfr
c,6c Wabash preferred and Consolidated Gas.
Ruv,ne of Consolidated Gas WAS based on the
report that Mayor Mcclellan would approve the
so-c.lIed East River Gas bill which recently
was nushed through the state Legislature. This
ranort originated in Wall street. hut II was
sufficient to induce buying Of Consolidated Gas
et prices ranging from 1881 TO above NJ y
The upward movement. however in thls issue
induced realizing sales. and the close was well
under the highest quotation Union RACINE
again moved in a most irregular manner. FL
forts were made 10 carry the stock to a higher
,a,el hut whenever the price advanced offer
,nes were freely made. and as a consequence
the bull element found it impossible to estah-
Itch a higher level for this security. TIE final
nrica showing a loss. When It was announced
that the decision In the Northern Securities
case at St Paul would be deferred Tor several
DAYS the general market became exceedingly
dull with operations generally tending toward
the short account Foreign houses were buyers
I'm the local market, their heaviest operations
being i'm Southern Pacific and Union Pacific.
There were also sales for foreign account in
Atcbison and United states Steel shares. The
so-calIed specialties again moderately ac-
tive features. especially the National Lead is
sues and Keokuk and Des Moines There was no
news affecting the actual value Of these securi-
ties but in the case of National Lead buying
was said 70 be based on the expectation of de-
velopments in the near future affecting the
actual worth OF the company's securities. n
fair demand was reported for st. Louis South
western preferred. This issue has been inactive
for many months, and the resumption OF buying
doubtless indicates renewed interest in the
Southwestern securities by people who are we'll
informed regarding the position of business af-
fairs in that part of the country. st. Louis
Southwestern is Gould stock. In connection
with dis point it is interesting TO note that the
Wabash debenture BIS were active features In
the bond market
There was no material change in the money
market, but sterling exchange was again firm
and at the gold export point. The reduction in
the Bank of Englands minimum discount rate
was responsible for advancing tendency in
long sterling The position of the Bank of
England and the Bank of France does not indi-
cate the neeu OF SOiu exports from tnlS Sue,
but despite the strong situation of these insti-
tutions the chances that further shipments
of the yellow metal will he made from New
York in the course OF the next few weeks. The
balance of trade is running against this cOun-
try a reflection OF which is presented in the
country's foreign trade statement for the month
of March issued yesterday by the Department
Of Commerce and Labor. Exports in the month
Shove a decrease from the same month year
ago Of S13.2S0. 29i, while the excess of exports
over imports amounted SIS, II | ,2:}J. COM
pared with $50 Sti3 .Io1 i'm the corresponding
month q year ago. There is one encoura ging
feature of the statement. namely. the increase
I'm exports of manufactures. which amounted I'm
value 10 over $4.0O0,0OO, comparison being made
with the same time In 1903 If il had not been
for the great loss in the exports of cotton and
breadstufs the exhibit of our foreign trade in
the last month would have been most satsfac-
tory Compared with March year ago i'm
ports decreased in value nearly $1,000 00 An
interesting news development of the day which
eventually ought TO exert favorable influence
on the stock market. was the settlement OF the
grain rate war between the Western railroads
The leading officers of the Western roads which
have been cutting rates for the last few months
met i'm Chicago Wednesday and arranged set
Element which will be ratified next week