New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-27
BONDS.
STOCK MARKET OPERATIONS.

Transactions IN yesterdays stock market were
moderately active on a movement OF values that
exhibited great irregularity. with many more
net gains than losses at the close. the active
Issues showing q rule improvement over the
preceding days close. Weakness in the foreign
markets on further adverse reports from the Far
East was responsible for heaviness in the local
exchange at the opening, but after the first hour
OF business prices gradually presented stronger
tone, while in the afternoon the greater part Of
the list moved slowly toward a higher level,
with the best advances recorded by American
Locomotive Pennsylvania, Sugar Refining,
Atchison the Gould stocks. United States Realty
preferred and some Of the specialties. There ap-
peaEed to be good demand for Atchison Penn
sylvania, Union Pacific, Wabash preferred, St
Paul. Rock Island and United States Steel pre-
8erTed, which supplied large proportion OF the
total dealings. and efforts by the bear element to
bring about a lower level for these issues were
not successful beyond fractional reactions at
times. In the London market all classes of Sc
curitfes were weak while on the Continental
bourses public securities were heavy under the
influence OF pessimistic reports regarding the
war outlook as affecting japan and Russia
In the final dealings there was a general COW
eTing movement throughout the list, and
consequence final figures generally at the
best Of the day. In the morning commission
house sentiment was somewhat depressed. owing
TO the reaction OF the preceding day but the
advance IN the afternoon encouraged renewed
operations for this account IN all Of the active
issues. An excellent demand developed for
American Locomotive shares chiefly the com
mon, which advanced for the day over three
points II is understood that the company's
earnings are keeping up remarkably well, and
that the railroads are again placing liberal or
ders for locomotives. There are various good
reasons for bull sentiment on the railroad equip
ment shares. and the chances are that these
stocks win show material advances in the cur
rent year as compared with their low level Of
the last few weeks. Such stocks as American
Car and Foundry preferred and American Loco
motive preferred are largely held by investors
who are well informed on the financial position
and the prospects Of the companies, and they
believe that they hold as intrinsically valuable
investments as any Industrial security on the
list It is interesting to note that within the
last two weeks there has been good demand
for Industrial stocks Of merit. The sound Is
sues selling at remarkably low level. far
below their actual worth and at figures that
yield q large interest return. the preferred
shares fer instance. netting the investor from
z 70 upward Of 10 per cent. There many
industrial securities that are as safe as the
first class railroad stocks, and eventually this
l&CL VIII DC 6lpESCldlSu " Alla4ly AiLOLS pSOPLe
than realize It at present.
There was no change Of importance IN the
money market but in foreign exchange a
heavier tendency developed. The local banks
received large amount OF money on tele-
graphic transfers from San Francisco and
further additions on the direct movement Of
currency from the interior. Borrowers in this
market ind no difficulty in securing loans at
liberal terms, while the outlook appears to
<avor a situation OF this sort for several months
10 come. People who have been talking dollar
wheat were disappointed over the course Of the
wheat market, although the MONDAY break was
followed by a recovery. Experts on wheat
however. continue bullish. Cotton was irregu-
lar, and well defined attempts 10 bring about a
lower level Of values apparent. The New
Orleans contingent IS still predicting higher
prices. II is natural that the New-Orleans
people should be cotton bulls. Cotton is bring
ing great wealth 20 the South. and it is pos
sible that much OF this increase in Southern
prosperity viii at late period be reflected in
the stock market.