New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-15
BONDS.
STOCK MARKET OPERATIONS.


throughout the day. with final quotations show
ing for the active shares more net losses than
gains Transactions were moderately heavy,
especially IN Amalgamated Copper. Atchison,
Brooklyn Rapid Transit, St. Paul, Missouri Pa
cihc. Pennsylvania, Reading. Rock Island, South
ern Pacific. Union Pacific and United States
Steel preferred Commission house business was
moderately active. and the operations for the
account Of substantial Spectators amounted TO
important totals. According to inquiries received
by commission brokers. the general public shows
an increasing disposition to take active in
terest IN speculation. while the demand IN in
vestInent houses for the sound railway shares
indicates a large movement of capital into the
securities market First class bonds are scarce,
the counters IN the local bond houses being
practically bare OF high grade issues. On the
Stock Exchange money is going into the attrac-
tive mortgage securities that are selling below
par slightly above par. as, for instance, the
Burlington joint As. Rio Grande Western frsts.
Union Pacific convertible As and United States
Steel sinking fund 5s. Accumulation OF the last
named issue has been going on for many weeks
at gradually advancing price, the current quo
tations being 10 points above the lowest Of the
year 1t is generally conceded that in the worst
periods Of business depression the Steel Corpora
ton will be able to maintain the interest on its
bonds, and as r consequence many people are IN
clined TO buy them at their present attractive
quotation which yields over 6 per cent.
In the afternoon trading activity developed
in Peoples Cas- the price of which enjoyed an
advance Of more than q point, with net gain
for the day OF Is. Reading was again in active
demand. but the weight of profit taking sales
heavy enough to prevent improvement in
the quotation. although, after a reaction OF
about ! point the greater part OF the loss was
recovered before the close.
In the industrial list great strength was shown
by Amalgamated Copper. which advanced .
points. United States Realty issues and Ameri-
can Car and Foundry preferred. The last named
stock enjoyed a net gain of 2'k points, on a vol
Of business that was about double that OF
the preceding day, and which represented In
great part investment buying. This issue IS SELL
ing al level which returns about . per cent, and
as the intrinsic worth of the security IS much
greater than its current market value there Is
ample reason for investment confidence in the
stock. Despite the falling off in the orders for
railway equipment in the last year. the Ameri-
can Car and Foundry made a most favorable
showing in earnings. and Was able 10 increase
Its working capital by q considerable sum 1t
has always been the policy of this company to
accumulate large working capital and IN the
last few years It has established a fund Of this
character Of upward Of S14O0GO0O all from
A
mated Copper appeared to be in great part for the
account of the professional element, prominent
operators being credited with the largest bl1y-
ing. The total transactions in this issue were
heavier than in any other stock on the list
amounting TO more than 1885, shares. Will
Reading, on the basis Of full stock. was second
in point Of activity, and United States Steel
preferred third. The steel shares were irreg-
ular, the preferred closing a fraction under the
final figures Of the preceding day. and the com
mon q fraction higher. In the last two hours Of
business active selling was reported in South
ern and Union Pacific, both of which lost more
than per cent: also in Pennsylvania, Missouri
Pacific, Atchison and St Paul There was no
change Of Importance in the money or foreign
exchange markets
The country's foreign trade in the month Of
June showed an excess Of exports Of rnerchan-
disc over imports TO the value Of ST. 1872 lG1
making for the fiscal year an excess of exports
10 the value of $47020f Dbl compared with
S394312.163 IN the preceding year and S4IS-
39e,453 in 1902. Exports Tor the year were
heavier than IN any year on record, with the ex-
ceptton Of 1901 when the total amounted in
value to about $27 100000 more than in the
period under review. Total exports were in
value SLIGO, 113,SJ4, compared with 81 420141-
oI9 IN the preceding year. The feature Of the
June statement of exports was the shrinkage in
shipments Of breadstums 10 the value Of over
100000, compared with the preceding wear
exports Of wheat amounting 10 the unusually
small total Of 4JS,oo0 bushels. compared with
about 100000 bushels n June, 1903 In the
last twelve months the quantity of wheat ex-
ported from this country was the smallest Of
any fiscal year since 1876 when the country's
wheat crop was Jess than 300000OOO bushels.
compared with last years total of 637 0Oo 900
bushels