New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-16
'Ex dividend.
BONDS.
STOCK MARKET OPERATIONS.

Transactions in Yesterdays stock market were
light in volume on an irregular movement of
values Final prices showed unimportant
changes as compared with the preceding day 5
last figures small net losses predominatng. IN
the early dealings the room element endeavored
to bring about decline IN values. but absence
of selling for public account and the unwilling
ness Of the more important market interests to
engage actively in speculation were effective in
duences in preventing material weakness in the
general list In some Of the railway mortgage
issues a moderate degree OF strength was eX-
hibited the effect OF which was reflected for a
brief period in stocks in the noon trading.
Western and Philadelphia houses were sellers.
but their offerings were well taken especially
Union Pacific, St Paul and United States Steel
preferred. Wabash preferred was again actively
dealt in at an advance in its price. heavy buying
being recorded for brokers who are supposed TO
represent interests closely Identified with the
cIouId properties Wabash preferred in time
doubtless will become valuable investment
security but at present Il returns nothing TO its
holders. while there is little prospect of an I'M
mediate investment yield. The property is ably
managed and there is no reason why the pre-
ferred stock should not be purchased at its pres
ent price by people who are willing TO invest IN
concerns which promise future rewards. The
so-called Gould system OF railroads present in
their securities many attractive possibilities for
speculative and investment profit
The announcement that the Baltimore and
Ohio Railroad had borrowed S1O,oOO.OOO and the
big decline for the week in the outward move
rnent Of grain from this port exerted I'M
favorable effect on speculative sentiment TX
norts Of wheat and flour were well under the
shipments OF the preceding week. far below the
shipments in the same week a year ago and the
smallest for any week in the last seven years
Corn exports were also light. being the smallest
for any week since that which ended August 90
1903 From July l exports Of wheat have been
49, 600 600 bushels. against 1I9,oO.OOO bushels
in the same time last year. while exports or
corn since July have amounted TO 4SVoopoO
bushels against 81 100000 bushels in the CORE
spending period in the preceding year. Active
selling OF Pennsylvania and Baltimore and Ohio
was due to the new loan by the Baltimore and
Ohio. This loan is for two years at Az per cent
There was sharp break IN Rubber Goods
shares on selling. induced by the showing made
in the company's annual report. Consolidated
Gas closed at m advance Of over three points.
This issue was favorably affected by reports
that the Rernsen gas hill would he approved by
the Mayor: also by the active demand for the
security from the shorts. The Consolidated Gas
Company is defending its position in the matter
of the Remsen bill in a manner that apparently
appeals to stock market spectators. Several
commission houses were prominent buyers of the
stock.
According TO the known movement or money IN
the week the local banks have gained upward OF
50 900 900 in their cash holdings. OF this amount
over S5OO0OoO came from the Suh-Treasury.
while the balance was received from the interior.
The gain from the Sub-Treasury vas due In
great mart to the receipts of Japanese gold at
Con- Francisco which were transferred TO the
account Of The local banks through the Sub
Treasury system. The gain on the interior
movement Of money was unexpected. owing to
the fact that at this period Of the year the
novement Of money ordinarily begins to turn
AGAINST this centre on account OF the demand
from out Of town for money In connection with
snri7p trade. Heavy receipts of currency from
Tho interior at this period naturally suggest to
MANY minds the idea that business conditions
in the West are unfavorable. and that the out
look for the spring and summer business In the
country's general and industrial departments
10 moor There is no reason 10 rush to any con-
clusion of this sort, however, inasmuch the
West is better supplied with funds than ever
before in its history and is able at the moment
TO take care Of its business without assistance
from this centre. Indeed, IT has money to spare,
and it is sending It to New-York. to be employed
I'm the loan market The chances are, how
ever that in the course of a few weeks the de-
nand for funds outside OF New-York City will
be heavy enough to prevent for time move
nent Of currency toward the city. 1t should be
remembered that the season is late. owing to the
long and severe winter. Sterling exchange was
strong, and indications pointed toward further
exports of gold next week.