New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-20
BONDS.
STOCK MARKET OPERATIONS.

Stock market values enjoyed, as RUE
marked improvement in the early dealings on
q moderately active volume OF business. but IN
tho afternoon irregularfty developed, and with
IL reactions from the best prices az the day.
while in the last hour there was falling of in
the activity that prevailed In many issues in
the MONDAY operations London prices were
better and in the local market fair amount OF
business was done for foreign account, upward
of 10000 shares being taken balance. Sen
tiuent abroad appeared TO be more optimistic
according to reports received by local houses
the outlook for g peaceful settlement or ihe
troubles IN the Far East being brighter, 1t was
thought than at any time within the last few
weeks There was q good demand for the local
traction shares. the Erie issues, Reading, Penn
sylvania United States Steel preferred, st. Pail
and Tor some OF the low priced stocks that have
recently been market features. as. for instance
Denver and Rio Grande Wisconsin Central
United States Realty preferred and Detroit
Southern preferred. Western houses were &C
tive on the long side OF the market and COM
mission houses in general were better supplied
with orders than on any day this year. while
at times there was evidence Of operations for
the account Of powerful interests, especially in
st. Paul, Pennsylvania and United States Steel
preferred and the sinking fund bonds.
The activity IN the Steel bonds was accom-
panied by a report that the company had pur-
chased large block Of these issues for sinking
fund purposes at prices not above 10 on the
average. II the amount to be invested IN the
bonds under the indenture securing them has
been placed at the price mentioned, the COM
pany secures upward Of 81. 100000 OF the securi-
ties II is evident that much OF the buying Of
the bonds IN the last few days has been for
speculative account, doubtless in many cases
for the account Of people who last year con-
verted their preferred stock into the bonds.
The grain and cotton markets made new high
records for the season, but the advance was not
a factor IN the stock market. The declaration
Of the regular seni-annual dividend on Erie
first preferred encouraged renewed activity on
the part OF the room element IN the last few
minutes OF trading. while at the close OF the
market predictions were freely INDUCED IN that
further advances would be recorded in the rest
OF the week, although some of the more con-
servative operators thought that a speculative
reaction might develop any day. as values have
enjoyed an almost uninterrupted advance for
the last two weeks, Call money was easy. while
foreign exchange was irregular. although at I'M
changed quotations at the close, compared
with the preceding day. Money continued TO
come 10 this centre from the interior and the
banks made a further gain IN their operations
with the Sub-Treasury. The return movement
OF currency from the interior has been larger
than ever before recorded, and reports from
Western cities indicate that money IS accumu-
lating at ell reserve centres. as is usual at
this time OF the year.
Activity in the bond market. due 10 specu-
latiye and investment demand. was again a.
feature OF the Wall Street business, dealings
amounting in par value 10 over 100000, with
the heaviest trading IN the Steel refunding 5s
Rock Island 4s and 5s. Evidence of investment
buying in bonds was an important factor in
encouraging buying in the share department by
outside interests.