New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-26
BONDS.
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
not large 81 volume, commission house business
being light ana the operations for the account
Of the larger professional interests rejecting q
disposition on the part OF the big dealers 10
restrict their speculative trades 10 small totals
After opening at slight advances over Saturdays
final figures, prices reacted IN the greater num-
Der of cases, exhibiting throughout the day
great irregularity with the tendency toward a
lower level in the afternoon trading. Early
strength IN Amalgamated Copper and the iron
and steel stocks failed TO attract active in
o1trv for these securities while II also failed TO
stimulate better prices in other parts OF the
list. United States Steel preferred and Anal
garnated Copper ended under last weeks clos
ing, while Tennessee Coal and Iron lost most Of
its early gain. There were no news develop
nents affecting the iron and steel securities,
but sentiment continued TO be bullishly inclined
on these stocks. owing TO various indications
which apparently point toward a revival Of &C
tivity In the country's iron and steel business
in the near future. The expectation Of a IA
vcrable quarterly report of the United States
Steel Corporation also encouraged an optimistic
feeling IN speculative circles on the securities
IN question. The meeting Of the directors Of
the United States Steel Corporation VIII be held
to-day. when Il is expected a statement Will be
given out showing net earnings for the last
quarter of upward of S19,oO0O00. which viii
compare with 81, 20S.O00 in the preceding quar-
ter
Sterling exchange was again strong showing
a sharp advance over Saturdays quotations and
with indications OF a further gain in the course
of the current week The idea that gold may
be exported from this country in the near fu-
ture finds belief in some quarters, but IT is hard
10 entertain the idea that shipments will be
70 gv,ovlo
near at hand Neither London nor Paris is
bidding for the metal. but the fact that money
market rates are higher at those centres than
they are here suggests the possibility OF an out
ward movement Of gold. notwithstanding the
fact that there should be a large enough
Bupply OF bills in the local market to bring
about sharp fall in sterling rates. OF course,
money seeks the best market. and the plethora
OF funds IN New-YOrk insures the absence OF
disturbance in this money market If gold ship
nents should be made. Discounts in London
ruling from rs to 3 per cent, against TO
Ia per cent here. and it is therefore more TO
the advantage OF New-York bankers to keep
their balances in London than in New-York
The present demand for exchange is larger than
the supply, but the prospects of large exports Of
corn and cotton in the next few months encour-
ages the expectation of a supply of exchange
large enough TO cause a material drop in rates
The market for sight bills closed at 1878 The
chief weakness In the afternoon stock market
was supplied by St Paul. the Erie issues Mis-
souri, Pacific and Pennsylvania The weak ness
IN Erie first preferred was due TO a report that
the directors had held a meeting. but had failed
10 take action on the dividend. There was no
meeting. however Of the directors. There was
corresponding falling off in the volume of bust
ness in the bond market. total sales amounting
IN par value TO less than S1.SO0OOO