New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-02-25

BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
Opening prices In the securities markets
showed as q rule. Improvement over Tuesdays
figures on "a small volume Of business in which
the chief activity was supplied by Amoleamatea
Conner Atchison. Baltimore and Ohio 81 Paul
PENNSYLVANIA. Brooklyn Rapid Transit South
rrn Pacific and United States Steel preferred
These issues continued the leading feature until
the close but the transactions represented little
t,evoud professional operations. Commission
houses were not factors and the more important
Fpectlative interests had no extensive part in
the days dealings. Early gains were followed
l,v a declining tendency. and NJ the close the
greater number Of stocks were at net losses as
compared with the final quotations OF the pre-
ceding day. Resumption OF liquidation IN the
f,~aipr markets a number Of failures In Paris
and Berlin and strength in the sterling eX-
change market served TO encourage the bear
element on the floor TO work for lower prices.
but its efforts were not followed by a serious
selling pressure I'm any part Of the list while
liquidation Of investment holdings was not re-
ported. With the exception Of Amalgamated
Copper. Consolidated Gas and Wabash preferred,
the active list closed losses, the three issues
named showing small fractional Improvement
while Iackawanna on a purchase OF 100 shares
enjoyed a gain Of 1lh points. which compared
with "a decline Of about the same extent the day
before There was no local news affecting the
actual value Of securities. but Wall Street heard
several rumors which exerted an adverse effect
on sentiment one Of these being that the Illinois
Central was In the market for n large loan. The
company had borrowed S10O0O00 but the loan
Is not significant Of new undertakings or new
financial operations. Every business concern is
forced TO borrow money at times in the year.
The Illinois Central. however, lends money more
bften than Il borrows IT,
So "a this vaal- fba local raDIre pav-o 1og+
pver 100000 on their operations with the Sub
Treasury. but there is no indication. that cash
holdings at the end Of the week viii show a
falling of from those recorded last Saturday
Indeed. the chances are that the movement Of ]
money for the week ending tomorrow night
VIII make a favorable exhibit. as currency is .
Etin moving TO this centre from the interior .
Although the demand from the West for money F..
for IN the spring planting and the spring E.
trade generally begins at about this time, there .
Is good reason for the belief that the banks viii
suffer little loss in the course Of the next few .
months owing 20 the fact that the demand on 4
this account VIII be offset I'm measure by the 4
Cail for funds from depository banks through 4
UUt the country incident % the Panama pay .
Tnent- these funds being concentrated here. Time
money is q shade hrGner al interior points but /
At this centre rates are easy. both for call and
time funds, limited demand for accom- /
mediation Quietness in the market being due /
In great part 10 the absence Of inquiry for
stock market purposes. There is little hope I'm I
banking circles OF higher rates for some time
20 come as operations ia securitiesSare expected
20 remain light for long period. while IN COM
merciai circles merchants and manufacturers
are usually well supplied with funds and are
not looking forward to active volume OF
trade In the next ten months. Developments
in the foreign markets may be effective in ad-
vancing rates here before the end Of the
summer, but at present the outlook favors an
easy time IN money I'm the greater part Of the
year Foreign exchange rates were strong in
yesterdays market, with demand sterling at a
net advance u - points as compared with the
preceding day. The ratification Of the Panama
Canal treaty means that a large amount OF bills
will be needed in the near future and bankers
are therefore somewhat reluctant TO sell bills
Tor immediate requirements except at higher
rrices. This factor was responsible for the
strength.
A reflection OF last weeks pauicky conditions
fn the foreign markets is seen IN the large num-
Der OF failures IN the leading financial centres
abroad Reports received on this side yester-
day from Paris. Berlin and London contained
The unfortunate news that several banking
houses and individuals were unable 70 meet
their obligations and had been forced to the
wall with heavy liabilities. Almost until the
minute war was declared in the Far East the
European financial circles refused 10 believe
that hostlities would break ont between Japan
and Russia. and as q consequence no efforts
were made IN speculative quarters TO sail close
20 the wind. with the result OF disaster when
the war clouds broke into storm OF shot and
she'll There has been much rash speculation in
Berlin and Paris and operators have been car
ried down 10y the weight % their own foolish
Of no
come. weak spots VIII be eliminated. secu1l-
ties VIII pass 10 stronger hands and a more
conservative spirit win develop. Fortunately.
foreign holdings 81 American stocks and bonds
are light and therefore there is little cause for
Apprehension over the possi bllty OF the local
market becoming involved ia the disturbance
that now prevails m Europe. New-Nork went
thr0uEh the mil 81 LIQUIDATION last year. Il
paid the penalty of speculative excuses. and 81
s. now in position 10 withstand the shock OF
war and foreign financial upheaVals.