New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-05-19
BONDS.
STOCK MARKET OPERATIONS.

Activity in yesterdays stock market con-
fined to n few securities. trading in the greater
number of issues amounting to unmportant
totals. Prices moved in irregular manner,
and within narrow limits, with final quotations
showing more net gains than losses. Commits
sion houses not factors in the days deal
ings while the more important speculative in
terests were not identified with the of
business Foreign houses bought few thou
sand shares on balance in the local market. but
operations Of this character were not effective
influences in creating a good home demand for
the various issues dealt in on the Stock Elk
change. Total dealings amounted to 163.S7O
shares. Of which the greater part was supplied
by Amalgamated Copper, Atchson. st. Paul.
Consolidated Gas, the Erie issues Pennsylvania.
Rock Island. Southern Pacific, Union Pacific
and the United States Steel shares. In these
strength was generally exhibited, but the final
prices showed only small fractional gains. with
a loss of over l per cent in Consolidated Gas.
There fair demand for the local trac-
ton shares. and some buying of the Erie secu-
rites by houses which supposed TO operate
for people who are connected with or friend
ly TO the Erie property The United States
Realty shares bid up the theory that
the reorganization plan of the company would
soon be announced. There were few news de-
velopments in the day that affected the course
of values, further heavy engagements of
gold for export failing 70 bring about uneasiness
in speculative circles over the money market
situation. while the announcement of the over
subscription to the Burlington loan was not
considered important enough TO induce
tive demand for securities.
That there is an active demand for good in
vestment securities IS reflected in the splendid
response to recent bond offerings. especially 10
the japanese war bonds and the Burlington
Illinois Division As the latter being offered yes
terday morning and oversubscribed before noon.
The japanese Gs. bankers certificates were
dealt I'm on the curb for the first time. and sales
were made at the opening from 9i3s down to
$685. from which point there was a recovery. Al
these quotations the bonds return TO the in
weston more than / per cent. and. as the security
back OF the issue is perfectly sound. the chances
are that there will be good absorption Of all
offerings in the local market by investors. In
view Of the excellent demand for railway mort
gage issues. it would seem as if there ought soon
to be resumption of investment buying in
stocks There are many attractive shares SELL
ing at prices well under their intrinsic value
fact which doubtless Will soon receive more at
tention from people who have money that is not
employed.
CAN money ruled at per cent, and there was
no change in the time money market. Sterling
exchange was firm and gold to the amount Of
81 100000 was engaged for export by to-day's
steamer. An interesting feature Of the London
market was an advance OF points IN the Japan
csc 4 per cent bonds. which brought their price
to the January level. showing a full recovery Of
the 10 point decline which took place after the
outbreak Of the between Japan and Russia
This movement of a government bond may be
taken as "A good Indication Of Japan's credit.
and the same thing may be said of Russia's
credit, which is measured in the security market
by a net decline of ~ points in the Russian
per cent bonds since the first gun was fired
I'm the present contest in the Far East.