New-York tribune., 1905-01-24
BONDS.
STOCK MARKET OPERATIONS.


cial centres of the world were adversely affected
by the developments at the Russian capital, but
there was, however, no sign OF panic and no
disposition on the part Of the substantial inan-
ciers to assume that the situation at St. Peters
burg will be followed by widespread disturbance
in the stock and money markets Of New-York.
London, Berlin and Paris. Of course. the out
look for the autocratic government OF Russia is
not promising. but even If the government
should fail the obligations of the nation would
hardly be allowed to go to default. Naturally.
holders Of Russian bonds-the bonds are chiefly
held in Paris-were shocked at the riot in st.
Petersburg. and many owners threw over their
issues in the Paris market, and as a consequence
Of this liquidation heavy selling for Paris
count took place in the London market while
the weakness at the latter centre extended 10
New York, foreign sales on our own Stock Ex-
change of American held securities being heavy
On the decline fair support was offered, and
after the foreign selling ceased there was grad
ual Improvement throughout the list, but weak
ness developed again in the afternoon. and at
the close prices were not far from the poorest Of
the day, with the principal decline in Union
Pacific, St. Paul and Louisville and Nashville
An incident of the day was the advance on the
curb Of Interborough to 2027s. its highest price
on record
In the forenoon dealings the heaviest losses in
the active list were recorded in St Paul. Erie
Louisville and Nashville, Missouri Pacific, Read
ing, Amalgamated Copper. Rock Island. South
ern Pacific, Union Pacific and United States
Steel preferred, which declined l per cent and
above. Elsewhere in the list there were few
decidedly weak spots. Canadian Pacific and the
Missouri. Kansas and Texas issues. of the shares
that were lightly dealt in. furnishing the chief
points Of weakness. Canadian Pacific naturally
responded to the weakness Of the stock in the
London market. but offerings We're we'll taken
and holders who are looking for a price above
$50 for the security were not at all upset over
the slight reaction in yesterdays market And
from the tone Of Street gossip after the close
Of business there appeared to be uneasiness
over the chances for speedy resumption Of the
upward movement throughout the list If there
should be serious financial disturbance in the
Paris market a result of the ST. Petersburg
uprising Paris bankers would call on this centre
for gold. but we have more gold than we
need, further heavy exports of the metal would
not be a reasonable cause for trouble in the
local market In certain parts Of the list prices
were not affected by the general selling move
ment notably in some OF the cheap priced
shares as. for instance. Chicago Terminal. De-
troit Southern. Kansas City Southern. Colorado
Southern and National Lead
After an early decline of l point Consolidated
Gas rose 5 points. buying coming from houses
with political connections. the character of the
operations suggesting TO the traders mind that
the politicians eventually will kill the municipal
lighting plans A good part Of the gain was
lost. however before the close. Pennsylvania
was not materially affected by the announce
ment that there would be no strike on the com
pany's lines. but failure of the stock to advance
on this news was not surprising. for the simple
reason that the stock had not been adversely
affected by the strike talk Of the last week
The formal carrying OF the Hartman SUIT
against the Northern Securities distribution plan
TO the Supreme Court may have encouraged
some of the selling in Union Pacific. Whatever
NAV be the outcome Of this case it is practically
certain that affairs in the Northwestern Rail
road situation have recently been moving on
lines that insure permanent peace and harmony
among the big Western railroads. Money con-
tinued easy, and there was no disposition 10
bring forward Saturdays bank statement as a
hear factor on stocks. 1t is likely there will be
further heavy loan expansion until the money
market moves to a much higher level