New-York tribune., 1905-01-10
BONDS.
STOCK MARKET OPERATIONS.

In the early dealings in yesterdays stock mar
ket transactions were moderately active. while
the movement of values tended in the direction
of higher quotations. Commission house busi-
ness generally was light while the operations
of the professional element amounted TO sub
stsntial figures. especially in Amalgamated
Copper St. Paul Erie Illinois Central Man
haitian, Metropolitan. Reading. Southern Pa
cifc. Union Pacific and the United States
Steel shares. In these issues advances ran
from fractions TO 1 per cent and above,
TIE largest gains being recorded by nli-
aois Central, which enjoyed a maximum
advance Of over 3 points: ST. Paul. Baltimore
and Ohio Union Pacific and the Steel securi-
lies. Following the improvement in the first
Two hours OF trading. prices reacted under the
influence Of realizing sales and bear pressure,
and at the close the greater number Of stocks
were we'll under The best figures of the day, with
Iet losses in few of the active securities nota-
tIy American Sugar Refining, Consolidated Gas
and Metropolitan. Selling in the last named
stock was based on The expected falling off in
the conlpanys receipts owing 10 the growing
popularity OF the underground system and TO
1ha proposed new operations Of the Interborough
company in The Bronx. in a district where the
metropolitan company has been supposed to
have had control OF the local passenger trans
lortation business. While the Metropolitan Sc
curities were weak. Manhattan stock was de-
cidedly strong; also Interborough stock the last
named issue advancing over 10 points on the
curb
Call money rates ruled at easy level. but
sterling exchange was strong, and further en-
gsgements Of gold for export were made, total
Withdrawals Of gold coin bars amounting TO
more than S2000O00 According TO the opin-
Son Of the best informed men in the Street the
outward movement Of gold will continue in the
rest OF the current months. il is believed that
foreign requirements and the low price OF money
at this centre viii make shipments OF the pre-
cious metal profitable. The fact that gold is
going abroad does not cause uneasiness in Wall
Street circles. IL is known that the movement
is wholly due 20 legitimate international none
tary conditions This is the cheapest money
market in the world al present, and just as
long as rates for call funds remain at their
present low level gold will move TO centres
where it can be more proitabIy employed
A violent rise i'm the wheat market had no
influence on stocks. although the advancing
tendency Of the cereal was considered a factor
in the outward movement of gold Wheat ex-
ports from the United States have been ex-
1remely small in the last twelve months and
as 4 consequence the balance Of trade especially
recently, has been running against this coun-
Try, so far exports Of agricultural products
are concerned. + foftUnatelys exports or manu-
features have been heavy while all indications
point toward another year Of large shipments
Icy the American manufacturer. At the moment
ETeat difference Of opinion IS noted in Wall
street circles regarding the immediate future of
The stock market. but IN the higher financial
circles no attempt is made 10 conceal the belief
that barring an adverse change in the country s
Industrial and financial condition, higher quota
lions viii be recorded in the stock market The
fact that many plans are being made by various
railroad companies and Wall Street hnanciers
for the 7otation OF bonds In the near future en-
courages the idea that every effort will be made
10y The controlling Wall Street interests TO main
tain a high level of values in the securities mar
ket. It is an easy matter 10 sell bonds when
prices OF the Stock Exchange are advancing.