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

STOCK MARKET OPERATIONS.
On a large volume of business stock market
values moved toward a higher level in the
greater part Of the day In the active list max
imum advances ran from ! to per cent. while
net gains were nearly as large, the chief inn
provement being recorded by Baltimore and
Ohio Brooklyn Rapid Transit, St. Paul. Consol-
idated Gas. Erie first preferred. Metropolitan.
New-York Central. Pennsylvania, Union Pa
cife and United States Steel preferred. These
issues, with Amalgamated Copper Atchison.
Erie common. Missouri Pacific. Reading. Rock
Island, Southern Pacific and Steel common. sup
piled the greater part of the total operations,
amounting TO 246 shares the third heaviest
record for the year. On March 23 total sales
amounted TO 1883, S4S shares. the years high
total Commission house business showed a
noteworthy increase, while the more substantial
speculative interests appeared disposed to take
a decided stand on the bull side OF the market.
For the first time in many weeks prices re-
sponded to the course of American securities in
London, opening figures at this centre following
the lead OF our stocks abroad. where advances
OF from y to l per cent were recorded. In
bonds, grea- activity was also recorded, total
operations amounting in par value TO over
100000 with the chief dealings in Rock ISL
and Is. Consolidated Tobacco As, e-Pennsyl-
wanna Coal collateral trust IS, Union Pacific
fund 5s. Bull enthusiasm helped by the be-
lief that the Bryan element in American poll
tics had been eliminated for all time, and that
the Presidential campaign would be conducted
on sane lines. with the result OF the continuance
in power of the Republican party for four years
more. The announcement Of the appointment oF
q receivership for the Detroit Southern Railway
had no adverse effect the general market.
while there were only unimportant offerings of
the Detroit Southern issues There was consid-
cradle profit taking in the afternoon but the
average trader went home long OF stock.
The current position of the stock market Is
strong. and 1t indicates that securities are in
the hands of capitalists who are anxious TO bring
about higher quotation level. While the short
interest has been materially reduced in the last
few weeks. there is still large bear account
in the greater number of issues especially in
Pennsylvania. Metropolitan. United States Steel
preferred, Brooklyn Rapid Transit and Amalga-
mated Copper In these issues, and as a mat
ter of fact throughout the list. there is sound
reason for short sales at prevailing quotations.
In the decline Of the last year stocks have dis
counted the various unfavorable develop
ments and uncertainties in the general sit
nation, and speculative operations for the
decline ought. therefore, to prove danger
Gus, unless there should be some radically ad-
verse change in conditions affecting the actual
values of investments. There are a number of
people in the Street who believe that sustained
bull market Of large dimensions will not start
from the present level but there are also many
people Who confident that prices have sold
at the low figures for the year, and that the
tendency in the next few months. at least will
be in the direction OF higher values. It is ex-
trenaely encouraging to record the fact that the
predicted heavy slump IN railroad earnings this
summer has not developed, returns for the
greater number Of roads in the last month com
pairing most favorably with the heavy volume
OF traffic in the time a year ago. With
railroad earnings showing, in many cases. in
creases over last year, and with crop prospects
most promising, there certainly Is little reason
for encouragement over the stock market out
look
Money market conditions were without change,
while sterling exchange quotations were strong.
ending at a gain of 10 points over the closing
figures Of the preceding day. According to re-
ports received from the banks. the movement of
currency VIII show further gain for the local
Institutions on their interior operations this
week. while 81 is thought that the bank state
nent VIII reflect some of last weeks estimated
gain IN cash which Saturdays Clearing House
figures failed to exhibit The demand for loans
IS moderately active, the low rates for time
money attracting a fair amount Of borrowing
1tOIu COAliIAlSSlOn houses ana Olner concerns
which are looking forward to higher rates in the
fall Doubtless money Will harden when the de-
mand from the interior develops, but there is
little chance OF any disturbance In the money
market this year. The local banks are well
supplied with funds, reserves being heavier than
at this time in many years, while throughout
the country there IS more money than generally
recorded at this period. Wall Street has ceased
worrying the political situation, as it is
row taken for granted that President Roosevelt
viii be elected. matter who the Democratic
candidate may be. Certain interests IN the
Street continue TO oppose the election OF the Re
publican candidates. but their efforts are not
likely to attract many Wall Street votes The
majority Of men IN the Street know that the Re-
publican party is safe and sane, arguments by
q small coterie OF Wall Street Democrats TO the
contrary Notwithstanding. Business men see no
reason 10 place a party IN power that has never
accomplished anything OF merit for the business
interests Of the country.