New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-06-26
BONDS.
STOCK MARKET OPERATIONS,

In the short session Of yesterdays stock mar
ket trading was extremely duh on a movement
OF values that showed unimportant price changes
throughout the list The tone generally was
Irregular while at the close small net gains and
losses were about equal in number. Southern
Pacific and Union Pacific were again market
leaders in point Of activity, but they failed TO
record large gain as they did in the pre-
ceding day although the tendency Of their quo
tations was IN the direction OF higher level IN
the greater part OF the two hours OF business
The Wabash issues We're under moderate pres
sure on light dealings IN the common and pre-
ferTed and fairly heavy transactions In the de-
benture 3 bonds. Consolidated Gas was also
weak losing two points. Commission houses
were not active and there was no indication OF
important speculative interest IN any part Of
the list trading representing little beyond the
operations Of the board room element. Early
expectations OF a favorable bank statement were
not fulfilled as the weekly showing Of the Clear
ing House institutions presented q loss in re-
serve above legal requirements Of S4l7,2OO. This
reduction in reserve was made IN the face Of
increase in cash of nearly $5.000.000. the in
huence Of the latter. however, being offset by
q large expansion in loans Compared with the
preceding week, loans increased more than S1I,-
100000 while deposits increased more than S2l.-
100000. In the week the banks put out large
amounts Of money in call and time loans, while
loans were further expanded by operations incl
dent to the financing OF the Rock Island notes
ana various bond sales. AS result OF all
changes reserve now stands at $3S.452. 1915. COM
pared with ST., 1923, $50 IA the same week in the
preceding year and S12.97S,350 in 1902. De-
posts are now heavier than ever before re-
corded. amounting to $1.143,314 100 Compared
with this week year ego, deposits show an in
crease of S239. 595. 800. while cash shows an in
crease from year ago Of 400. The bank
statement figures We're without effect stock
market speculation
Reports received by the commercial agencies
IN the week from all parts OF the country indi-
cate sound conditions IN the business world,
while they present various reasons for the pre-
diction that there VIII be a substantial revival
IN industrial activity in the fsIL That e good
sized volume OF business Is now being handled
is reflected IN bank cleariugs and railroad earn
ings. which make favorable comparisons with
this time in preceding years. Indeed. IN railway
earnings the record for the first three weeks in
June is surprisingly good, returns showing
more increases than decreases. In bank clear
ings the falling off for the last week from the
corresponding period In 1903 amounted to only
per cent, which represents in great part the
lighter volume OF trading in the securities mar
kets. IN the iron trade prices for pig iron are,
1t is believed, as low they VIII go this year,
while it is thought that consumers are about
ready 10 come into the market for their require
ments for the second half of the year. Accord
ing 10 trade authorities the general tone OF the
iron and steel market is more hopeful than 1t
has been IN many weeks. An enlargement In
the general demand for merchandise is based on
actCaI requirements and the unquestionably
pelter crop adYlces, which encourage merchants,
especially IN the West, 10 buy more actively at
the wholesale centres
MaA Street IS closely following the course of
the crops and Of the general business situation
and that the financial community feels encour-
aged over the outlook is reflected in the slowly
rising level Of stock market values. Conserva-
I've observers freely predict much higher prices
before the fail election. Money is going into
bonds and IL viii soon go into stocks. AT least
current indications warrant this forecast.