New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-10
BONDS.
STOCK MARKET OPERATIONS.

Strength IN yesterdays STOCK market WAS HoI
due to the nomination of Judge Parker for Presi-
dent by the Democrats, but TO the belief in Wall
Street that the final result Of the Democratic
convention insured the election of President
Roosevelt and a continuance OF the Republican
policies which nave been such effective factors
IN creating prosperity in America. Wall Street
does not desire a change in the national govern
ment. and it is satisfied that the weak platform
Of the Democratic party and the success of Mr..
Bryan in compelling the platform makers TO
make plea for the gold standard will bring
about an enormous, popular and electoral vote
for the Republican candidates. Trading was
moderately active in the two hours Of business
with the heaviest dealings in Amalgamated Cop
per, Atchison, St Paul. Erie Consolidated Gas
Rock Island. Pennsylvania. Reading. Southern
Pacific, Union Pacific. United States Steel issues
and the local traction shares Early advances
induced a certain amount of profit taking
throughout the list, but offerings were well alb
sorbed, and at the close net gains were shown
In the greater number of securities Bank state
1nent figures failed 10 reflect the known move
rnent Of money in the week cash holdings, for
instance. increasing only S1.2O2, 500, against an
estimated increase Of upward of 50 OO0 600 The
slight increase IN cash was offset as an influence
on reserve above legal requirements by an ex-
pansion in loans of So. 262. 300 and an increase
IN deposits of S5,161, 500. Deposits now stand
at the highest figures on record amounting to
sll5S 10000 AS a result of all changes the
reserve decreased SS7,575 to S36O1T. 725. com
pared with SS,0SS,475 in the same week last
year and 2.226. 800 in 1902 After the publica
ton Of the bank statement prices sold off frao-
1ionally, but there was no attempt to bring about
an active selling movement
According to the reports received from trade
agencies, the condition Of business THROUGHOUT
the country is sound. despite the fact that great
ouiness prevails in most lines at the moment
The current inactivity in the country's indus
tries reflects vacation influences rather than an
adverse change in the factors affecting the busf
ness situation in this country. The refusal of
the iron and steel interests TO make anv re-
duction in steel billets structural material and
rails indicates great confidence IN the trade over
the prospects for revival Of activity In the
course Of the next few months while il encour-
ages the belief that people who maintain a firm
position on the long side of the iron and steel
securities will be able eventually to reap hand
some rewards for their patience Increased er
ports, notably Of steel rails is a feature of the
present situation and exports of general 1ner-
chandlse are heavy enough in volume to suggest
me accumulation Of large trade balance in our
Favor in the course Of the next few months
Railroad earnings received in the last week
made most favorable comparisons with the cor
responding period year ago. returns for the
last week in June showing for all roads report
Ing a small net increase in gross earnings over
the same time IN 1903. For the month of June
gross earnings Of forty-two railroads show
gam OF over per cent. There is ample reason
III industrial and financial conditions in this
country to warrant the expectation of higher
prices for investment securities and an increas-
ing volume of business both for sneculati,,a .,,d
investment account