New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-09
BONDS.
STOCK MARKET OPERATIONS.

Trading in yesterdays stock market reflected
the absence of active outside demand for
securities and apparent unwilingness on the
part Of the substantial interests 10 engage ac-
lively in speculative operations. Price move
rnents, while showing considerable irregularity.
ended the day. as a rule at small net gains. The
falling off in activity was due in part 10 the
defeat Of the gold standard plank in the COM
r1ittee Of resolutions at the st. Louis convention
and the unexpected victory of Mr.. Bryan over
Mr.. Hill and his Parker eXhorters It was not
for moment believed in the Street that the
victory Of Mr.. Bryan in committee would in any
way affect the nomination OF a conservative
- candidate, but the mere fact. however, that the
Bryan element showed evidence Of unexpected
life caused more or less uneasiness in specula-
tive circles. 1t is unfortunate for the Democrats
that the Bryan forces have been able TO compel
the makers of the Democratic platform TO strike
out their gold plank. but it increases however.
the probability of the election of President
Roosevelt, who stands for all that is honest in
business and in politics.
Total dealings amounted 10 44S957 shares.
with the heaviest operations in AtchisOn, Brook
Ign Rapid Transit St Paul. Missouri Pacific.
Pennsylvania, Rock Island, Reading, Southern
Pacific Union Pacific, Consolidated Gas. United
States Steel preferred and Amagamated Copper.
In the early dealings these issues were generally
firm at advances, as compared with the proceed
ing days final figures, but in the second hour
heaviness developed. although reactions
amounted 10 insignificant fractions. In the bond
market enormous dealings were reported in the
Rock Island As, while there was also a good de-
1nand for the Frisco Refunding As and the
United States Steel sinking fund 5s. In the late
trading the tendency in the direction of
higher prices with noteworthy strength in Con-
solidated Gas and Reading.
According to the known movement Of money
in the week the local banks have gained more
than 100000 cash. made up of receipts of cur
rency from the interior payments by the Sub
Treasury on regular expenditure account and on
4 account of gold transfers from the Pacific Coast
j and assay office checks for new gold Last
weeks bank statement showed Insignificant
increase in cash. against an estimated gain Of
over 81 100000 and it is possible that to-days
statement of the Clearing House may reflect
much larger increase in cash than yesterdays
preliminary statement indicated. It is impossi
BILE however TO make satisfactory forecast Of
the weekly showing of the banks, owing to the
reculiarities Of the system which is employed in
compiling the statement. Money rates remained
at an easy level, while there was 40 material
change in the market for sterling exchange.
There is no indication of higher rates for loans
sn the course of the next few weeks. but it is
probable that later on in the season the demand
on this centre for funds viii be heavy enough TO
bring about better price for money. The per
centage Of profit for the banks in the present
erlloney market is extremely small, and bankers
would therefore welcome a higher interest rate.
At present the banks are much more liberal in
the matter of collateral than they have been in
many months. and in the last few days loans TO
run until January ! at low rate of interest
with the collateral made up entirely Of industrial
securities have been reported.