New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-30
BONDS.
STOCK MARKET OPERATIONS.


Activity in yesterdays stock market was con-
fined 10 a few issues. while important fuctua-
tons in prices were supplied by less than half
g. dozen securities Commission houses were not
heavy dealers in the general list the greater
part of their operations being in the local trac-
ZION shares. Union Pacific and United States
Steel preferred Union Pacific suffered a decline
of one point, selling apparently being induced
by the alleged disappointment OF traders over
the failure OF the company TO declare an extra
dividend on the common stock 1t was not ex-
pected in well informed quarters that any change
would be made in the dividend payments. but
the ordinary operator decided that the directors
should have done something more for the stock
holders, and, as a conse quence of the refusal of
the directors TO accept the IDEAS OF SPECTATORS.
the opportunity taken to hammer the stock
1t is not likely however. that general holders of
the issue accepted the bear invitation to sell.
The local traction shares. especially Metropoli-
tan, displayed strength in the early dealings,
but lost their Improvement before the close.
Metropolitan ran up point the rise being
accompanied by various reports regarding pos
sible favorable developments affecting the prop
erty. Despite these rumors, there no official
news indorsing the Wall Street stories about the
future of the company. Prices were generally
weak in the afternoon, although there was no
important selling. Union Pacific did not rally
from the weakness exhibited in the morning.
and United States Steel preferred. which suf-
fered a maximum loss Of over point. failed
TO recover much of the decline.
According to the known movement Of money
in the week. the local banks have gained up
ward of 100000 II is probable that loans
Of the Clearing House institutions have in
creased in the last six business days but It is
not likely that the gain in loans and deposits
viii be large enough to offset the increase in
cash as an influence on reserve above legal
quirements. There is so much idle money at
this centre that the prospects of gold exports
failed 10 create alarm in Wall Street circles
Shipments of the metal will be made to Cuba
next week, while. if sterling rates should de-
Telop renewed strength. engagements of gold for
export 10 Europe doubtless Will be announced.
Money commands much better price in Europe
than it does in America, and. according to the
adVices received in London. there is no pros
pect Of decline III rates for funds at that
centre for long time come. AS money seeks
the market where ii can secure the best price a
movement Of gold from this side would not be an
unnatural development. While money rates are
extremely easy in New-York at present there
Us no reason to believe that the current range
OF loan quotations viii continue for an extended
length OF time. especially Il gold should be ex-
ported from this side. The demand for crop
movement purposes VIII be much heavier this
year than year ago. If the harvests turn out
as well as current conditions indicate and even
II the yield should be lighter than expected there
would stil be active inquiry for funds at
this centre. Some people are saying that the
West and South will not be compelled 10 draw
on New-York for currency this year, but their
IDEAS are not based an intimate knowledge
OF the situation. New-York will always be called
on 10 finance the crops
Bond houses report a fair demand for railway
mortgage Issues while general Investment
houses are doing moderately active business
Tor the account OF people who consider securities
attractive at present quotations. The specula-
tive demand from the public is not heavy at the
moment, the greater part of the daily operations
representing the transactions OF professional
traders and the substantial financial interests
such as the so-called Standard OH and Gates
Groves. An encouraging feature OF the present
market is the ease with which stocks recover
losses and the refusal of holders of securities to
throw over their possessions on the appearance
Of bear pressure. In we'll informed Wall Street
quarters the opinion is held that stocks will sell
higher in the fall and that the upward move
1nent willpbe accompanied by an expanding vol
ume OF speculative and investment buying, ire
spective of election uncertainties The present
epidemic Of labor troubles is likely to exert
restraining influence for time on speculative
operations FOR higher prices and as a conse-
qrence the bear element may be able 10 bring
about a temporary lower level of values in the
active securities. 1t is likely that lower prices
VIII be taken advantage OF by careful buyers
10 accumulate attractive stocks. such as Cana
dian Pacific. Union Pacific. St. Paul Atchison
Missouri Pacific and Southern Railway ore
ferred. Earnings Of the Southern Railway ara
keeping up remarkably we'll and as all indica-
tons point TO another year Of prosperity in the
South, it is safe TO count on further large ex-
pansion In the earnings OF the Southern rail-
roads in the last seven years gross earnings of
The Southern Railway have risen from $4,000
600 10 above S4oooocao. with the proportionate
increase in net