New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-06-28
BONDS.
STOCK MARKET OPERATIONS.

OF the total dealings In yesterday sloCh mar
ket. amounting TO 15S6l0 shares. the heaviest
part was supplied by Amalgamated Copper, At
Gibson. Brooklyn Rapid Transit. st. Paul, On
,ario and Western, Southern Pacific. Union Pa
ci6c and United States Steel preferred. In these
issues the movement Of prices generally showed
great irregularity while throughout the list the
characteristic feature was small fluctuations
with a few more net losses than gains at the
close In the early dealings considerable
strength was exhibited by Ontario and Western,
I'm which transactions apparently were for the
account Of the interests who were recently rae
TORS in advancing this security. There was no
news development affecting the property, and IN
the course of the day there were few news fac
tors that had any bearing on the market. There
were. however. certain developments which add
ed strength 10 the intrinsic value Of invest
rnent issues notably the favorable reports of
railway earnings and the bullish advices from
various trade centres.
OF the railroads reporting for the third week
tn June nine companies showed a total gain
of S93,35s. while five companies showed total
loss Of S79,173. OF the loss. however, over one
half was supplied by company. the Louis
VILE and Nashville, which presented a decrease
Of over 900 Returns for most Of the South
ern and Southwestern roads were particularly
encouraging. Southern Railway, for instance.
week a year ago of S17674, making for the
fiscal year TO date an increase of 81, ,544.
The only unfavorable reports from the South
west were presented by the Texas and Pacific
and the Cincinnati, New-Orleans and Texas Pa
cifc. which showed small decreases. Dispatches
received in Wall Street from railroad men in the
West were much more cheerful than those of a
few weeks ago. and according to the views ex-
pressed a revival of industrial activity is slowly
developing.
Wall Street appears to take the view that
there viii be little activity in the stock market
until after the Democratic convention, next
week, when it is believed the market will begin
70 tend toward a higher level, unless the St
Louis convention should nominate radical of
the Bryan standard. In this event there would
however. be no reason for a decline in values.
as the business interests of the country are
sodly opposed to the election Of an unsafe
man. The business men of America controlled
the last two Presidential elections. and there is
no reason to suppose that they will not be the
same powerful factor in the campaign OF the
current year. Opinion in Wall Street generally
is a safe guide in figuring the sentiment of
the business men throughout the country, and it
is therefore encouraging to record the fact that
the majority opinion in the Street favors Presi-
dent Roosevelt
There were some purchases I'm yesterdays
market Of Atchison the report that the
Southern Pacific might secure the property, but
this idea did not receive approval in well in
formed quarters The two companies are prac-
tically parallel and competing lines, and the
management of the Southern Pacific doubtless
has no intention Of creating a situation which
In many ways would he similar TO he North
ern Securities situation by seeking the control
OF the Santa Re road. It is quite likely that the
f,1I
mind for the extension Of the community of in
terest theory among the Western roads but it
is not at all likely that they are working to
bring about further consultations. Union Pa
cihc stock, il is believed, is being accumulated
by an excellent class OF buyers TO hold for
higher prices Further weakness in the De
troit Southern issues did not. according, to the
best authority, foreshadow new adverse develop
ments in the affairs of the property. The sales
We're made at a time when all support had
been Withdrawn from the stock
Moderate efforts We're made by the trading
element to weaken the local traction shares.
but little success was attained Manhattan and
Brooklyn Rapid Transit declining small frac-
lions, while Metropolitan. after early weakness,
closed at a net gain. This is not a good time
o. The year TO sell Brooklyn Rapid Transit
short as it is the period when the company en-
JOYS lis heaviest traffic, which this year is larger
IMAM IN any preceding year in the history OF the
company. There was fair inquiry for bonds
Money and foreign exchange market conditions
showed no important movements and no mar
ncular change IL quotations from last weeks
ciosins lerel. a suit brought in the New-Jer
sey courts for the dissolution of the Standard
Oh Company, on the ground that the concern
exists in violation Of the Sherman, Antitrust
law. was without effect on Wall Street sent.-
nent.