New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-06-05
BONDS.
STOCK MARKET OPERATIONS.

Total transactions in Yesterdays stock market
amounted TO only 5235S shares, with the heav-
fest dealings in Amalgamated Copper, St. PAU.
Brooklyn Rapid Transit, the Erie shares Ma
tionaI Lead Ontario & Western, Reading. Union
and Southern Pacific and United States Steel
preferred. In these issues price changes
amounted 10 unimportant fractions, while
throughout the list final quotations presented
insignificant differences from the preceding day
The heaviest operations were in Reading, which
closed at a small net gain. Indeed, the transac-
tions in this security supplied over one-quarter
of the total dealings IN all stocks. There was
no news development affecting this security. but
there appeared to be accumulation for the &C
count OF prominent interests. one firm alone TAX
ing over 10000 shares The price advanced TO
45 and Q fraction. but at that level there was
enough profit taking TO prevent a further ad-
vance in the quotation. Favorable develop
raents of the day had effect upon prices. the
encouraging government report on cotton and
the relatively good bank statement falling to
create speculative interest in securities. The
cotton report shows increase in the acreage
of nearly 10 per cent. and a condition Of So per
cent, against "A per cent a year ago. According
to these figures this years yield OF cotton ought
10 be large and in expectation Of a harvest of
such a character. prices for the staple on the
Cotton Exchange IN this city and New Orleans
are tending toward a lower level.
Although stocks were extremely dull, senti-
rnent in financial circles appeared to be moder-
ateIy bullish, and in we'll informed quarters the
opinion was freely expressed that the current
inactivity in speculation would not be followed
BY aggressive operations the short side OF
the market It is not possible TO say that there
will be an advance in securities in the course
OF the next few weeks throughout the sum-
tent observers in the Street do not hesitate
to predict activity and higher prices later on
in the year And at the moment they are will
ing to go on record with most optimistic view
regarding the bond market, which they believe
Sill show an expanding tendency from now on.
with a good demand for all classes OF railway
mortgage issues. There is a vast fund Of idle
money in this country, and the chances are that
At will seek employment in bonds. If the bond
market becomes active the stock market eventu-
ally viii follow IN its train. Wall Street will
be able TO survive dull summer in speculation.
and despite the various absurd digests of the
busu ness situation as set forth by people who
are poorly informed regarding underlying-condi-
tions it viii be found a careful examination
of the industrial and financial position OF the
United States that the country is not going to
the dogs, and that there is no element in the
situation that warrants pessimism among the
financial and business men of the nation.
While the weekly exhibit of the associated
banks presented a further increase in re-
serve above legal requirements. the show
ing was not as encoura ging as the
Inmates which were made Friday, this
being due, however. to the peculiarities Of the
system which the Clearing House employs in
compiling its statement of holdings. Although
the estimated movement Of currency in the
week indicated a gain Of nearly S100OO000 in
cash, bank figures showed increase of only
S2,029. 800. Loans decreased S3,91S 300 and as
a result Of all changes the reserve above legal
requirements increased s., 0GS, 800. to S31 7G0-
$40, which compares with S4.715.6J0 at the
same time year ago and 81, 2S5575 in 1902
Cash holdings Of the Clearing House banks
compared with a year ago. show increase of
S77.02S.7o0. while for the same time loans show
an increase of S121, 40. 091. In the last three
weeks loans have decreased S42. 1863, 400. Bank
conditions at this centre are eminently salts
factory. Money market rates doubtless will re-
main AZ q cheap level throughout the summer
and If further exports Of gold should be made
the effect on the countTy's supply Of the metal
Will not be important