New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-04
TIE WEEK IN WALL STREET.

. ,o,,b and brokers believe that me current
-, =. inactivity VIII soon be followed by
s,,a,., which VIII he profitable. both Tor the
Al, element and for the men who depend on the
-, ner cent for their living. While trading
ia. been exceedingly Light in the last few weeks
she tendency OF values has generally been IN the
direction OF a higher level with indications OF
,,,v.ber Improvement. Conditions governing the
actual worth OF investments certainly warrant
,s-,s- rrices IN the securities market especially
,n the high grade issues. which are solid diVi-
6end nayers ana permanent investments care
.ul buyers have been quietly accommodating at
,rsctive stocks tor several weeks on the theory
,pa. a material advance IN values VIII take
LANA before The Presidential election, and II is
.Ao,,obt that this movement viii increase in vol
urne in the course OF a few days-that IS a1'e'
she uncertainty over the Democratic Presiden-
tial candidate ceases 20 he factor IN the si'ra-
.Io,. Wan Street might suffer q temporary
sentimental shock il { man Of the Bryan stamp
should receive the nomination, hut TIE ol1Iio--
that radical cannot win the election - so Sc
o,,reIv 6xed in the minds Of Wal! street men
that there is little chance OF serious 'roH'ie y"
the financial community N case Of success os
the BRYAN wing OF the party At 81 LOUIS sen
tilYent in the Street is growing more ieFor-o.S
20 President Roosevelt every day
The idea that is held in some quarters thet
Wall Street desires the nomination Of Mr.. Ciere-
80 ,s ro+ we'll founded. Wall Street remem-
hers various developments Of the last Cleve-
land administration that served 10 upset CONF
dence in our business circles, that forced gold
ont Of the country, that brought about a period
Of industrial depression ana that caused foreign
investors 10 lose trust IN our securities. Com
mercial activity in America and confidence
among foreign nations IN American industrial
and anancisl conditions make Wall Street pros
porous. Under Mr.. Cleveland We lost money IN
our Industries. lost heavily in shipments Of
gold TO Europe, and the government was forced
70 borrow on SIS bonds in order 70 keep out OF
bankruptcy This record viii hardly appeal 10
Wall Street voters II Mr. Cleveland should he
nominated. while as q matter OF fact such
record VIII not attract votes OF the business men
OF the country. no matter who the Democratic
candidate may be. The talk, therefore. that
Well Street viii be a heavy contributor IN money
and IN votes for the election OF a Democratic
President Is absurd and wholly unwarranted by
the ectual facts OF the case. Investors and spec
uators who are looking for arguments favorable
70 the Republican party should study the growth
Of strength IN financial industrial conditions "a
this country since the close q Nh. Cleveland's
last term They should also examine the strong
position OF the national Treasury. the large re-
duction in the public debt the restoration OF
confidence on the part Of foreign capital f.
American securities and the enormous Increase
IN the exports Of manufactures and general mer-
chandise from this country under President Nc
Kinley and President Roosevelt.
Regarding exports OF manufactures. II IS in
teresting to record the fact that for the eleven
months ended May 81 total shipments from The
United States amounted IN value 20 $40 536 as
against 1913 10000 for the FIRST eleven months
OF the preceding fiscal year. This years rec
ord VIII be larger than any preceding year
IN the history Of the country. while the total OF
exports Of general merchandise doubtless VIII
reach in value Sl.4J00ooOo0 IN the last eight
months this country has iquidated enormous
obligations held abroad. without causing dis
turbance in the money market, and the chances
are that in the fan local bankers wiz be in
position TO draw heavily on the other side fo-
gold. Criticism by people who either do not
understand the situation. or by people who for
political reasons wish 10 distort the present ro-
sition Of the national finances. Is heard in some
quarters. but the prospects are that this line OF
action VII fan 10 prove effective campaign
argument this year. The assertion IS made by
certain people that the governments excess Of
expenditures over receipts for tie last fiscal
year has been due 10 extravaganza on the part
OF Congress and poor management on the part
OF the government officials IN charge OF the coun-
try's money. This argument fails 20 take into
account the extraordinary payments which the
government made IN the year. and which II
excluded from the regular operations OF the
treasury Department. would leave for the fiscal
year an excess q receipts over expenditures
OF more than 100000 The excess Of ex-
penditures was due entirely TO the payment on
Panama Canal account amounting 10 500
10000. and advances 10 the Louisiana Pur-
chase Exposition at s.. Louis. Congress was
not eTtravagant in the matter Of expenditures.
while the Treasury Department was most ably
handled
money market rates continue 10 rule at q low
leFei, with little prospect Of a change until the
iall demand from the West for currency de-
Neiops. There is now more money az this centre
man has been recorded at this time for many
wears cash holdings Of the associated banks
belng upward OF SS7.OJ0.050 heavier than they
were year ego, while reserve above legal re-
edrements is far ahead OF last years record.
despite the fact that in the last twelve months
deposits have increased more than S240O00O00
ana leans more than S153O0O0O0 The ease in
money ought soon TO be reflected in greater ac-
U'4y IN securities. Already there has been
good demand for bonds, the buying in this de-
l~ttnent of the market being heavier than in
stocks. while the character of the dealings has
Teen much better than that in shares. IL is
Tot ct all surprising that attractive railway
mortgage issues are readily purchased by dis
eliminating buyers. inasmuch as prices are low,
While Intrinsic value is great Efforts in the
last week TO weaken the market were made at
various times without noteworthy success. Al
though there was LITTLE outside demand for So