New-York tribune., 1904-08-06
'EE dividend.
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
Stuck market values showed decided strength
In the greater part OF the day, advances in
I1asny issues being over l per cent. with sub
startial net gains in the majority Of securities
at the close. Trading, however, was light in
volume and poorly distributed. the chief part
OF the days business being supplied by Anal
ga.neted Copper. st. Paul. Louisville and Nash
VILE, Rock Island, st. Louis and San Francisco
second preferred. Union Pacific. United States
Steel preferred and American Sugar Refining
In the last named stock marked strength was
exhibited on a volume OF dealings considerably
heavier than recent transactions in this issue
The sugar trade is prosperous, and the cur
rent difference between the prices OF raw and
refined sugars brings excellent prohts TO the
rehners- The demand for sugar incident to the
canning trade has been heavy this year, and'
according TO information received from well IN
formed quarters. the profits OF the American
Sugar Refining Company have been unusually
large American Cotton OIL which has been
inactive sor a long period. was strong feaure
On buying that said TO be based on infor-
nation regarding dividend prospects. The
r,rol,ers who watched the course OF yesterdays
market expressed the opinion that there is lit
tie stock for sale IN the Street and that reac-
-ions should he taken advantage Of 10 buy the
general list In the foreign markets sentiment
was more cheerful particularly IN LONDON
where British consols recovered their loss OF
the preceding day. The fact that S-'oVoVVO
gold was engaged for export to Cuba had no
effect on stock market prices which closed not
far from the best figures Of the day. Ihe ease
with which Consolidated Cas- Sugar Refining
Cotton Oil and Peoples Gas advanced on small
dealings encouraged the bull element to bid up
the general railway list on the shorts.
an, he stock market
not heavy enough TO suggest an active interest
in speculation for the account Of the so-called
rublic Apparently the outsiders are not dis
posed TO enter the market at the current level,
while it is evident that the professional element
on the Stock Exchange IS anxious to bring
about A. lower range OF values. The fact, how
ever. that securities are in the hands Of strong
l.eople prevents bear operations from being
attended with much success. 1t Is a noteworthy
feature OF the present situation that stocks
quickly recover from reactions, while It is found
much easier TO advance prices than to aepress
them. AT the moment there is nothing on which
a bear campaign could be based. inasmuch as
conditions affecting the actual worth Of securi-
ties sound. money is extremely easy, pol
itics IS not eXerting disturbing influence on
speculative sentiment. and the position OF the
crops does not warrant the expectation Of
poor harvest. Bear traders nevertheless be
lieve that lower prices will be recorded in Sep
tember and October, when they hope to see
higher money rates and a greater restriction in
Industrial activity, pending the outcome Of the
Presidential election. 1t is we'll 20 bear in mind
that in the remote event OF Judge Parker's cleo
tion. Democratic ideas regarding the tariff or
othe- subjects could not be put into practice,
owing 10 the fact that Democratic administra-
tion would be opposed by Republican Senate.
II IS argued in some quarters that if the Demo-
Gratis should be successful this fall their vic
tory would be followed by a change in the Do
htical complexion OF the Senate as vacancies oc-
cur, but it is not likely that the business IN
terests OF the country viii lose much sleep in
worrying over this foolishy predicted develop
According TO the known movement Of money
n the week, the Il, al banks have gained up-
ward Of $3.l00.000 in their cash holdings. In
less. therefore, there has been a material ex-
pansion IN loans, reserve above legal require
ments ought 10 show a moderate increase In
to-day's weekly statemen: Of the Clearing
House institutions Reserve is now larger than
IL has been in many years, and the banks are
in splendid condition to meet the demands that.
VIII soon be made from the West and South
FOR currency. and for gold for European ac-
count IL the foreign exchange market should
move 70 the gold exporting point Although
sterling exchange is ruling at a high level. the
period is rapidly approaching when easier rates
may be expected, with the prospect Of gold i'm
ports before the year is over. It is difficult
however. at this particular time. owing to vari-
Gus uncertain factors in the situation to fore
cast the course of affairs in the exchange and
money markets IN the next few months. To
most nllhoS IN the financial community il is Ger
tain, however, that there viii be no disturbance
In the money market this fail Trade reports
received from the commercial agencies yester-
~ . @e-, =
ness. although they reported 4 quiet situation
IN most lines Of Industry. Labor troubles prac-
tioally are the only disturbing factors in the
current situation, but labor troubles have
always oeen settled in the past II Is reasona bic
70 suppose that the present strikes will soon be
brought 70 at amicable end.