New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-12
BONDS.
STOCK MARKET OPERATIONS.

The declaration of Judge Parker that he
stands for gold. while the platform which he
VIII make his campaign for the Presidency is
absolutely silent on the money question. did
not create any enthusiasm among Wall Street
operators Of Democratic tendencies over the
prospects for the success OF the Democratic
ticket Indeed, the majority of people in the
Street felt that the latest development in the
St Louis convention would tend TO increase the
chances of Republican victory, and as a conse-
quence the greater part of the Wall Street COM
naunity was extremely cheerful over the future
OF the securities market. Trading while not
particularly active. reflected in many parts of
the list a good demand from investors and from
speculative operators who believe that values
will eventually rise 10 level many points above
that current There a further absorp-
ton Of high grade investment issues, both in
the stock and bond department of the market
Union Pacific common again active
feature, and the character Of the buying sug-
gested the belief Of much better price for this
security before the end of the present summer
1t Is estimated that in the fiscal year just end
ed the Union Pacific company has earned up
ward Of Ii per cent on its common stock. while
It is thought that If the railroad business in the
companys territory continues at its current vol
ume the directors will feel justified in another
year in raising the dividend TO a per cent
basis. Earnings on the Hartman lines have
kept up remarkably we'll. and with the present
excellent prospects for good crops throughout
the West and South there is reason for the
prediction that the Union Pacific and Southern
Pacific systems viii make as good a showing
in the new fiscal year as they exhibited I'm the
last fiscal period, if not better one.
Opening prices were generally firm at small
advances in most issues, as compared with Sat
urday's closing but in the subsequent dealings
irregularity developed, followed by reactions in
many shares. Profit taking pressure was pro-
nounced in Reading. the local traction stocks
and Pennsylvania. The so-called Waldorf ele-
ment put out a fair amount Of stock while
houses with Pittsburg connections were buyers
chiefly Of the United States Steel issues. The
heaviest transactions We're in Amalgamated
Copper, Atchison, st. Paul Erie, Pennsylvania
Reading, Southern and Union Pacific United
States Steel preferred. the traction shares and
Canadian Pacific In Canadian Pacific sales
were induced by the report that the Canadian
Pacific company would issue S20OOOOOO Of
stock This. however, was denied by officers of
the road. In the bond market further active
buying was reported in the Steel sinking fund
sylvania collateral trust is. trading in the last
named representing demand for the account
Of people who have been advised to buy this is
sue. owing to its comparative cheapness and the
solid security behind the bonds. Final prices
showed a few more net losses than gains There
was change of Importance in the money mar
ket, but in sterling rates 1rmer. closing
points higher for demand bills.