New-York tribune., 1904-08-04
BONDS.
STOCK MARKET. OPERATIONS.

Extreme dulness marked the course OF trading
IN Yesterdays securities market Commission
houses took little part in the speculation. while
the larger Wall Street traders were not actively
identified with the movement of prices. which
was generally in the direction OF higher quota
ton level. The attention Of the Street was
directed more TO the cotton market. in which
trading was active under the influence Of the
governments monthly report Of conditions in
the cotton belt which showed a percentage Of
Ole compared with IS on July / I9.I at this
time in 1903 and SO in 1902. Based on the cur
rent position OF the crop, the yield Of cotton in
the present crop year should exceed 12.VOOOUO
bales a total much larger than expected earlier
IN the season. Naturally such favorable situa-
ton caused heavy liquidation or the Cotton EX-
change and a sharp decline IN prices. on the
Stock Exchange the board room element bid up
the quotations Of the Southern and Southwest
ern railroad shares on the theory OF large earn
ings in the next twelve months a result Of the
expected heavy yield Of cotton. st. Louis South
western preferred Frisco second preferred,
Texas and Pacific. Louisville and Nashville and
Southern Railway issues enjoyed maximum ad-
yances Of over a point, while the general rail
road list moderately strong in sympathy.
Total dealings in all securities amounted TO only
249 S3S shares the greater part being supplied by
Amaigamated Copper Atchison. Erie. Metropon-
vania Southern and Union Pacific. Southern
Railway. Tennessee Coal, ST Louis Southwest
ern preferred and United States Steel preferred.
Erie shares were helped by the expectation of
the regular dividend on the first preferred. which
was declared after the close OF business Last
prices were near the best Of the day.
More interest is beginning 10 be taken in the
money market situation. owing to the approach
Of the season when the South and West win
draw on this centre for funds and to the fact
that the government win probably not increase
its deposits in national banks. Government ex-
penditures have been far enough in advance OF
receipts To warrant withdrawal Of federal
deposits from the national banks. rather than
an increase in this item. In preceding years il
generally has been the custom of the Treasury
Department at this time TO increase its deposits
i'm the local banks, last year, for instance. hold
ings Of these deposits rising between August |
and December more than SlG00a00a At tha
moment there is held by the national bank de-
positories nearly Sl20oDeff9 Of government
money. which represents large part # The
Treasury's cash balance. The actual decrease
in the amount Of money held ly the Treasury
rs assets of the government io The month of
July amounted TO SS591gG3. while money I'm
general circulation Increased iu the month So
1886. bringing the total amount outside of
Treasury holdings - S3.52l l51 81 gain or
Sl64 571. .O05. as compared with The same time
a year ago II is interesting TO note that since
January J. 1872. money in the United States
exclusive Of government funds has iucIe sad %
the enormous extent ot %l.73o -. -. o,Ieg
10 the large supply Of currency at this centre
the local banks doubtless viii le able ~ handle
the fall demand for money without recourse 10
temporary expedieuts Tor Increasing the ayaiIa-
ble amount Of cash, as has been done i'm many
preceding years. While foreign exchange rates
at the moment are more tn fator of gold exports
than imports, il is not unlikely 1hat New-Yorx
W5ll be able 10 attract the precious metal from
Europe later in the season. in yesle lerday-s ster-
ling market rates again advances. Quotations
FOR money were unchs~Ced.