New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-11
THE WEEK IN WALL STREET.

In the week Just closed stock market values
moved under the influence OF increased de-
nnand for securities both for speculative and in
vestrlent account. Trading reached larger pro-
portions than in any week IN many months
while the total OF business IN Wednesdays mar
ket the third heaviest for any one day this
year. Various factors were responsible for the
change from dulness TO activity, the most i'm
portant being the mid-week news from st. Louis
that the Democratic National Convention would
adopt platform that would appeal to the con-
servatve element in the party. and that Bryan
ism and Popusm. as far as the Democratic
party was concerned. had been eliminated as an
influence IN Democratic councils Naturally,
Wall Street felt gratifed over this announce
Tnent. Il believed that the business men Of the
country had received guarantee that tho pres
ept standard OF value. the work Of the great
Republican party, would not be tempered with in
the remote possibility Of Democratic success this
fall Later on IN the week It became apparent
that the Bryan element not thing Of the
past, inesmuch # compelled the committee on
resolutions TO kill the gold standard plank in the
Democratic platform compromising with the
Parker people on a basis that hardly be
satisfactory TO the Intelligent thinkers in the
Democratic party The platform contains no
plank at all on the currency question, which IS
q virtual victory for Nj Bryan Wall Street
would be glad to signs Of sanity in the Dem
ocratic party, but its platform as finally adopt
ed. does not encourage the belief that the az
fairs of the country would be safe in Demo-
cratic hands. It would certainly be extremely
dangerous at this period to turn over the gov
eminent OF the country TO a political party that
has never done anything TO safeguard the bust
ness interests OF tho American people
A prominent Wall Street Democrat said last
week that he hoped that his party would be able
at some time in its history TO elect President.
but he thought that It would be extremely I'M
wise to place the Democratic party IN power this
year There is a great deal of this kind Of senti-
rnent among Democratic business men. They do
not trust their own party and they know full
well that the time is not ripe for a change IN
the management of the national government
They realize that under the policies Of McKin-
ley and Roosevelt business has prospered. that
financial conditions have grown stronger, and
that our relations with other powers have been
all that could be desired for own best inter
ests The industrial prosperity that marked the
last few years IS not dead. a healthful reaction
has been under way, and already there are signs
OF a revival in various lines Of trade-a revival
that is encouraged by the confident expectation
in business circles that President Roosevelt will
be elected in November. The so-called reor-
ganized Democracy is making specious promises
OF what II will Go for the business interests of
the country, but the chances are that the bust
ness men Of America will keep this party
long tine on probation before they decide 10 let
it try It's hand at the national capital
II IS encouraging 10 note that capital IS going
into stocks and bonds. Large purchases for IN
vestmert account We're made in last weeks mar
ket, while there was an active speculative de-
mand from operators who believe that quota
lions VIII sell many points above the current
Jewel before the winter The speculative idea is
80 ,,@r
a continuance OF easy money, on the belief that
the Presidential campaign viii not upset the
business affairs OF the country, and on the
theory that market values are now quoted IN
der their intrinsic worth. n the last few days
certain sections Of The West have been visited
with severe storms, and some damage has been
done 10 the winter wheat crop. but the general
condition OF wheat. corn and cotton remains fav-
Orable, with the promise Of a large yield. ex-
cept IN winter wheat, which viii ne well belog
the normal. Reports from trade agencies lno4-
cate sound conditions in the mercantile world
while railroad earnings are az a rate that re-
fleet improvement in the traffic situation. Com
parsons Of current railway tonnage with this
tine a year ago show many increases, and in
view OF the large business that was handled in
1903 the decreases when made are not signifi-
cant Of a light freight movement. Railroad men
in various parts Of the country have sent TO
optimistic forecasts Of what in their opinion the
railroads may expect in the way OF traffic in the
next twelve months Possibly they are over
optimistic, but they have, nevertheless, many
good reasons for confidence in the future.
The increasing active demand for high grace
securities reflects return of confidence in bust
ness and financial circles. This demand will
doubtless continue for long time 10 come in
asmuch as there is large supply Of money in
the country available for investment purposes
while prices Of securities are at q level which
VIII return an attractive yield to the buyer
From speculative point Of view the course OF
trading last week indicated that securities are
in the hands Of strong financial interests who
are anxious to bring about q higher quotation
level. While the short interest has been ma
terially reduced. there is still moderately
heavy bear account in the greater number OF
issues, especially in Pennsylvania, Metropolitan
United States Steel preferred, Brooklyn RAPID
Transit and Amalgamated Copper. In these is
sues. and a matter of fact throughout the
list there is substantial reason for short
sales. and. according to the opinion of careful
Wall Street observers, the short side of the
market Will not prove profitable in the rest of
the year, except for quick turns, unless there
should be some radically adverse change in tho
conditions affecting the actual worth of securi-
ties. Excellent buying of the so-caIIed Harri-
man shares is feature III the current market
and it Is generally thought that Union Pacific
which is now selling 20 points above its lowest
price If the year Will advance beyond mar u,hila
Il = considered likely that Southern Pacific
VIII Also give good account OF itself The
fact that the majority OF active stocks are
se-iln@ many points above the low record OF
ne year docs not discourage the bull element
IN its belief that further Improvement will he