New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-06-23
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market exhibited superficial weak
ness incident TO bear pressure and seiiihs ny
small commission houses that not infrequeh's
DISPOSE Of their stocks at the end OF a do"h"aiu
movement, owing 10 the exhaustion OF margins
and disappointment on the part or impatient
holders over the refusal OF prices 10 move hlgher'
In some OF the Industrial issues declines were
moderately heavy, but in the railroad Hst
prices as a rule. were only fractonally under
Wednesdays closing. Actual developments az
fecting stocks were not Of sufficient Importance
IN induce any sensible holder OF securities 10
sell at a loss In fact, there were no really ad-
verso factors in the days news, although the
announcement of further gold export engage
ments was considered by the professional ele-
nent adequate reason for hammertng prices
Knowing that some gold would go out to-mor-
row the GENERATORS for the decline sold stocks
sarIv IN the day on the assumption that their
estimates-inyented for business purposes
might tally with actual engagements; but II
was subsequently found that the difference be-
tween the amount Of gold ordered and that esti-
mated nv stock market traders reached total
NJ about s6OOOOOO Actual shipments arranged
for were 100000 and this amount may be in
creased by additional engagements to-day.
The Bank of England and the Bank of France
are increasing their gold reserves from this
market practically buying the metal here. Elk
change market conditions do not warrant gold
exports and. even II they did. a big railroad
movement Of the precious metal would not be
legitimate reason for the sale OF well-protected
stocks and bonds, unless gold exports repre-
scented the withdrawal of foreign capital from
this country. pancky conditions in domestic
nd ipdu and a large
trade balance in Europes favor. None of these
factors exist. The country can easily spare
gold at this period. and for every dollar that
goes out now two will probably be returned be-
fore the year Is over. 1t is we'll to bear in mind
that this country is now in a position where II
no longer is forced to pay tribute to Europe In
the shape OF heavy interest and dividend dis
bursements, that its trade balance continues to
run in It's favor and that It will doubtless al
ways be credit nation. In the last three years
gold imports have exceeded gold exports by
$219537 5O4.
The days decline started In Federal Steel
and while there were attempts to hold the
price Of the stock all offerings were readily alb
sorbed by good buyers All Of the industrial
issues were under pressure but offerings wer,
not particularly heavy. except in American
Spirits which was sold down on the theory tina
the new Distilling company plan was not favor
able 20 present holders Of Spirits stock. Fo
the same reason Standard Distributing stock
were weak and lower. Sugar Refining
weak feature. The days decline conducted
upon a small volume Of business, and in the
late dealings the market was practically at
standsti The best men in the Street continue
TO hold the belief that the short side Of specua-
ton will not remain profitable for any length
OF time
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BONDs.-Market fractionally
\ lower Final quotations follow