New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-06-10
BONDS.
THE DAYS OPERATIONS IN STOCKS

The local and London markets were weak I'M
der the influence of selling induced by the sltua-
ton In China. In this market sharp declines
were made in a number Of the more active is
sues on a moderately large volume Of business
but liquidation was confined in great part to
small operators. while the short interest was
materially enlarged. The expansion Of the bear
account has been heavy In the last few days
and the chances that its weight will
force a recovery in values this week OF course
If rich should begin to sell securities de-
clines would run much further. but there seems
to be no probability that the chief holders OF
securities intend TO convert their investments
into cash at ruling prices. The Chinese situa-
ton IS not promising, but investment values Of
American securities are not in danger. Holders
Of stocks looking beyond current uncertain
ties, and they doubtless are confident in the
future OF values. If this were not the prevailing
sentiment among investors there would be
break OF no small proportion from the current
level Of market quotations. The bank state
ment showed a small loss in cash and a further
considerable expansion in loans. and. a CON
sequence a decrease in surplus above legal
quirements. Loans reflected special operations
as mercantile and stock market loans were not
factors in the money market last week. Closing
prices IN stocks above the lowest of the
Of issues. In the railway list the heaviest losses
were made by St. Paul. Burlington, New-Yort
Central. Baltimore and Ohio and Louisville and
Nashville. London an active seller
The outlook for the country's business and
current trade conditions "a reported by bear
spectators and their organs does not agree with
the summaries made by careful commercial
agencies. It is admitted by the last named that
no extensive changes In the direction Of further
business expansion are probable until after tho
election but It is pointed out that the current
volume OF business is large that a few
months OF waiting need not excite apprehension
Measured by the payments through clearing
houses. not including stock operations the vol
ume OF actual business shows the continuance
Of trade larger than at this time in any year
except year ago when. II may be recalled all
past records were being broken. In addition TO
BANK clearings. railroad earnings furnish further
substantial evidence OF the soundness and ac-
tiVlty or general trade, Compared with MAY
last year. earnings for May Of the current veor
showed a gain OF over 9 per cent and 10 per
cent over 1888. The movement Of grain is
much lighter than at this time a year ago but
the volume Of general merchandise traffic has
Increased more than enough 10 offset the loss in
earnings on the grain tonnage The adjustment
of prices to a lower level is not sign Of trade
paralysis. The establishment OF a more health -
ful level should serve to encourage greater
trade activity, and although the summer
months may not witness any marked expansion
II does not appear probable that the business
situation will develop conditions of a money los
ING nature. Stocks, however, are not likely TO
move In response TO a heathful trade situation
as speculative activity has been reduced n tho
limits OF purely professional market I'm which
the trading element is bearish
The usual weekly table OF price changes FOR ~.
more active stocks follows " "