New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-06-12
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market trading light in volume
with prices generally weak and heavy Early
quotations showed some improvement over Sat
urday's final figures, but at the end Of the
day the greater number Of issues were under
last weeks closing level. Commission houses
did practically nothing. and for the most part
transactions represented purely professional
operations. Conditions that controlled specula-
ton last week were again the chief influence in
the market. The shadow of uncertainty hoVers
over the market at present, and 1t is not
thought likely that even the heavy July dis
bursements will encourage a more active vol
uIne Of business Traders who are still con-
fdent that a bull speculation will develop this
summer in a small minority and their
views fall upon ears that have no hearing save
for stories of coming industrial and political
catastrophes. The bull is not popular at the
moment, and il cannot be said that his chances
of winning public favor are promising. The
trading element is committed TO the bear side
ord it viii require period Of active public
buying and support from substantial interests
TO convince the bear that he is in danger
Heads of commission houses do not expect to
enjoy an active business until after the elimi-
nation OF current uncertainties from the situa-
ton. An immediate removal of any Of the pres
ent uncertainties appears, out Of the question,
but this fact does imply that stocks are
better sale than they purchase. The dis
counting process IS being rapidly overdone and
a radical adverse change in the general situation
affecting actual values would find stock quota
tions pretty near the bottom. Bull speculation
collapsed some time ago and investors alone can
cause a further material shrinkage in values
Investors as a class are intelligent, and they
not swayed by sentiment based upon passing
fances panic big break in values could
be caused by investment selling, but the general
temper of the investment community is confident
and not likely to be unsettled by the develop
rnents of the summer. The technical position of
the market calls for rally. Perhaps the meet
ing of the Republican National Convention will
serve to inject little bull enthusiasm into
speculation.
SO called news from the gofep section Of the
country furnished the chief subject OF interest
in the stock and wheat markets yesterday. Con-
ficting statements regarding the crop situation
were received throughout the day, and they &C
counted IN great part for the irregular move
ments Of security and grain speculation. Wheat
was generally excited and higher, while corn was
heavy and lower. Continued dry weather and
copious rains We're both reported from the West
and in consequence operators We're at sea regard
ing actual conditions in the agricultural COM
munity. Stocks were unsettled in the final trad
ing. especially the railway shares Sugar Re
filming Atchison preferred. Baltimore and Ohio
Burlington. Federal Steel. Missouri Pacific
Reading first preferred, St. Paul and Union Pa
cihc the only active features. supplying
about two-thirds Of the total business in all
stocks.
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BoNDs-Market steady. Final