New-York tribune., 1902-06-05
BONDS.
THE DAYS OPERATIONS IN STOCKS

Dulness was again the characteristic feature
Of yesterdays market. Prices moved in an IL
regular manner, with the tendency generaiN
toward a lower level and with small net losses
IN the greater number OF issues at the close
Total dealings amounted to 1S7.1I2 shares
against 1873 600 Tuesday, the greater part OF the
business being furnished by Sugar Refining
Detroit Union Railway. St. Paul, Reading,
Union Pacific Missouri Kansas and Texas. the
local traction issues, Southern Railway ana
Canadian Pacific. The news from the anthra-
cite coal fields was not especially promising
but otherwise the general situation presented
no argument for lower prices. factor WHICH
apparently was appreciated by investors VINO
maintained a firm grip their securities hold
ings The pools and syndicates took no part IN
the days operations Professional traders OF
the second class were in control of the market.
but their operations caused no noteworthy
change in values. The heaviest losses were
made by Canadian Pacific. Duluth. South Shore
and Atlantic preferred Illinois Central and
some of the specialties-
Money market conditions will doubtless soon
be favorably affected by the decrease in govern
7nent receipts which will follow the looping OF
of the war taxes in July. The large govern
nent income in excess Of expenditures IN the
last two wears has been due 10 the war tax
revenue and to the heavy gain in import duties
at the local port. 1t is estimated that lhe re-
neal of the war taxes Will still leave Ihe gov
ernment a large surplus from ordinary internal
revenue and customs account and in FnteIIlgehI
banking circles il is held great IllsIoft uHe
that 50 much Of the money that VIII continue
10 pour into the Treasury from payments az
this centre cannot be used in the chanfelS ol
trade instead of lying idle il Treasury Ndulls-
The cessation of war tax payments, ho"eNel'
will naturally exert favorab bic erect On tlle
local money market. as so large a pTopol Ion
of the tax is paid in NeW-York and It's NlclflllH-
The increase in customs receipts creates IledNS
drain on this market most OF the cuslo
r,ovrents are made here: but II IS belleNeu Ihdt
me reduction in internal revenue VIII De tlleC-
tive in striking an even balance between IutuIe
government receipts and expenditures IN New
York -, -,-,- has
,rarsferred money to NeW-Orleans Tor the ac-
.o,,,,+ Of local banks. The loss from TINS source
ebo11Id be more than offset by receipts OF cur
rencv from the West 1t Is expected Iilal aLll
,-als of gold from the KlOndike VIII be Teporteu
his week and il is believed that the sllpiiiehtS
f-oT,, there this summer will, for the most pdiG
.ig1ure in Nev-York bank reserves. some OF li!e
loss fay the banks to the Sub-Treasury TINS week
has been due to deposits TO retire Natloflal Jain
circulation Bv the time the demand loT money
for ,rOp movement purposes deNelopS lLte T.
eources OF the local institutions VIII 10 lohsSL
he Subjected to the heavy absorption OF iuIus
b7- the -Sub-Treasury. and il is more thah likely
+rat within sixty days the surplus reserve oi
4be associated hanks viii be large enough 10
e+an6 an outward movement of currency ana 70
f5narce active speculation in securities