The sun., 1903-06-17
FINANCIAL AND COMMERCIAL.
TUESDAY, juno II

TUESDAY. June 10.
The impetus of mingled liquidation ana
short sellii z that was 80 prominent In the
stock market yesterday was In full force
at the opening of the market this morning.
and continued for the first hour and half
of the Stock Exchange session. Then the
pressure abated, and spectators for the
fall set about securing as deftly as they
could the comparatively large profits that
had accrued to them in their operations
since Friday. They endeevored to do this
at first by keeping prices steady and buying
stotks whenever these were offered, but as
this process was not very speedy and the
market gave signs Of hardening they began
to retire their short contracts openly
Under the influence Of this buying prices
closed from to points above the lowest
quotations of the day and well above
last nights final figures. Certain stocks.
notably Atchison, did not rally 80 easily as
the others. The days business showed
that the market has again become very pro-
fessional and that practically the only
market force" is at present the buying and
selling transactions of large operators.
These men are now trading in lines Of stock
very much greater than they did formerly
and when the major portion OF them are OF
one mind about the market. as they have
been recently, they can affect prices very
considerably and uncover whatever weak
spots there may be in the general situation
1t must be remembered, OF course, that
regarding a declining stock market the
simile Of coiled spring Is not inapt The
further the market declines the more re-
sistance it offers to the efforts made to
depress il and the more violent its reactions
when these are permitted. Prevailing con-
ditions have, up to the present time, cer-
tainly favored the work of the bear party
in the market. That they will not always
continue to do so is certainly true. and
that they may change or may seem to
change suddenly no one at all familiar with
the phenomena Of speculation needs to be
told, 1t is clear, however. that before
anything like broad and general upward
movement In prices, or. in other words,
"a bull market is likely, the banking
position in the whole country, and especially
in this city, should become stronger. and
that public sentiment should take on much
more confidence than 1t now possesses.
Sterling exchange was much stronger
point London houses sold. it is estimated,
about 10000 shares of stock in this market.
The weekly Government crop report showed
no great change for the better In the con-
cition Of cotton and could not be said to
be favorable as regards corn and winter
wheat The Illinois State report for the
week was also rather dismal document,
but great attention is not paid In Wall Street
to the estimates Of the crop bureaus OF in
dividual States. The severest complaint
now heard from the Western agricultural
section is that of cold weather in the corn
belt. Experts who try to speak OF condi-
tions in the corn belt exactly as they are
invariably accompany their references to
the backward season with the declaration
that whatever damage has yet been done
to the crop can be repaired later on by
warm weather. Tho failure Of the warm
weather to come. however. is more or less
discouraging. The general tore Of all
the news to-day from the anthracite coal
mining region was extremely peaceful.
The preseit difficulties there have at no
time been serious enough to justify strike,
nor has fear Of strike at all disturbed
Wall Street 1t is to be observed. however.
that the miners in their convention to-day
simply indorsed the action of the executive
committees Of the district organizations in
appointing delegates on the Cancellation
board and did not "elect these delegates
as the operators originally declared must
be done. Exports of merchandise from
this port for The week showed a slight falling
on amounting to $7,s72 ,4e3, against e2o7. :
ee7 last week and 81, ,73e, ,065 last year. The
matter possesses some significance, per-
haps. when taken with the full record OF
last months exports ard imports of the
whole country, published yesterday These
exports decreas sed 81 s13,4sO, while imports
increased $3,248,o56, making decrease in
the excess trade balance for the month OF
IS, ,O59, $50 Another incident Of the day
was a further decrease in pig iron prices
at some Of the Northern furnaces.
New York Stock Exchange Sales. Juno To-
UNITED STATES AND STATE soSDs I'm N.oooa.
A A.,