New-York tribune., 1903-06-26
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Erie sen 4s: 80, - "apash - De- 80
THE DAYS OPERATIONS IN STOCKS.
Stock market trading light in volume
throughout the day an irregular movement
of values. Final price changes were, as a rule,
unirnportant. with more net losses than gains.
In few stocks there a moderate amount
Of bear pressure. Pennsylvania, Missouri Pa
ctAc. and Colorado Fuel and Iron representing
the chief points of weakness. Selling of Colo
rado Fuel and Iron was apparently based on
the theory that the passing of control of the
company 10 interests would bring TO an
end speculative activity in the company's Sc
curities Outside of the Colorado Fuel and Iron
announcement there was little in the days news
developments that affected the value Of Sc
curities. Traders not disposed to operate
actively on either side Of the market but senti-
rnent was generally bearish, and leading spec
ulative interests that have recently been active
on the short side continued TO assert their be
lief in the theory that quotations will go lower
before an outside demand be created The
days reports from the Western crop district
were not encourag ging while the developments
in the abor situation were not in favor of
enthusiasm on the bull side of speculation. 1t
was thought that the return of Mr.. Morgan to
this country would be followed by a buying
movement in certain securities but there was
absolutely no demonstration on this account
and no attempt TO advance the market because
of this great financier's presence in the city.
The market closed almost stagnant with prices
at about the lowest OF the day The grain
markets, in which great strength exhibited
by wheat and moderate strength in corn, at
tracted more attention than the securities mar
ket Chicago reports on spring wheat were
pessimistic.
The entry Of the Rockefeller interests into
the directory OF the Colorado Fuel and Iron
Company is an indication Of an alliance be
tween the Rockefellers and Goulds not only in
the company just mentioned, but in the plans
for the extension of various railroads with
which both interests are identified. Wall Street
naturally assumes that the combination between
the Coulds and the RockefeIlers will be strong
enough 10 overcome all obstacles that may be
placed in the way of the called Gould in
vasie;, of the Eastern railroad territory. Strong
objection 10 the extension Of the Gould lines
TO an Eastern tidewater outlet developed in
PENNSYLVANIA circles soon as the Gould plans
were announced but there is now excellent
reason for the belief that the Pennsylvania's
g forts TO check the Eastern growth of the
5ould and Rockefeller railway systems will not
be successful. It may be true that large
amount of Pennsylvania stock has been ac-
cunulated on the decline of the last few months
nected with the company, but it is not at all
likely that control of the property will ever
pass 10 new hands. The extension of the Gould
system can be made without the Goulds and
Rcckefellers having controlling voice in the
affairs of the Pennsylvania Railroad. and both
the Goulds and the Pennsylvania people will be
able TO complete their plans without running
the traffic receipts of one another The Penn
syIvania Railroad viii never be forced TO re-
duce its dividends because Of new competition
in the territory through which fits lines now
run The country is growing fast enough TO
warrant the continuation Of the Wabash road
TO the Atlantic Coast
The movement of money between the banks
and the Sub-Treasury so far this week shows
a considerable gain to the latter institution
So far as to-morrow's bank statement is con-
cerned, this loss viii doubtless be offset by the
receipts of currency from the interior, which
have been heavy in the last few days. It is
not profitable speculate on the probable
showing Of the weekly Clearing House state
rnent but in well informed quarters where the
course OF money is carefully watched. it is not
believed that the reserve above legal require
ment viii show a material change from the
statement of a week ago. Conditions in the
foreign exchange market suggest further ex-
ports Of GOLD. The supply of bills is light, while
the demand for remittance is moderately active.
London is not bidding for money from this
side. but there appears to be an active demand
;n Berlin and Paris. Current ease in the time
money market reflects the light demand in the
market from Wall Street commission houses,
while the relative in call money may be
traced 10 the same source. While higher rates
may prevail for brief period at the end Of the
month Il is not thought probable that July
and August rates will rule above present quo
tations barring of course. unexpected adverse
DEVELOPMENTS in the money market The de-
rnand for currency in the fall for crop moving
purposes will doubtless be as heavy as in pre-
cedine years, but il is not at all unlikely that
The federal Treasury will throw enough money
into the local market to prevent disturbance
al this centre. Government receipts continue
10 exceed expenditures, owing TO the large
customs payments and for the fiscal year which
ends this month receipts will show an excess
over expenditures OF above SJ0ooooe0 The
Treasury now holds exclusive of its gold reserve
fund OF S1J0000oe0 cash balance of S23o.-
100000 which includes S154.0oo.ooo held in
national banks. In addition to its gold reserve,
the Treasury holds in its general fund over
s13oo0oo0 in gold coin and bullion and over
S27oO0ego in gold certificates.