New-York tribune., 1903-06-10
BONDS.
THE DAYS OPERATIONS IN STOCKS

lab LA . LnA 41ONS 4R o4oSho
Stock market values opened weak subse
quently enjoyed a rally of 1Q2 per cent. and
then declined under the influence of selling that
left final prices at net losses in the greater num-
companied by unmistakable signs Of buying
for the account OF substantial market interests.
This buying. however. not heavy. It
brought response from the general public.
and traders. after following the upward move
1nent for a time resumed operations the
short side with renewed vigor, succeeding in
breaking prices throughout the list. Especial
efforts appeared to be directed against Erie and
Baltimore and Ohio. both Of which suffered Sc
we're net losses. The weakness ir Erie was par
ticularly noteworthy. in the current decline
the Erie shares have shown a conspicuous re-
sistance TO the downward trend. Heavy nquida-
ton by foreign and Western houses was feat
Of the day. sales for European account
amounting TO upward of 50Go9 shares. while one
Western house put out more than 5O.0O0 shares
Of stocks supposed TO have been bought last
January. An excited rise in cotton increased
pear sentiment on SEoch fsStndHSt on biit
theory that conditions in cotton speculation
might lead to serious financial difficulties. For
a time the Street inclined to look on the
bright side OF the general situation. and to
believe that the turn toward better stock mar
ket had come. but TIE outbreak OF selling in the
last hour again upset speculative opinion.
Pennsylvania, New-York Central Colorado Fuel
and ST. Paul were fairly well supported but
elsewhere stocks generally exhibited most re-
sponsve attitude to bear pressure. Call money
was relatively easy. while sterling was un-
changed In the days foreign dealings heavy
sales were reported for Germany and Holland.
In conservative banking circles efforts are
being made to discourage further liquida-
ton in stocks. but encouragement is given
10 the idea OF bull boom at present Higher
prices will. Of course develop some day the
result Of the present oversold condition of the
market II is not believed. however. that money
conditions warrant sustained speculative activ-
.ty on the long side. and il is quite certain that
unless the public and the larger investment
interests work for bull campaign the trading
element viii not operate for any length of time
sor the long account. AS long as there is no
speculative demand lor SecurltleS pro-
sessional traders may be counted on to favor the
short side Of speculation. Actual investors and
interests who buy securities TO hold for long
periods have been the buyers in the current de-
cline, and eventually their holdings viii supply
.he backbone for important upward move
IN values. At the moment however, specula-
tive rallies are all that are looked for. although
IL is thought that these rallies may be in tha
nature of brief bear pancs
II to-day's government crop report should
show better conditions than those suggested by
recent pessinistic forecasts stocks would
doubtless enjoy good sized rally Crop con-
oitions from will be most important
market factor. and should the growth of grain
by the first of August indicate normal harVests
q strong stock market would probably develop
3n that month Western rains have done dam
age In the bottom lands. bu. they have helped
conditions in the greater part Of the crop terri
tory. except in respect 70 the planting of corn
which has been delayed. The latter however
will not bother the farmers if the country should
Be blessed with sessonable weather in the rest
the