New-York tribune., 1903-06-02
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market trading was moderately active
throughout the day on an irregular movement
of values that ended at net declines in the
greater number of issues Dealings were made
I'D IN great part Of the operations of professional
interests commission houses having few orders
for outside account. while substantial market
followers were not extensively concerned in the
DAYS speculation. The flood news from the west
naturally created or rather intensified bear SEN
tfr1ent and as a consequence the Western rail-
road shares particularly Atchison Missouri Pa
cifc Rock Island and Union Pacific, were under
pressure without however. material loss in
value There was an apparent resistance to ef-
forts for lower prices. and market movements
SIS interpreted by some observers indicated that
prices were near the bottom. Missouri Pacific
=5as taken on the decline; also St Paul Bear
attempts 10 lower Canadian Pacific continued.
and they were successful In depressing the stock
more than l point a fairly active volume OF
business Losses by Canadian interests at specu-
lative ventures compelled some liquidation in
Twin City Rapid Transit which sold down three
noints TO 1e0l1 while further bear pressure and
sales by holders who are not satisfied with the
new United States Leather plan were respon-
sihle for a decline of over . points in Leather
common and over 8 points in the preferred. St
Paul closed at a small net gain; also Erie first
preferred. Illinois Central and United states
Steel Mexican National was not active, but
there was no evidence of liquidation, while there
was a confident feeling in we'll Informed circles
that the stock would soon sell at a, level more
IN proportion TO its new value as provided by
The stock adjustment plan. This railroad s
future IS filed with great promise. and its secu-
rites will be valuable Investments Sterling ex-
change was strong and active and gold to the
amount of $500 600 was engaged for export to
Paris and $3.50 coo for South America. Call
money exhibited hardening tendency. Further
shipments of gold expected
The floods in rfe West have caused heavy
loss to railroad companies and agricultural COM
nlunities, but from the sdvioes received from
Western railroad officers the damage to the
crops does not extend over p large enough area
ta warrant alarm over this years harvests. Nor
does the injury to the railroads through destruc-
ton OF property involve the roads 20 an extent
that will have any effect dividend returns.
Grain deliveries at Chicago last week were
3254, ,645 bushels. gain Of 100000 bushels over
p week ago and gain Of 10000 bushels over
the same time last year. Both east and west
bound traffic continues heavy, and It is hardly
likely that the food conditions in Kansas Ne
braska Missouri and Iowa Will check for any
length OF time the expanding tendency Of rail-
road earnings The West IS richer than ever
before IN ITS history. and IT is well prepared
financially 10 meet the wreck and ruin that
foods may bring. Reports of railroads IN all
parts OF the country show. almost without i'm
portant exception. wonderfully large increases
over the corresponding time a year ago, Union
Pacific, for instance. presenting a gain IN gross
for April Of S434S32. and q gain in net Of
s22s s54 while estimated earnings for May give
O gain In gross Of upward of $4,000 and in
net half OF that amount.
gr he sin
ton do not encourage bull activity in stocks,
because there is a powerful bear party at work,
while iquida tion has apparently not yet run its
course. No one can state when this movement
Will reach fits limit, but II may be well to bear in
mind that bear markets are seldom seen in the
summer months. 1t is also well 20 recall the
Sect that pressure stock market is often
removed when the speculative outlook looks
dark and gloomy. when the greater number Of
people in the Street saturated with pes
smsrn and loud in forebodings of evil days
While there has been much genuine liquidation
IN stocks there has also been much n2anipula-
riorI but then, all markets whether they are
rising or falling, are accompanied by fictitious
operations. such as wash sales and matched
orders Spectators are not in business for their
health and all the machinery Of the Stock Ex-
change nin never be able TO eliminate manipula
ton for speculative dealings Bank loans show
no evidence Of stock market liquidation but
the chances are that the failure Of loans TO de-
cline IS due TO the transfer OF obligations for
American account in Europe 20 local banks.
Loans are now we1i above deposits. and not far
below the highest on record Fortunately. they
are backed by first class security but. Of course,
the constant dropping in market values causes
uneasiness IN some circles over the enormous
EXPANSION in bank loans throughout this coun-
frE.