New-York tribune., 1903-06-13
BONDS.
THE DAYS OPERATIONS IN STOCKS

Trading in yesterdays stock market repre-
sented the operations Of professional dealers and
investors who were attracted by the low prices
prevailing. Opening quotations above the
preceding days close. while throughout the five
hours of business the movement of values was
IN the direction of higher figures. except in
brief periods. when renewed pressure from the
bear element developed Among the so-caIled
high priced issues as. for instance. st. Paul
and New-York Central substantial advances
were recorded. the upward movement being ac-
conpanied by purchases for the account of
well known financial interests According to in
formation received yesterday, St Paul stock has
been accumulated in the last few weeks by
some of the strongest capitalists in the country.
New-York Central has also been in demand for
the account of investors whose bank accounts
run into the millions. The report that the
Could Rockefeller interests have been heavy
buyers of Pennsylvania stock has not been con-
frmed in official quarters. but il is believed.
nevertheless that large amount Of Pennsyl-
vania stock has gone into the hands of people
who never before have been identified with the
Pennsylvania manag cement. In yesterdays op-
erations sc-called bargain hunters We're active
in the low priced securities. as, for instance,
Southern Railway common. chicago and Great
Western common, Atchison common, Wabash
preferred Colorado and Southern and Southern
Pacific. In the industrial list there was good
investment demand for American Car and
Foundry issues. also for Sugar Refining and
Amalgamated Copper. The United States Steel
shares We're not especially active, although they
taken by a good class of buyers Final
gains from to 3 points in the active issues.
According to the known movement Of money
in the week the local banks have gained over
100000 in cash. On operations with the Sub
Treasury the banks lost upward Of S2500000
while with the interior there was gain OF
S5900000. The movement of money from the
South and West Will be in favor of New-York
for several weeks to come and II is therefore
not likely that local money market quotations
viii move to a materially higher level at pres
ent- Call money now rules at relatively easy
figure. and il is not probable that an important
change in rates viii be made before the end of
the month, when first Of July interest and divi-
dend disbursements may cause temporary ad-
vance In the price Of money Local bank Off
GERS have made a careful examination of the
financial situation in this city. and they find
in conditions no reason for uneasiness. De
spite the enormous decline in the stock market
in the last eight months stock market COM
mission houses are strong in resources and
they are in a position to withstand a further
shrinkage in market values without appealing to
the money institutions for assistance All the
current reports in Wall Street regarding pend
ing bankruptcies nave absolutely foundation
in fact There viii be no failures among the
substantial houses while il is not likely that the
smaller concerns Will be forced TO appeal to
the Indulgence OF their creditors. The very
fact that Wall Street has been able to sustain
decline running from 20 to 20 points in the
value Of securities and representing a depreci-
alton in market worth as based on the capital
ization of companies of upward of 81 1200000o00
reflects enormous strength in underlying condi-
lions.
u is hard to conceive that there has been
such depreciation in the value of American
investment concerns quoted the New
York Stock Exchange. bat the fact remains,
nevertheless. that the decline in market values
has cut of this amount of money from the
market value Of securities All of this
decline viii eventually be recovered The sum-
mer months generally bull times in stocks.
year Will supply an exception To precedent. In
well informed Wall Street circles it is gener-
ally believed that the stock market in July and
August viii move in the direction of higher
prices There are a certain number Of people
who are operating on the theory that the crops
this year viii return light harvests. but before
they make large commitments the short
side OF speculation they would better make
careful examination of the government crop
report which was issued Thursday afternoon.
cCrftpTrIrc Appnhn