New-York tribune., 1903-07-16
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market values made new low records
for the year in yesterdays trading a heavy
volume Of business. Declines were sharp
throughout the list, especially in ST. Paul New
York Central. Union Pacific, Canadian Pacific.
Missouri Pacific, United States Steel issues and
General Electric In the last half hour covering
Of shorts was responsible for partial recoveries
In many issues. and complete recoveries in a few
Issues, as for instance st. Paul, which closed
fractionaIly above Tuesdays final quotations.
Selling Of high grade investment issues was
again a feature, and traders were naturally dis
posed TO view the selling with considerable un-
essiness on the theory that 1t represented forced
selling by important interests, who were COM
PEELED 70 part with their high grade securities in
order TO raise funds to protect speculative
counts elsewhere in the market number of
important market interests were sellers Of
stocks that had been carried on borrowed money
for long period, the sales being induced by the
attitude Of the banks, which decided to call in
loans in order to strengthen their position, pre-
paratory to the expected heavy calls on their
resources for crop movement purposes. The
banks are evidently determined to prevent, if
possible, a serious stringency in the money mar
ket this fall and it is likely that their efforts
IN this direction will be successful, especially
as preparations are being made so early.
distinctly unfavorable impression was Gre
time notes by the Union Pacific Railroad to the
amount of S1O,OO0OO0; also smaller loans by
several other railroad companies. Following
the borrowing by the Burlington, the action of
the Union Pacific and other roads in going into
the market for money naturally affords ground
for uneasiness in speculative circles. particU-
larIy as the companies forced to pay stiff
rates for their accommodations. The criticism
is made that, with railroad earnings at their
present heavy rate Of increase, the companies
ought not TO be compelled to seek loans in the
open market to finance improvements. 1t is
likely that the Union Pacific loan announcement
was an important factor in the days course Of
values on the Stock Exchange, and 1t is also
likely that the new demands of various railroads
for money were responsible for the liquidation Of
many stock market accounts at serious losses.
The United States Steel issues, which were under
pressure in the greater part Of the day, made
new low record prices. Buying of these shares
on the decline was said to be for the account of
interests identified with the property, but the
support was not sufficient TO offset the sales as
an influence on values. The common stock sold
at 25h. closing at 261s, a loss of 15s points.
Pennsylvania and New-York Central were also
under heavy selling pressure throughout the
day, as was also Canadian Pacific, which, ac-
cording to Street gossip is on the way TO par.
After the close of business in Mondays market,
Wall Street sentiment was more bullish than
IL had been in many days but the heavy invest
ment liquidation of Tuesday and yesterday
again changed the tone of speculative tempera-
ment. 1t is well TO note, however that the
greater number of securities are selling at prices
far below their intrinsic worth, and that the
time cannot be far distant when an upward
move VIII develop.
The official report of the country's foreign
commerce in June makes rather disappointing
exhibit in exports compared with preced-
ing months in the year. also as compared with
the average for the month in the last
five years Imports, however, showed an enor-
NOUS gain over the corresponding month a
year ago, amounting as a fact, to the heaviest
total for any June on record. The excess of
exports over imports amounted in value to
S13 100000, as compared with excess of
S16O00OO0 a year ago, and $34.0OO0O0 in 1901.
For the twelve months ended June 80 i'm
ports reached for the first time in the history of
the country the 81 OOOO000O0 mark, while ex-
ports ran upward of S4O0OO00OO beyond the
S1.O000000O0 The countrys total foreign COM
nerce for the fiscal year amounted in value to
$2,445 610,417. compared with S2,310,931, ,156,
the best preceding yearly total, made in 1901.
The heavy growth in the import trade and the
large loans made for American account In
Europe in the last few years are responsible
for the present position Of the foreign exchange
market, which makes heavy gold exports prof
liable. The high price of cotton within the last
few months has checked shipments of this i'm
portant article Of merchandise, and unless there
should be a readjustment of prices TO a normal
level within the next few months this country 5
export movement Of cotton this year will prob
ably have little influence the foreign ex-
change market. Within the last few weeks
this country has actually imported cotton from
Europe. If, however, prices decline, and Eu-
rope comes into this market a heavy buyer
OF cotton, there viii he good chances of gold
imports next fall 1t is interesting TO note that,
despite the exports of gold from this port in the
last year, there was enough gold brought into
the country at Pacific Coast points to offset the
large outward movement from New-York. the
excess of exports amounting TO only $10S,0O0.
THE DAYS OPERATIONS IN eoNDs.