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


Dealings in stocks yesterday were on a small
scale. but the dulness in the market was not
ACCOMPANIED by any development OF weakness.
The changes in prices, while unimportant, dis
closed for the most part an improvement. The
announcement of some further exports OF gold'
resulting from lower money rates here ana
otherwise altered exchange conditions, was
without effect on values and was in fact 1g-
nored in speculative operations. It was taken
for granted that the additional shipments OF
gold Syould not long continue. The professional
tyzders in stocks seemed to take not much
more interest in the market than the public,
and the market was left, to say to its own
resources It was made reasonably clear that
the natural disposition of stocks as WhoIe
was not, at present at least, to seek lower
level The largest transactions were in Anal
gauaated Copper. which declined on unfaVorable
trade reports and on information that foreign
dealers in copper stocks occupied bearlsh
attitude. Another stock which sustained a fall
was Sugar Refining. This stock fell off as a
consequence it was stated, of the closing out
of bull account in it, Outside of these two
stocks there were no stocks the active list
that showed more than fractional declines. Col
orado Fuel and Iron moved up readily on mod
crate buying. Covering Of shorts in Atchlson
and Union Pacific produced a trifiing better
ment in the quotations for these stocks. There
was fair buying of Reading which displayed a
good degree Of strength Pennsylvania receipts
were In demand and held firm throughout the
day.
1t has become clear that more now depends
on the crops than the money situation. Inc
monthly government crop report Will be issued
on Friday next and it is awaited with special
interest since 1t will give the final figures on
winter wheat and the first figures on corn 1t
viii also afford fairly accurate idea OF the
extent OF the spring wheat crop. 1t Is certain
that the combined wheat crop will be large, ana
The size of the crop will hold prices within lin
IT'S which will permit its free eXportauoh'
There is more or less apprehension ABOUT corh'
chiefly on account Of its lateness. The fear is
that the corn. having got such late start VIII
not attain its maturity until so late in the sea-
son that it will be subject to serious impairment
by frost The spring and summer having been
late it is fair to presume that the fall Will be
late, and accordingly the frost may not come
until the corn is safe Corn is crop OF great
Importance Not alone is its money value enor-
NOUS but il proviCa7 i material part OF the
tonnage of several the big Western railroad
systems Furthermore, corn being literally ex-
ported in the kernel and in the form or proW-
sions it is a factor of consequence in the Tor
eign exchange situation like wheat and cotton.
The cotton crop will be short While part
of the loss in amount will be made up by the
increased price, normal crop and norman
price would be preferable. for then the cotton
would move without restriction, whereas very
high price is calculated to restrict the movement
of it, The cotton exports make more exchange
ordinarily than any other product OF this
country. and it is essential that the shipment OF
cotton should not be unduly interfered with.
The cotton corner has recently shut on exports
Of this staple, but when this speculation is ter
minated IS it presumably Will be before long
the outgo of cotton to Europe will resume Gus
tonary proportions. The Indebtedness of Amer
ica TO Europe has been so far hqudated by
transfers of gold TO the other side and by the
resale by Europe OF American securities that
II is reasonabl TO believe that gold Will come
from abroad in considerable amount in the
autumn in payment for those products of Amer
lea which European countries require and must
purchase. Possibly twice as much gold as has
thus far in the year been sent to Europe viii
IN the remainder Of the year be sent back by
F,Irope The relaxation in the money markets
Of Europe continues, and foreign lenders may
soon be seeking employment for their money
IN America 1t seems 10 be assured that the
requirements for money to move the American
crops will be supplied this year without a con-
striction in the domestic money markets such
rs was witnessed last year. Preparations ap-
near TO have already practically been made to
meet the call of the crop growing regions for
funds