New-York tribune., 1903-06-03
BONDS.
THE DAYS OPERATIONS IN STOCKS

Although the movement OF pf1Ses III E71o
DAYS market exhibited great irregulaT1tY' 'he
majority Of issues closed az net gains as com
nsred with the preceding days final figures
Advances we're due 70 covering of shorts, es-
-aoia1lv in s.. Paul and in q number Of active
,s.,es in which operations for lower prices IN
the last few weeks have been active opening
a. 14a3.. St Paul advanced 10 1918. and closed
AZ 1511t net gain for the day OF points
T-lsewbere in the active list net gains when
made ran from fractions 10 l Der cent anu
above Heavy selling by Canadian interests
vss responsible for the weakness tn Canadian
Pacific stock and in other issues in which Ca
madam operators have long been identihed' as
for instance. Twin City Rapid Transit which
declined over Is points on moderately heavy
dealings The latter stock is a solid investment
secu-5rv. and the decline not justified by
conditions affecting its actual worth In mar
ket Of this kind however the intrinsic value
of securities counts for little. Both IN Mon
treal and Toronto there has been within the last
year heavy overspeculation in various issues.
the result OF which is now reflected in extreme
weakness in the Canadian stock exchanges
heavy selling in the local market for Canadian
account and rumors Of financial dltncuineS
among Montreal and Toronto brokers
Regarding the last named feature of the sltna-
tion, II is interesting TO note that we'll known
Toronto firm was forced 70 suspend business
Yesterday Fortunately the enormous liquida-
rion and great depreciation in market values
have not affected New-York brokerage houses
and. according 20 the opinion Of the best in
formed bankers there viii be no failures IN
Wall Street In the afternoon dealings heavy
buying developed in St. Paul. the influence Of
which was reflected in sympathetic strength
throughout the market Last prices were gen
e-aIly the best Of the day.
odS he
have suffered material injury IN certain sections
Of Kansas. Nebraska. Missouri and Iowa, but
according 10 dispatches received yesterday in
this city by representatives, Of Western railroad
companies the area affected by the foods has
not been large enough 10 warrant predictions
of material falling of in this years harvests.
Despite these encourag ging reports. Wall Street
has made up its mind that the outlook for
corn and spring wheat Is exceedingly unfaTor-
able and that the prospects do not favor !
bountiful yield in either Of these important
staple products Il the crops are poor this year
railroad earnings a year hence viii naturally h.
affected but II is well TO bear in mind that
despite the corn crop failure OF 1901 traffic re-
oeipts IN 1862 exceeded the best records Of pre-
neding years The railroads OF the United States
are in 8 strong financial and physical condition.
and il is not likely that the present floods in
the West will cause enough destruction 70 prop
-rty 20 check seriously the transportation Of
freight or 10 interfere with dividend returns.
Al encouraging feature OF the railroad situa-
ton. as reported yesterday. was the collapse Of
the freight handlers strike in Chicago The
labor situation throughout the csuntry has had
an adverse influence on stocks and general busi-
ness but there are now indications Of speedy
settlements OF the most important labor troubles
and as a consequence there ought 10 be q more
optimistic feeling in Wall Street circles.
Sterling exchange ruled al the gold exporting
point IN yesterdays market, and further heavy
engagements OF the yellow meta for shipment
20 Europe were announced More gold will
doubtless be sent abroad in the course OF the
next two weeks. but II is not thought that
shipments viii have serious effect on the local
money market Within the last few weeks over
100000 n gold has been shipped 70 Europe
without causing an advance IN money rates iu
New-York- Exports have been Offset BY heavy
receipts Of currency from the West. movement
which VIII continue for several weeks to come
and which VIII doubtless b. large enough 10
maintain bank reserves a. this centre a. 4 Ievel
which VIII prevent an important rise in the
rates for loans The Clearing House rule re-
garding trust company reserves has gone into
effect without causing disturbance in the
money market. and there is now no develop
u1ent 70 look forward &c 2 possible factor
working for higher rates except the usual July
preparations for interest and dividend disburse-
rlsurs. a large amount Of money viii be paid
out On July / on this account and II Is prob
able that a large part q these payments viii
20 into the stock l-.arke-. owing 10 the at
rrac-ive prices Al which investment securities
av be bought The greater number OF secur-
l-iee cheap al present figures. People who
have substantial financial backing are quietly
sccuuulating the attractive investment issues
IND their purchases VIII eventually supply an
IMPORTANT lever for the advocates Of higher quo
fstions The present decline in stocks has run
t,evoTd tae limits OF sense and reason and
people who are now selling short may soon find
themselves short OF 4 market which has been
everscld 70 2 point which viii oe followed by 4
sharp upward movement fE values