New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-07-01
'Ex dividend
BONDS.
TIE DAYS OPERATIONS IN STOCKS

The stock market opened yesterday with ad-
vanles Of from 4 to j per cent over Mondays
CLOSING prices aud up TO ca Fly afternoon showed
decided activity and buoyancy. In the late trad
ing The call money rate rose to 10 per cent as
q consequence Of the preparations now actively
making for meeting the unusually heavy inter
est and dividend requirements of the midyear
season. and stocks sold of sharply. losing a
considerab BILE part of their earlier gain. Net ad-
vances for the day. however. were made by most
Of the issues dealt in. Cotton prices broKe
sharply at the opening. development favorable
TO the stock market, tending to Offset the
threatened necessity for general shutting
down OF manufacturing operations both here ana
abroad although before the day over the
losses had as a rule been recovered. The specu-
lation in wheat and corn still further
checked by good weather reports. which CORE
spondingIy helped the granger shares on the
Stock Exchange. From Kansas came an official
estimate that the winter heat crop would be a
record breaker, and from Missouri one that the
damage TO crops in that State from the recent
foods would be much less than had at first been
supposed. There is still. however. much ground
for uncertainty as to the ultimate size of the
corn and spring wheat harvests, as both these
crops are in a rather backward state.
The transactions on the Exchange were of
about the same volume as on the preceding day.
day, but in the trading for foreign account the
buying nevertheless exceeded the selling. There
was a good deal of realization selling on the
advance in this market. the purchasers Of the
last day or two apparently distrusting the per-
rnanency of the rise and judging it the part Of
prudence TO gather their profits. although small.
The bond market has not yet felt the influence
of the expected July reinvestment" demand.
and was only moderately active yesterday.
The United States Steel per cents We're the
feature Of the bond department, advancing
heavy transactions from S25s to $685. and clos
ing at $685.. Similarly in the stock list United
States Steel preferred showed conspicuous
strength. advancing TO Sz14 and closing with
net gain of 21k points at S21s, while the COM
mon gained p point. Perhaps the activity of
these issues was due in some measure to fore
knowledge of the fact, not officially announced
until after the close of the market. that the
Steel Corporation was to have. after many
months an executive head who might be de-
pended upon to take UP and to carry the enor-
nous burden OF the office; for Mr.. Corey al
though in name assistant to the president" is
in fact to be- for an indefinite time to come the
acting president.
The announcement in The Tribune's dispatch
from Washington of Representative Cannon's
determined opposition to the consideration of
any proposals for financial legislation by the
coming House. Of which he is TO be Speaker. had
little influence on yesterdays market, the feeling
icing that in the five months which will elapse
before the opening of Congress Mr.. Cannon's
present views may be modified. The decision of
Judge kirkpatrick to appoint a receiver for the
United States Shipbuildng Company had been
expected. The company, the admission OF
one Of its officers. is insolvent; and in view Of
the apparent detriment which would be suf-
fered by a large body OF the first mortgage
bondhoIders If the reorganization plan were to
be carried out as drafted the Street deems the
alternative Of a receivership to have been the
more equitable policy; although. a leading
interest in the company remarked yesterday
afternoon: 1T means fat pickings for the
ceiver and all the lawyers concerned"