New-York tribune., 1903-07-08
BONDS
THE DAYS OPERATIONS IN STOCKS.

The stock market was extremely dull through
out the day irregular movement OF values
Wall Street interest apparently was centred in
the cotton and grain markets, especially IN cot
ton, where further sensational movements took
place. At the opening on the Cotton Exchange
prices declined with considerable violence and
despite a subsequent rally, closing quotations
we're well under the tnal figures Of the pre-
oeding dav. In the grain market prices were
strong Notwithstanding = favorable government
weekly crop report. According to the statistics
Of conditions in the wheat and corn belts by the
Weather Bureau. the week ending yesterday
was the most favora ble of the current season IN
all districts east of the Rock Mountains. Corn
made rapid-a dvancement harvesting Of winter
wheat proceeding under most favorable eondi-
1ione. while spring wheat enjoyed marked inn
provernent throughout the Northwest. The
weakness in cotton was helped by the weekly
Weather Bureau. which showed improvement
I'm the growth of the plant in all districts in the
South. The decline in the price of cotton ought
10 nave an important influence on the cotton
trade in this country and on the export busI-
ness. The high price of cotton has served to re-
strict the outward movement of this important
article Of our export trade, and as consequence
the exchange market has been unusually bare
of bills It is generally believed that in the fall
the foreign exchange market will rule in this
country's favor to an extent that will permit
imports of gold.
Final prices in the stock market we're gen
orally under the closing quotations of Monday,
although declines were not important. In a
number of issues net advances were reported,
notably IN A1nalgamated Copper, Sugar Rein
ing. Atchison, the Chicago Great Western issues,
Hooking valley, Missouri Pacific and Pennsyl-
vania. The heaviest declines among the active
shares were made by the United States Steel
iesuas the common declining one point and the
,,-aferre5 nearly one point. There was no eX-
rIanation of the weakness Of the last named
issues but after the close OF business the quar-
terlv report. showing a falling off in net
earnings. was made public On a small volume
Of business the United Cast Iron Pipe common
suffered heavy break; also Standard Rope ana
TWine stock and bonds. Various reports were
circulated regarding the last named company
business but nothing official could be learned
regarding its affairs London was not an active
factor in the local market and commission
houses we're practically without orders. Call
money ruled at 3s4 per cent. with a high rate of
a. per cent, while the market for sterling ez-
change remained firm at unchanged quotation
II was thought in foreign banking circles that
further shipments of gold would be made by to-
-norrow's steamers. Total exports OF merchan-
disc from the port of New-Yor6 for the week
ending yesterday showed an increase in value of
o1-er 50 coo 900 as compared with the CORE
snon6ne time q year ago. The stock market
closed dull with prices near the lowest Of the
dav. In the early afternoon an advancing ten
dency developed. hut liquidation in the steel
shares checked the upward movement, causing
2 weak closing.