New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-07-03
SEX dividend
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market trading was light in volume on
a movement Of values that generally exhibited a
declining tendency. There was absolutely no
outside interest in the days speculation, while
the trading element was not disposed to enter
actively into transactions involving large
amounts Of stock. Sentiment among traders was
bearish because of the absence OF commission
house buying: also because of the unfavorable
preliminary estimates of the weekly bank state
rnent. According to the known movement Of
money in the week the local banks have lost
upward Of S10O0O00. AS this compares with a
large gain week ago. It is naturally assumed
that Saturdays bank figures will show mate
rial falling off in cash and surplus reserve hold
ings If there has been a large contraction in
loans in the week the effect Of the loss in actual
cash may be offset as an influence on the reserve
above legal requirements. The noteworthy feat
ure OF the movement of money in the last five
days has been the falling off in receipts of cur
rency from the inteSior and the increase in the
shipments of money from New-York to out Of
town points. A change in the movement of
money at this period is in line with precedent,
and IT should, therefore, not cause alarm in
Wall Street circles. The requirements Of the
West will be heavy this year. and later on in
the season large shipments Of currency from
New-York will be made. Wall Street has been
looking forward TO an early session of Congress
would be enacted. and by which the usual au-
tuun money market disturbances would, it has
been thought be averted; but the recently re-
ported remarks OF Congressman Cannon re
garding currency reform have served to chill
the expectations OF the banking community.
Even if Congress should pass laws for the re-
form Of our currency system the local money
market would not be benefited this fall, al
though the sentimental effect of such legislation
would be good.
There were few active features in yesterday
market, the heaviest dealings being supplied by
Atchison, Brooklyn Rapid Transit, ST. Paul,
Missouri Pacific, Pennsylvania. Reading and
! per cent. with the largest loss in Missouri
Pacific, which suffered net decline Of l3s
points. Selling Of these stocks was not accom-
panied by adverse developments affecting the
properties Indeed the general news of the
day was favorable for the railroad shares. espe-
cially for the so-caIled granger securities. Crop
reports from the West were reassuring and &C
cording to the views Of competent authorities
who have trustworthy sources of information
the outlook for corn and wheat is most prorns-
ing as compared with recent reports from the
agricultural community. On the Produce Ex-
change there was general depression in grain
prices. Cotton was irmt but inactive. specula-
tors evidently being unwilling TO deal extensive
" owing to the uncertainty over the conditions
which will be shown in to-day's government
crop report Stocks generally closed near the
lowest point Of the day with the heaviest loss
in Hooking Valley. which declined 614 points on
the same kind of selling that has characterized
the movement of this issue in the last few days.