New-York tribune., 1903-06-09
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Iioridatiou and bear pressure were resumed
at the opening Of the -s~,arl ct and continued
without important Interruption until the iasI
bou- when Moderate rally developed.
leaving final figures above the poorest OF lhe
day In the earlier trading prices reached the
lowest in the current downward movement as
for instance. Ola in Amalgamated. 66i2 IN
Atchisor7 S37s in Baltimore and Ohio. 1eo$4 IN
Missouri Pacific. 45iz in Reading and iSS4 i'll
Union Pacific. In some issues the rally ran TO
per cent and above but in the greater num-
her of shares the gain was less than per cent
Weakness in such stocks as Consolidated Gas
Northwest and General Electric eXerted rad
effect on sentiment. it was naturally assumed
that sales of issues Of their character repre-
sented investment liquidation. rather than pear
pressure Short sales of the high priced issues
which are largely held by investors, are dan
gerous And if the big bear parts and all lis
enthusiastic following should suddenly be called
on to return borrowed stocks there would Pe
great possibilities for bear panic Even as
s1Iming that stocks are to suffer prolonged
decline passing bear panics would be possloie.
Grain market prices were easier yesterday
cotton was higher. money rates were hrm at
last weeks advance. and sterling exchange
WAS weaker. These factors were not of impor-
rance as affecting the days Speculative senti-
rnert, but the lower prices for grain and the
close in exchange created a favorable impress
sion in banking circles. Various runlors were
put forth in the day. ntimating trouble in
brokerage houses. While no failures were an
,,ounced rumors helped to induce liquidation
and intensity the nervousness that now pre-
walls in many Wall Street circles. st PAU
New-York Central and Pennsylvania presented
resistance to the downward movement. ana
good buying reported in these stocks. as
well as in a number of active railroad shares.
sold he a
est price on record.
Receipts of grain al Chicago last week were
heavy despite the interference of the floods with
traffic the total amount of corn wheat and oats
arriving showing increase of 1.ISt.ooo bush
els over the preceding week and an increase of
l412 600 bushels over the same period in l9t--
Doubtless some of the grain was started before
the heavy rains and subsequent floods. but the
record nevertheless is noteworthy one. The
effects OF the wet weather will hardly be a
factor in railroad traffic for any length of time,
and the actual loss TO the railroads and to the
farmers will il is hoped. be offset by Increased
profits later in the season. Damage to the
crops has not. far can be learned from
Western experts. extended beyond the bottom
lands and in the opinion Of railroad officers
who are familiar with Western crop require
rnents and conditions seasonabe weather in the
rest of the summer will remedy in great part
4ftions as of June / will be shown in the govern
rnent's monthly crop report. which will be pub
lished tomorrow afternoon. No one looks for
a favorable showing as compared with the
statement of the preceding month
Sterling exchange was easier yesterday under
-te Influence of higher rates for money. 1t is
very generally believed that the local money
market will rule firm throughout the month,
and that no further gold exports of Importance
Viii be made Germany apparently wants more
gold as the Imperial Bank OF Germany mas
inst advanced its discount rate, but conditions
do not warrant heavy shipments from here al
rr.sent The enormous liquidation in secUrl-
ties in the last ten months, representing 4
ebrinkage in values. based on capitalization OF
oyer 81 200 1909, has had no appreclaOle IN
auance on bank conditions, so far as can pe
learned from the weekly bank statement loans
for instance now standing at S9lI'loo'lVo'
against S9lOo4Oo00 on September /; deposits
81 SS9s go 900 against S935 9SSJO0 ten months
non while present cash holdings, as compared
with September l. are about S14,0O0.OoO smaller
The character Of bank loans, however. has
changed, as heavy speculative selling in stocks
has caused a corresponding decrease IN the
loans made 10 SPECTATORS, but this decrease has
been offset by the transfer Of loans held abroad
10 local account.