New-York tribune., 1903-06-12
BONDS.
THE DAYS OPERATIONS IN STOCKS.

TIE DAYS OPERATIONS IN STOCKS.
Stock market prices naturally eXhlolteo d RAJ
living tendency in yesterdays market. The lu-
rious decline Of the preceding day warranted d
speculative recovery, and in the early dea"lsS
advances of ] TO 3 per cent were recorded IN 'Ie
active issues. Norfolk and Western Tor instant
gained 3 points the opening deaiHiSs' VIM
sharp advances were made in many other secu-
rifles The rally held we'll throughout the udH
closing prices showing substantial net gains -,
.h. Greater number OF stocks. Amalganateo
Copper Atchison. Baltimore and ONO lana
dian Pacific. St Paul Missouri Pacific, NoIfoih
and Western. Southern Pacific and Union Paerle
closed at net gains of :}G4 per cent Bargain
hunters were active, their purchases oeln6
LARGER than at any time the last few months
while heavy investment orders for foreign ae-
count were reported throughout the hS'' ine
short interest was heavily reduced as a result
of the days operations. and. despite statements
rf active bear leaders that the campaign asailI'
values had not yet run its course. sentiment
in most circles showed distinct improvement
The character of the days buying was encour-
aging. while the character Of the days news
affecting the country's industrial outlook was
,esss,1rins At the close of business Street oplh-
ton was generally bullish-
Crop conditions as set forth by the govern
rnent's official report for June are far stronger
than indicated by preliminary estimates maos
by various Investigators in the West Ihere
has been a material falling off in the winter
wheat percentage compared with month
ago but according to the government hgures'
this years harvest will show big yield, while
sr,rins wheat conditions also foreshadow most
satisfactory crop. The weather in the corn
belt has seriously interfered with the planting
Of that cereal but with normal weather IN the
rest of the season farmers viii be able to har-
vest a good sized crop Late planting may
bring the maturity OF the crop into the frost
season and this is the only danger which ought
TO be considered at this time This country Is
in a position TO stand year of poor crops. and
If the harvest of 1903 should be light the in
oustrial prosperity of the United States will not
he endangered. From the point Of view of
certain element in Wall Street, business activ-
ity throughout the Lard has reached jts limit.
but from the reports received by commercial
agencies there few indica tions that the tide
of industrial progress has changed. A long de-
cline in stocks may he effective in producing
tinnidity among business men. It hardly seems
possible, however that the present bear opera
tions in the stock market can be carried TO =
point that viii produce industrial panic. So
far the depreciation in the stock market value
Of securities has not been accompanied by re
duction IN investment worth. The intrinsic
value Of American investment securities is as
strong to-day as ever before i'm the history of
the country. and genuine holders Of stocks and
bonds should not become alarmed over the pres
ent Wall Street situation. Heavy selling in
Wednesdays market for Berlin and Amsterdam
account was evidently due 10 uneasiness in those
centres over the financial and industrial situa-
ton in the United States. A belief that trouble
brewing here doubtless due TO the long
continued decline in the american market. but
better understanding Of the situation
hected in foreign operations yesterday, as 500ho
shares were bought for foreign account.
The Street has been filed with runners regard
ing certain Wall Street houses and certain well
known speculative operators and people inter
ested IN depressing prices have made every effort
10 create belief that large failures are pend
ing A careful examination Of the situation by
The biggest money lenders in the Street shows
that there is absolutely warrant for the pres
ent reports except. possibly. in the case of
few weak operators and certain unirr7portan nj
houses. whose downfall would not affect the
general position Of affairs in the financial dis-
trict- The large liquidation in stocks has caused
q corresponding reduction in hank loans but the
statement Of the Clearing House institutions
fails to reflect the decrease in speculative loans
owing 70 the transfer of loans negotiated abroad
20 local account. This country has iouidated
large part Of its foreign debt through the
transfer Of loans to this side. through gold ex-
ports and through an excess of merchandise ex-
ports over imports II il not for the high
price Of cotton the export trade would be much
larger than il is. but. the statistical position
of cotton does not favor an important recession
in prices this year, foreign buyers will eventual
ly be compelled to come into this market and as
consequence our export business will show
even better results than those recorded at pres
ent. The outlook does not favor disturbance in
the money market this summer. but of course
high rates must be expected next fall when the
usual out Of town demand for crop movement
purposes develops. Last autumn New-York was
compelled 10 send a large amount Of money TO
the West, and there is no reason to suppose
that large shipments will not be made this year
Stocks are now selling at level which appar-
entity is attracting large purchases for invest
Ynent account.
THE DAYS OPERATIONS IN BONDS.