New-York tribune., 1903-06-11
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The course of The stock market on Tuesday
portcnded a further decline yesterday, but the
decline was even sharper than had been looked
for = substantial rally occurred in the middle
of the day. but toward the close prices resumed
their downward course. London prices Tor
American securities came in lower, and with this
fact accertuating the nervous feeling here the
NeN--York market opened Under the London
level An important part of the days liquida-
ton was the selling for foreign account which
amounted to nearly fifty thousand shares, OF
which large part was disposed of for account
of Amsterdam where il was reported a big
firm was in trouble, and for Berlin account. At
about the close of the morning session currency
was given TO declarations of banking interests
that after careful examination of the field
there seemed no reason to expect any failures
here a development which has been daily pre-
dicted and daily feared by the Street for some
time on this reassuring announcement Gov
erinC movement set in and this, with buying
orders from powerful interests, and with exten-
sive purchases by bargain hunters" caused a
strong rally which by = o'clock had brought
prices up to the high level of the day Then
came another break, sudden and as uneA-
planned as that of the preceding day, and, under
food of liquidation and renewed short selhhs,
prices receded once mora. many issues touchlhs
their lowest point in the last few minutes Of
trading There was positively bad news at
any tinlA in the course of the day. The labor
situation throughout the country seemed de-
cidedlv improved and the news from the wheat
and corn fields was tha. the flood damage would
probably not be disastrous as had beeh
earlier expected Money continued easy, the can
money rate ranging between and . per cent
Despite the heavy liquidation OF securities 10y
foreign holders, the exchange market was weak
and depressed, thus removing for time the
possibility Of further drain OF gold On the
other hand a great part of the selling evidently
represented the closing out of long stock, a sign
of necessity. and doubt continued to be eX-
pressed whether the large interests populary
supposed 10 have been obliged to sacrifice stocks
70 protect their syndicate obligations had yet
Iightened their loads to the point OF safety me
renewal of the whirling speculation in cotton
toe was a disturbing element: for il is under
stood that not few Wall Street interests are
committed on The short size, and the outlook is
that prices on the Cotton Exchange viii go
much higher. Several standard stocks yester-
day touched or went below their record levels
established on the panic Gay of May >, 1901 and
many made new low records for the year. Bal
tirnore and Ohio and Norfolk and Western were
asain Yesterday leading objects of bear attack.
and Missouri Pacific also under pressure,
hut was well supported until TIE last hour, when
IL broke TO 81
The government crop report. issued late yes
terday afternoon. proved much more favorable
than had been expected, with its estimate (as Of
June II of 95.9 per cent on spring wheat and
500 per cent on winter wheat, and its con-
clusions will doubtless he reflected in an i'm
proved tcne Of the market this morning.