New-York tribune., 1903-06-27
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Extreme QulneSS prcNdliSu III eeSbSANt1s
stock market. Total dealings amounted TO Io9'-
23a shares as compared with 215,0o0 shares,
the preceding low record for the year. made
early in Nav Commission houses were practl-
cally without orders while the trading element
was inactive. except in few issues in whlch
dealings supplied the chief part OF the d@E
business. Prices were irregular in the greater
part Of the day, with equal number OF srnaH
net gains and losses. Improvement in the west
ern weather conditions in the spring wheat Ter
ritory exerted a favorable effect on stock mar
ket sentiment but it failed TO create an OUTSIDE
demand for securities. On the Produce kx-
change wheat declined nearly two cents from
Thursdays close. with considerable liquidation
for The account of Wall Street interests Wall
Street commission houses that have been doing
nothing in the stock market in the last few
weeks are actively engaged in executing
orders in the grain markets for the account
of customers who profited heavily in last sum
,ner's bull speculation in securities and TO some
extent in the bear market of the last elght
months The so-called Western element has
been especially active in wheat and corn. ana
its profits are said to be large. According to the
publicly expressed opinions Of many SPECTATORS
in the grain market. spring wheat and corn VIII
sell MANY points above the current level in the
course of the next few weeks. but it may be
well to bear in mind that these opinions are
based on the adverse weather conditions or the
last few weeks. while they do not take INTO ac-
count the possibility of a more favorable ell
matte outlook in the rest of the crop growing
season From the reports received from the
West yesterday good rains were enjoyed IN the
spring wheat section, while elsewhere IN the
co,ntrv's great agricultural territory the pros
poets favored the kind of weather than pro-
duces large grain crops. Cotton was again
strong.
Among the weak features in yesterdays mar
ket the chief declines were made by Colorado
Fuel and Iron and United States Cast Iron Pipe
preferred. Dealings in the latter stock now
ever amounted to only few hundred shares'
The decline in Colorado Fuel and Iron was
doubtless due to sales by speculative interests
who are no longer interested in the property,
owing to the change in the control of the COM
many and the improbabilfty of further important
speculative activity in the stock The fact that the
Rockefeller interests have secured large repre-
sentat5on in the company has revived the old
story that the United States Steel Corporation
will eventually secure control of the Colorado
Fuel and Iron. There is little reason TO believe
that combination will be effected between
the two companies at present, although II must
be admitted that the acquisition of the Colorauo
Fuel and Iron by the United States Steel Cor
poration would be of great benefit TO the latter
company, owing 10 ln6 Dig RACINE bcS'ot +4NiN
which the first named company now pracucaliy
works without competition.
Liquidation in Pennsylvania stock was mod
erately heavy, but sales appeared to be ab-
sorbed by good class Of buyers Reading was
in fair demand; also St. Paul and Atchison In
the bond market the United States Steel sink
ing fund 5s were active features. without a
material change in their quotation. Elsewhere
in the bond market there was little speculative
interest although some Of the best known
bond houses reported fair demand for high
class mortgage issues for investment account.
There are many good bargains in the bond mar
ket and it is quite likely that after the heavy
July interest and dividend disbursements an
increased inquiry for bonds viii develop In
terest and dividend payments on July in
this city Will aggregate Sl5opne1 Prep
arations for these payments are now being
made without disturbance in the money market
According the known movement Of money
in the week. the local banks have gained over
100000 in cash holdings. The banks lost on
Sub-Treasury operations upward Of S4,oo0oco,
while with the interior there gain Of over
S6ce0ee0. The change in the reserve above
legal requirements will depend the changes
that have taken place in the loan and deposit
items in the week. The loan account has GER
tainly not been increased through stock market
operations and if further expansion should be
shown In the Clearing House statement the in
crease viii be due TO special transactions. Trade
reports received last night by the commercial
agencies present many encouraging features
regarding the condition of the countrys indus
tries. The only especially unfavorable factor
;n The situation is the unfortunate attitude Of
the labor lea ders which IS Of course, capable of
producing a distressing condition Of affairs be-
tween la Dor and capital Long extended labor
strikes tend TO upset business The country is
on such a sound and healthful business basis
that labor troubles have so far failed to create
,,neasiness among business men over the outlook
FOR trade in the next twelve months, but IL is
reasonable TO suppose that continued disturb
ance in abor circles win affect industrial pros
perity.
THE DAYS OPERATIONS IN BONDS.