New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-06-05
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Further declines in yesterdays stock market
7rers M, explained by known developments af-
fectins the actual worth Of securities but ao-
verse statistical crop reports on cotton ana
wheat were effective factors in encouraging bear
activity end speculative liquidation Losses IN
the more active issues ran from fracuons 10 L
per cent and above, with closing hgures near
the lowest Of the day. Liquidation was reported
throughout the list, while activity on the part
Of the bear element was again an important IN
7uence in the movement of values Selling OF
St Paul stock carried the price OF that issue
well under the preceding days close. although
the downward movement was not followed by
trorortant liquidation Of genuine holdings. sales
,-epresenting as rule operations by the profes-
sionaI element for short account. pennsylvania
exhibited weakness and reflected continuance OF
The active pressure noted in Wednesday CLOS
ing dealings. Investment houses are advising
The purchase Of Pennsylvania securities at pres
e,+ ,rioes. also NeH-York Central, st. Paul and
Twin City Rapid Transit The last named STOCK
has been unnaturalIy depressed on account Of
the serious financial depression in Canadian
stock market circles but the decline in its mar
lze+ value does not indicate a depreciation in the
act;al worth OF the issue. In the greater num-
her Of stocks in which declines have been heavy
in the last few months intrinsic worth has not
been affected Various reports were put forth
Yesterday endeavoring to explain the weak
ness in prices but the only satisfactory ex-
plauation of the days decline was found in the
desire of a powerful speculative element to
bring about lower prices. and in the necessity
which compelled a large number Of people whose
accounts have become weakened through the
continuous decline IL values to throw their hold
ings on the market.
Money market conditions are sound, and gold
exports do not excite alarm. If much more gold
goes out rates for money will advance, and the
movement OF the precious metal toward the
other SIDE will be checked There is 10 mys-
terry regarding the shipping Of gold TO Europe.
The metal goes abroad in response to legiti-
mate international money market conditions.
and not IN response to a withdrawal Of foreign
capjtal from American investments Indeed,
foreign capitalists are now engaged in increas-
ing their investments in our securities It is
estimated that this country has nquidated with
in the last few months over S1J0Ooo.00o on
loans held abroad through the transfer of these
obligations to local bank account, through the
excess trade balance in our favor and through
gold exports. The liquidation Of foreign loans
by the transfer process TO New-York banks has
increased the loan item here, but it has paved
the way for gold imports this fall On Sub
Treasury operations far this week the Clear
ing House banks have lost nearly S6,0o0,O00.
but the interior currency movement has been
heavily in favor Of this centre, and IL is there
fore unlikely that the weeks changes in bank
cash holdings will show a material loss. Local
money market sales firmer, and around the
first Of July call money may rule higher, owing
70 the preparatiors for interest and dividend
disbursements.
Reports from the West received yesterday
were not especially reassuring regarding the
position Of the crops, especially in Missouri,
where the condition OF winter wheat report
ed at a percentage Of SO, against Sc month
ego. While the State is not the pivotal wheat
producer it is natural 10 assume that the situa-
ton in other wheat States is no less favora Bile
as climatic conditions have been similar. Next
week the government report will be issued. and
the course Of the stock market for a time will
doubtless hinge on the official showing Of gen
eraI crop conditions. 1t should be borne in
mind. however that, although enormous re
duction in the winter wheat yield may be made
a big harvest win be possible, owing to the
splendid conditions Of the early season Corn
VIII be late this year, and early frosts viii
doubtless be the chief menace TO this crop As
TO cotton. # is interesting note. especially
in view Of the present high price OF this product
that the government report places conditions
as Of June at al per cent which compares
with 81 per cent at the same time q year ago.
and an average of S1.5 per cent for the last ten
wears. The prospects Of lower prices for cotton
are Of course, reduced by the governments re-
port, although il is not thought likely that quo
tatiors viii average above the current level