New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-05-21
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS.
Further liquidation and bear pressure marked
the course OF yesterdays stock market On the
decline offerings appeared TO be taken by a good
class OF buyers but there was no attempt TO
support values and no disposition on the part
OF the trading element to change its position 10
the bull side. despite recognized favorable fac
tors IL the situation and the persistent buying
Of stocks for European account. Foreign houses
bought upward Of 10000 shares in the local
market making total sales in the last ten days
Of about 10000 shares. Further engagements
of gold for export were made and il was thought
that unless there should be a decided change in
sterling market conditions additional shipments
would be arranged for Saturdays steamers
Traders short Of the market found difficulty
in getting their stocks back in yesterdays deal
tngs. The ease with which prices declined and
their total lack of response to the bright feat
ures in the outlook encouraged selling in many
quarters where margins had become impaired
through the constant recession in prices. The
words continual dropping wears away stone
are expressive Of conditions among many mold
ers Of stocks whose formerly strong accounts
have been materially weakened by the obstinate
course Of values toward lower level Reports
Of demands by Western railway employees for
higher wages, further advance in cotton and
!
factors in inducing liquidation. Western opera
tors we're heavy sellers OF ST. Paul. Atchison
and Rock Island. and under the pressure of these
sales Atchlson and St Paul lost nearly 8 per
cent while Rock Island closed down per cent
A number Of overextended accounts were forced
on the market Upward of 1900 shares were
sold on the local Exchange for Chicago in
terasts and over $1,000 shares for Boston &C
count selling for the latter being echo Of the
de-line in the Boston exchange. where prices.
especially for the Dominion securities, suffered
serious losses The general list closed at net
declines Of from / to 3 points in the active de
partment, with heavier changes in some Of the
less active issues. Manhattan neld compare
lively firm losing only small fraction Corn
Products and wabash common closed at small
net gains.
There are various features in the current sit
uation which are effective in restraining specu-
lative activity. Underlying conditions, however,
encourage the expecta ion Of higher prices for
stocks and bonds before the summer is over,
and in quarters where careful consideration is
given to conditions governing the actual value
Of securities the opinion is freely expressed that
stocks bought at the prevailing level and on all
declines viii net their purchasers substantial
profits. Speculative sentiment is bearish. how
ever. The so-called public shows no disposition
10 enter the market. while important financial
interests are not inclined TO encourage bull
movements at the moment. The latter, never
theless. accommodating securities on all re-
cessions. Traders believe that it VIII be possible
70 bring about a lower quotation level in the
course Of the next few weeks, and they are ex-
erting every effort 10 create unfavorable market
ideas among commission house holders Of stock
and by their constant pressure on values they
have succeeded in weakening many accounts
while they doubtless hope TO be able TO force
enough liquidation 10 establish the market on
quotation level many points under the existing
range Of values The fact that prices show a
declining tendency ought not 10 discourage well
protected holders while il should attract invest
rnent buying.
Notwithstanding the heavy operations for the
account OF foreign interests. the foreign ex-
change market remains al the gold export point
with all indications Of further shipments of the
precious metal II the r7ovenent continues for
any length Of tine tie money market will doubt
less be affected 10 some extent. while il is also
possible that the current speculation in the cot
ton market VIII exert an adverse influence on
the rate for loans. In the month of June and
until after the first week in July higher rates for
money may be recorded 81 the New-York mar
ket, although bankers do not expect any dis
turbance Of & serious character. There is at the
present time Just enough uncertainty over the
money market outlook 10 create uneasiness in
stock market circles and the bear element on
the Stock Exchange may be depended on 10 en-
courage this uneasiness on every possible occa-
SIGN. The statistical position Of cotton is strong
and while part Of the speculation represents
manipulation there is still a considerable basis
for the activity among the cotton bulls. It is
safe to say that the greater number OF specu-
iators "a cotton as well dealers and manu-
fsctuners have rsjUdged the position of cotton
in the last year. but it is not. however, safe TO
predict that present exorbitant prices can be
maintained throughout the summer. Many peo-
pie who are well informed regarding last years
crop and the prospects for this years yield are
nevertheless firm believers in high cotton prices
throughout the next twelve months