New-York tribune., 1903-07-21
BONDS.
THE DAYS OPERATIONS IN STOCKS

THE DAYS OPERATIONS IN STOCKS.
On an active volume of business the stock
market moved toward lower level in the
greater part of the day. In many issues new
low record prices for the year were recorded
and despite a rally in the afternoon final quota
lions showed substantial net losses in the ma
5oTity of issues. Opening prices were below
Saturdays final figures. with declines of per
cent and above in many securities in the
course Of the first few hours of business. Espe-
cial weakness developed in Brooklyn Rapid
Transit, which declined D points: in St.
Paul. which lost over point; in Illinois Central
which declined points; in Rock Island which
declined over 2 points; in Analgamated Copper,
which declined over points. and in American
Sugar Refining, which declined over points.
Selling orders came from all parts Of the coun-
try. and it was reported that some of the most
substantial speculative interests in the Street
had been forced to throw over gilt edged invest
noeht issues in order to protect their interests
in speculative commitments. For instance, sales
Of Illinois Central, Of the standard invest
rnent shares were reported at loss of > points
as compared with Saturdays closing and,
cording to the information received from trust
worthy sources. the selling of this stock and
other stocks Of the same standing represented
sales by operators who were forced TO secure
cash in order to protect their holdings else
where in the market The decline in Rock
Island stock, amounting to over points, was
sales which apparently came from people
who had bought the security at a much higher
price. The Rock Island Railway is making
most creditable showing in earnings, and despite
rae large amount of stock issued by the reor-
ganized company friends of the property are
confident that the dividends will be earned and
paid on the common stock in the course of the
current year.
It is extremely difficult to trace the source of
the present selling movement in securities. but
81 may be set down fact that much of the
selling Of the last few weeks has been for the
account of spectators VINO have been identified
with underwriting syrdicates, with industrial
organizations that rave been forced to go into
bankruptcy. and with speculative operations
that have invoIved transactions engineered at
prices many points above the prevailing range
Of values. In many circles it was believed last
week that the decline had reached its limit, yet
IN yesterdays market many new low record
prices were made, while predictions of further
depreciation IN market values were freely in
dulged in IN Wall Street circles. While there
IS absolutely nothing in the position Of business
affairs in this country that warrants the ex-
traordinary present situation in Wall Street. it
IS impossible to predict an immediate change
in stock market movements in favor of the
advocates Of higher prices. Wall Street is suf-
fering from the speculative excesses of a year
ago. It is encouraging 10 note, however that
the conditions prevailing in Wall Street do not
run beyond the confines of the Stock Exchange,
and that while the speculative community is
restless and uneasy the majority of business
men in the United States are looking forward
TO another year Of industrial expansion. It is
possible that prices for securities may go lower.
but this fact should not deter conservative in
TI-af
the present level The United States is not
going into bankruptcy, and the securities of its
Industrial and railroad enterprises are not losing
in actual value
The local banks have gained since Friday
night over 81, 100000 on Sub-Treasury opera
tious while with the interior ipts have
largely exceeded shipments. The movement Of
money from the West to New-York VIII doubt
less continue until the middle Of August, at
least but thereafter heavy shipments Of cur
rency from this centre to Western points may
be expected The demand for money 20 finance
the movement Of crops this year will be as
heavy as it has been in preceding years, and
people who are looking forward to easy money
rates IN the autumn will undoubtedly be dis
appointed by the actual movement of money
market rates The West always depends on
New-York to finance its big crops and there is
no reason to suppose that the demand this year
VIII be any lighter than it has been in the
past Fortunately, the New-Yo-k banks have
made certain preparations which will in
measure relieve the strain TIE money mar
ket but their resources, howey er, are not suffi-
cient 20 furnish enough money TO warrant specu-
lAtive activity in securities at q tine when
legstin1ate business demands call for currency
Call money showed mabe-ial chan in yes
terday's market, but time fun1s continued to
exhibit the strength that developed in last
weeks market. The impression is growing in
Wall Street that time money viii rule from 81
70 G per cent in the course Of tie next year
Il the money market rules at Fer cent level
holders OF stocks must expect to see their Sc
c.,rities at lower level At the present prices
the greater number Of sold. Issues return from
az 70 5zk per cent on the inves ment and with
time money at from 5iz 10 9 per cent the rela-
ton between the investment y.e,d and the price
Of money will doubtless attract the careful con
sideration Of people who are interested in in
vestments.
The stock market closed with prices slightly
above the lowest for the day. Liquidation Of In
vestnenr accounts was reflected in sales Of
Lackawanna which lost 9A points: in NeY-Hork
Air Brake which lost 16Z points. and in ST
Louis and san Francisco second preferred.
which lost 5ss points. Dealings in these stocks
we're not heavy. but in Amalgamated Copper.
Sugar Refining Brooklyn Rapid Transit, Ms
souri, Pacific and Rock Island, in VIII ch losses