New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-05-16
BONDS.
THE DAYS OPERATIONS IN STOCKS.

There was a noteworthy increase in activity
in Yesterdays stock market dealings, as com
pared with the operations of the last few days
and further evidence of the disposition OF SUD-
stantial market interests TO buy securities on
reactions In the early dealings the trading
element hammered values and succeeded IN
bringing cut long stock in various quarters OF
the market. Sales. however. were quickly az
sorbes, although TO efforts were made to check
the sagging tendency. Predictions Of a bad
bank statement which were not justified by the
known movement Of money in the week, the re
ductien in Standard Oil dividend, reported cut
ting eff steel prices and the illness Of Mr.. Harri-
man were used as bear arguments. and. in the
absence Of support, they were effective IN weak
eninv values. There were not many exceptions
te the downward tendency, the United States
Steel stocks being among the few issues that
exhibited comparative steadiness- Pressed Steel
Car was also a firm feature Brokers who
usually act for Ny. Keene operated on the short
side while several prominent professional trad
ers worked fer lower prices. Pennsylvania,
,Sew-york Central. Missouri Pacific. Delaware
and Hudson, Atchison, St Paul, Union Pacific
and Rack Island were under pressure The
short interest was largely increased as result
Of the DAVIS operations. and at the close IL was
thought that a sharp rally would soon oeVeiop-
The decline in the price Of cotton which deVel-
oped Yesterday will doubtless be carried 1urlhei'
as quotations are at fictitious level, While Ihe
technical position of cotton speculation invites
lever figures. A return Of cotton prices 10
normal level will be followed by renewal "a
IN. a,nort demand. which was checked in April
owing TO the rising tendency OF the hlarAeI
while 1t will exert a favorable influence on senu-
mont and actual business in the local drygooos
circles Wall Street has not been uneasy over
direct financial loss result OF the DOOM ia
cotton on the Cotton Exchange, but IL redi%e"
that great injury may be done to the country
export and domestic cotton trade py the eA-
orbitant level of values that has prevailed 1oi
tbe last few weeks a decline in cotton quota
tiens. therefore cannot fail to exert faVordoie
influence on opinion in the financial conlH1uAllS'
Boara room traders on the Stock Exchange are
bearish because the securities market Is MiII0"'
buying power Of sufficient force TO advance quo
tations hut their sentiment is not effective IN
inducing important liquidation, stocks sold rep
resenting as a rule board room swapping opera
ttons and sales for the short account IheIe
is no reason for disbursement IN the present
declines on the Stock Exchange CondltohS
governing the true worth Of securities are sounu
and prices are below their actual value Event
ually market quotations should move 10 a leNel
more commensurate with their intrinsic worth
Gold exports and losses by the banks to the
cash from the local banks this week, but. de-
spite this movement the changes in cash hold
ings as based en- estimates made yesterday
shey an increase in actual money at this centre.
The hank statement week ago failed TO reIect
the increase in cash indicated from the known
movement Of money, and, as bank statements
.e7ave 2 ha bit" Of showing one week figures
which they should have shown in the week De
fore. te-days exhibit may be much better IMAM
expected In the week the movement OF cur
rsncv with the interior has been heavily in favor
OF this centre, the net gain amounting 10 90
1s55o0 The banks also gained over S1,Ves'Voo
in uew gold. so that despite the total loss on
gold experts and Sub-Treasury operations OF
over 50 100000 there was gain In cash OF
over 81, 100000 Money rates remain easy ana
the strength in foreign exchange. which led 10
further gold export engagements yesterday Is
not development Of adverse significance over
100000 gold was engaged for shipment 10
south America. In Paris exchange on London
was lower.