New-York tribune., 1903-07-10
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market values weak throughout
the day light volume Of business. Trad
ing however. heavier than that of the last
preceding days Of the week, with well defined
indications of genuine liquidation in number
of Issues. Weakness in the bond market
doubtless was responsible in part for the selling
in stocks In a number Of the high class issues.
as. for instance, New-York Central 3l2s, selling
heavy enough 10 create an unfavorable i'm
preston in Wall Street circles. and as a con-
sequence the bear element was active in opera
tions the short side of the market Sales
OF the bonds just named and the failure OF the
ST. Louis Southwestern underwriting syndicate
10 distribute the Tefundng bonds at good a
price as that al which the bonds We're originally
taken naturally had an adverse influence on
speculative sentiment in all parts of the Street,
New-York Central stock suffered a sharp de-
cline. selling being accompanied by reports of
a new issue Of stock These reports We're, how
ever. denied to the extent that the company had
intention of putting out additional stock at
the present time. Heavy sales were also
corded in United States Steel common and in
the per cent bonds. It was thought that the
sales Of the bonds represented recent purchases
of the preferred stock. Liquidation IN the
common undoubtedly reflected further sales by
interests who disappointed over the show
ing Of the corporation in the last six months.
change. although foreign exchange rates ex
hibited a heavier tendency compared with
the level Of the last few days The decline in
sterling was due the offering Of long bills
and although the weakness in the exchange
market encouraged the idea that the upward
movement Of gold would be checked, there were
nevertheless inquiries for the metal for ship
nent by to-1norrow's steamers. While large
amounts of gold have been exported from the
Los FYxel
fact should not be lost sight of that imports of
the yellow metal have been about heavy as
the shipments. As within the last year the
greater part of gold brought into this country
has arrived at Pacific Coast points from Aus
tralia and from Alaska and the Klondike. the
extent of the movement is not generally realized,
and the exports from New-York, therefore, re-
ceive greater consideration than they are en-
titled TO- According to the known movement
Of money so far this week. the local banks
have lost in cash holdings on their opera tions
with the Sub-Treasury: also on their operations
with the interior. 1t is likely that the weekly
above legal requirements although the move
rnents in the loan item may Offset as infu-
euce on reserve the decline in cash. News de-
velopneuts Of the day We're generally favorable,
but stock market operators based their trans
actions on factors not affecting the actual worth
of securities, and in the absence Of support they
wore able 70 bring about a lower range Of
values on the Cotton Exchange a reactloh
from the decline Of the preceding days o. me
week developed crop reports from the COTTON
and grain belts were encouraging. \ IuI Ct!'i
~1i- vas made in iron prices yesterday. and u
was runored that prices OF hnlshed steer pIou-
ucts would also be lowered