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

"
THE DAYS OPERATIONS IN STOCKS.
stock market values moved toward lower
level in Yesterdays market. Opening prices
were at a material decline from the preceding
DAYS close. while throughout the hVe hours oL
business there gradual saSslhS OF quota
tions with substantial net losses in the more
active issues despite rally at the end Liqul-
dation of accounts held by people who nave De
come financially weakened owing TO the ae-
,,reciation in the price of securities was feat
ure of the business. and it was generally oe-
ueved in investment house circles that further
selling of this character would be seen IN lhe
course of the next few weeks Professional
GENERATORS realize that many important market
interests have sustained heavy losses in securl-
ties and as a consequence they are evidently
exerting every effort to depress values to a
panic level Stocks are now selling at prizes
which more than discount all the adverse 1ea'-
ures in the situation. This fact however uo7s
not warrant the prediction that further losses
will not be recorded. A bear campaign IN
stocks is always carried far beyond the limits Oh
sense and safety. and in the present case the
known disposition of powerful speculative ele-
ments suggests that this movement will not
differ in this respect from similar movements OF
The past Many holders Of stocks and bonds
bought at higher prices are doubtless discour-
aged over the severe depreciation in the market
value of their securities but they should bear IN
mind that the actual worth of their investments
is not depreciating, and that if they MAINTAIN d
firm grip on their possessions they Will eventu-
ally have the satisfaction of seeing present
losses fully recovered.
Heavy selling pressure was reported IN the
Western railroad stocks, in Pennsylvania, Cana
dian Pacific and Amalgamated Copper. There
SeIli ling Al
in United States Steel common but sales Of this
issue were we'll taken and the price was not
materially reduced. There a fair demand
for Erie, while in 1.-the active issues offerings
appeared 10 be well absorbed, although no effort
was made TO advance prices Amalsanateo
Copper, although closing strong, declined In the
day to its lowest point of the year on heaNy
sales for Boston and local account Weakness
in the last named issue was due TO further
decline in the price of the metal and 10 the re-
port that conspicuous operator in copper
securities was in financial difficulties. Reports
Of this character, however. were denied in sew
eral well Informed circles. Sugar Refining stock
was also a weak feature. selling apparently
coming from holders who were forced to sell the
stock in order raise funds to protect their IN
terests in other parts of the market. missouri
Pacific made a new low record price for the
year and in many stocks the lowest quotations
of the last two years were reported IN some
cases prices selling unGer the Northern Pacific
panic figures of May 8. 1901. Despite the sell
ing of Missouri Pacific and other active railway
issues actual negys regarding the properties
generally encouraging Railroad earnings for
instance, showed heavy gains compared with
this tirre a year ago. Gross earnings Of the
Missouri Pacific for tn last week in May pre-
scented an increase of S1J1 600. while gross
ceipts Of the Southern Railway and the Norfolk
and Western exhibited gains of $4,000 and
$4,000, respectively. Traders, however were
not inclined TO accept railroad earnings of the
last few weeks as forecasts of results for the
rest of the year. Signs of healthful reaction in
certain lines of business have frightened Wall
Street into the belief thai industrial prosperity
in this country is at end. This belief is in
tensified by the adverse reports from the South
and West regarding the condition of the crops.
Much damage has doubtless been done to cot
ton. grain and by adverse climatic condl-
tons but il is absurd assume that injury TO
this years crops viii cause permanent de-
probation in the value of American investments,
In 1901 the crop was a practical failure
Vet railroad earnings were larger than ever be-
fore on record while ali lines of trade presented
record breaking results. Naturally bad season
in the country's agricultural community will not
lie favorable development for the country's in
ness in the United States.
According 10 the known movement of money
in the week the associated banks have lost up
ward Of 81 100000. The local money institu-
tons gained important amount of money
from the interior. but their loss gold exports
and payments to the government offset the in
terror receipts Call money decidedly firmer
yesterday and bankers were inclined TO believe
that rates for both call and time loans through
out this month would rule a hrmer level.
Sterling exchange viii not remain at the gold
export point for any length Of time if the money
market advances The cheapness of money 1T
this centre has been influential factor in
sending gold abroad. while il has also been an
important factor I'm causing transfer of Amerl-
can loans held in Europe TO the New-fork
banks. The liquidation OF foreign loans has
been heavy in the last few months. In the last
half hour Amalsamated. Pennsylvania, New
York Central. Rock Island Reading and South
ern Pacific recovered Il cir early losses closing
ct small net gains.