The daily morning journal and courier., 1903-06-06
YESTERDAYS STOCK MARKET.


 Features of Prince & Whitely's Market Letter.
 Primary news and developments over
 night were not exactly Of d nature to instill confidence or to create a confident abs0rp: tion of stocks either by the outside public or even by the larger parties at interest in different properties. London was reported as inclining towards easiness; transactions here for European account were not of any magnitude, but the selling slightly excS eded
 the buying. Room and professional traders, it was taken for granted, were the chief sellers. Commission houses had but few liqudating orders, still stocks were continu- ally offered and prices kept on receding. Tomorr0Ws bank statement is expected to make a poor exhibit and the money mar ket is beginning to feel the exports of gold.
 Per contra 1t may be said that the higher rates for money here induce bankers to re-
 new loans in Europe, which Is plainly re- hected in the reduction of exchange rates,
 the latter being down to 3S7.90 for actual short sterling.
 While most everybody believes that liqui-
 dation and declines which began halt Q year ago are running close to an end and
 values are approaching basis yielding tive pc" cent. return to the investor, we cannot help but think that before we can look for q revival in general demand of our securi- ties crops must Ge more positively assured
 than at the moment they appear: Weather conditions in different parts of the country certainly are disturbing and the farm IS and producers are very apt to present tha
 most gloomy aspect, be it for cereals or cot ton. Still, there is plenty Of time to over. come many adYerSities which up to now
 have been obtaining The wheat and cotton markets do not appear to be much disturb ed, both being lower after publication of
 the government reports going to show that
 much of the untowardness, especially in cot tOu is reflected in ruling prices.
 Renewals of call loans t per cent. Wheat was decidedly easier and prices lower All news, coming as it does from
 parties now interested, is that there Is and will be a better demand speculatiyely for the cereal. We cannot see 1t in that light.
 Prices are not invitingly low and crop pros poets not bad; in fact, spring wheat condi- tions are good.
 Cotton is a little easier Present prices, taking into consideration trade conditions, famines in countries where they most need manufactures, crop conditions so poor at the start of the baby plant, with chances of fa- vorable growth henceforth and large acre age planted are ruling very high, and we
 look to see options such as December and January se!! at five dollars a bale lower
 than today. Outside long interest is large. In the closing hour, while there was nOth-
 ing to make the outside public enthusiastic, or while there were no positive orders in the stock market to uphold 1t, there were signs of good investment buying on a basis of per cent. return for the better class of securities.
 The market may again be affected by tenn
 porary unfarorable crop news-the senti-
 inent may put it still lower-but many props
 critics are fast getting on an attractive in~ vestment basis, in our opinion. The tone at
 the close was rather good, considering what the public was led to believe, and prices at
 the close showed some recovery
 PRINCE & WHlTELY.