New-York tribune., 1903-07-11
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market values opened at declines from
the preceding nights close. while throughout
the greater part of the day the tendency was in
the direction of lower values. London prices
were also lower, although foreign operations
were not important factors In the local market
Bear pressure was active in New-York Central
and the steel shares. the first named making a
new low record for the year and the lowest in
two years, while Steel common also sold under
this years preceding low record quotation. New
York Central sold as high 16S in 1902
Brooklyn Rapid Transit and Reading were like
wise under pressure, while throughout the list
bear selling and genuine liquidation were ac-
tive. transactions being heavier than in many
days. especially for commission house account.
Various reports circulated regarding
New-Ycrk Central affairs, but actual news
developed concerning the company In the final
dealings there a f1rmer tendency in some is
sues. notably Steel common but last quotations
showed a long list Of net losses as compared
with last figures of the preceding DAY.
According to the known movement of money
in the week, the local banks have lost upward
of only $500000 in cash holdings despite heavy
gold exports. Unless, therefore. there have been
movements recorded. or a big gain in la
bilities. reserve above legal requirements will
not show a material decrease as compared with
last Saturdays bank statement. The duration
pend on the rate Of sterling at Paris and local
money market quotations. but the probability
is that the export movement is over for the
present Fortunately. gold is now beginning to
arrive at Pacific Coast points from Alaska and
the Klondike, and the chances are that most of
the gold thus received will find its way into
this market. Money market conditions do not
favor bull boom in stocks at present but they
do not however, encourage the sale of well pro-
tected securities or suggest that stocks are not
at an attractive level to buy for long pull
Stocks should be bought before bull market
develops, but of course, many people are now
holding off in the belief that better bargains
will be secured before the summer is over Au-
gust is generally bull month but the Street
apparently has little hope OF an active market
in August this year
Trade reports received last night show
sound business situatio despite reactions in
certain lines. The labor outlook is improving
June railroad earnings will doubtless show for
many railroads decreases in both gross and net
owing to the losses suffered from the foods,
but railroad managers look for heavy traffic
throughout the rest of the year. Crop condi-
tons are becoming more favorable but as corn
and spring wheat late this year. 1t will be
several weeks before anything like an estimate
of this years harvests will be possible Condi-
tions as reported in the government crop bull
letin were Of July 1, since when marked growth
has taken place. Atchison railroad officers re-
port an enormous crop of winter wheat along
their line.
The story that Atchison contemplates a bond
issue has been revived in the last few days.
out emphatic denials from official sources have
been made. So called Waldorf SPECTATORS are
working for lower prices in the Atchison shares
with 90 as the objective point for the common.
Assuming that Atchison common will continue
10 pay dividends and there is reason to be-
heFe Otherwise the stock is already ridiculously
cheap