New-York tribune., 1903-06-17
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market values opened at declines from
the preceding days close, while throughout the
first hour weakness prevailed in about every
share on the list. with losses of to per
cent common. In the second hour railylhg
tendency developed and prices soon recovered
the greater part of the early slump 1ne
inward more rejecting covering Of shorts
that was evidently induced by indications OF IN
,,estnent buving. The report from the coal
fields that the miners would not make furlher
imposition to the plans of the operators and
the check to the advance in cotton doubtless
7ere factors that helped sentiment, but the
chief influence in the days advance was me
arpearance in the market of buying orders from
substantial investment and speculative inter
ests Against the days favorable developments
were the strength in the grain and sterling eX-
change markets and the weekly crop report,
which showed far from encouraging conditions
The forenoon advance was well held in the after
noon, closing prices exhibiting only unimportant
recessions from the best of the day. Atchison.
which lost over points IN the morning. closed
at a small net fractional loss. St Paul lost
points in the early dealings and showed a net
gain Of ss Canadian Pacific declined 3 points
but closed at a net gain of Ia. Other strong
features in the active list Amalgamated
Copper Baltimore and Ohio Erie, Louisville and
Nashville, Missouri Pacific, New-York Central.
Pennsylvania. Reading, Rock Island Southern
Pacific and Union Pacific.
The possibility of a resumption of gold exports
is being discussed in foreign exchange circles.
and opinion favors the theory that more of
the metal will be shipped in the course of the
summer Sterling is <veak in Paris and Berlin,
while local rates are firm and not far from the
gold shipping point. If shipments should be
made in the next few weeks, they would doubt
less be for Berlin account, at that centre ef
forts being made to attract gold. New-York
is at present the cheapest money market in the
world, and exports of gold from here to Germany
could be made by the so-called triangular op
Grafton. with only a slight change in foreign eX-
change rates. The movement of money from the
interior will continue in excess of shipments until
the middle Of August, and gold exports should
therefore cause no uneasiness in Wall Street
circles, especially they represent the liquida-
tion of our foreign obligations. Gold production
in this country now amounts to above SS0,9go.-
0Oo yearly. In addition we have the benefit Of
the production of the Alaskan and Kloudihe
mines
Financial conditions in general are sound ard
the stock market liquidation is improving the sit
uation rather than weakening it. People who
thought a week ago that the downward move
ment in securities had eliminated are now re-
vising their opinions. owing to the renewed
weakness of Monday and yesterday morning.
1t is evident that further selling may be ex-
pected, but there is no reason why holders who
are not financially pressed should sacrifice their
possessions because professional traders are able
10 continue their successful campaign against
values.
Stocks are attractive from the investment
point Of view. The few adverse factors in the
current situation are not important enough to
cause a radical change in the course of the coun-
trys industrial activities but there are some
observers who believe that unfavora bic factors
viii multiply in the rest of the year. This will
depend q good deal on the crops.