New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-06-23
BONDS.
THE DAYS OPERATIONS IN STOCKS.

n, an extremely small volume Of business
stock market values made further movement
toward q lower level. Declines were not IN
rortaut final losses. a rule, showing oilN
fractional recessions as compared win Sa'ui-
DAYS last quotations. Total dealings amounted
to less than 100000 shares. with the heaviest
transactions in Amalgamated Copper. Atchison'
rerookIv- rand Transit. Colorado Fuel and Iron
Erie. Pennsylvania Reading Union Pacific and
the United States Steel shares Commission
house dealings were not factors in the days
operations, professional trading supplying me
chief part Of the business Speculative sehu-
men, IN Wall Street was adversely affected by
heavy engagements of gold for export and hy
she oneretions of certain powerful speculative
interests against a number Of securities that are
supposed to be identiied with companies
against which current criticism is now directed
Total engagements Of gold for export by to-day
steamer amount TO nearly S:5.000ooo- The effect
Of gold exports on the foreign exchange market
was reflected in easier tendency IN rates.
but according to the information received from
well Informed foreign bankers, there is no pos
sihtlity Of a material decline in sterling quota
tions within the next two months There WAS no
important change in the money market can
rates ruling at . per cent. while time money was
In fair demand at 4 per cent for sixty days
az per cent for three months and 434 to = per
-7ent endeavored TO bring about materially
lower level Of values its efforts did not frighten
actual holders Of securities into liquidation On
the decline there was q fair demand from IN
vestrnent interests In the bond market excel
lent buying was reported in the Union Pacific
convertible As the United States Steel os and
the wabash debenture Bs. The general market
closed fractionally above the lowest of the day
Current developments respecting the affairs
-.ar7fac hay
uuieting influence on Wall Street sentiment, and
the weakness shown in the position of certain
concerns has created in some minds an impress
sion that there is something radically wrong
with the greater number of industrial combina-
tons This conclusion. however. is not war
ranted by the facts. The percentage Of finan-
cial mortality among industrial organizations
has been small IN the last few years. especially
among the companies that represent the recent
consultations and failures resulting directly
from consolidation have been Of an insignificant
total. Bad management and faulty methods in
organizing have been responsible for collapse
in several industrial companies, but the troubles
Of these combinations should not be taken
basis for condemnng the whole industrial list.
There are many good reasons for the purchase
OF the better class OF industrial securities. AT
the present level of market quotations the pre-
ferred stock and in cases the common
shares of sound properties ought TO appeal to
the investor OF moderate means. as the return
On the investment is large-probably larger than
81 will ever be again. unless a further lowering
OF general values takes place this summer
There are, Of course. many Industrial stocks
that represent overcapitalized concerns that viii
not be able TO maintain dividends indefinitely
and ii is therefore not likely that their market
quotations viii go far above the current range
while it is probable that owners who have an
eye to the future will take advantage of any
advance 10 liquidate their holdings. There are
other industrial shares. however that will
eventually reach higher market level on their
merits. following the course Of securities such
as Pullman. Standard OIL and General Electric