New-York tribune., 1903-06-16
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The movement of values in yesterdays stock
market was generally toward lower level.
Opening prices showed substantial declines as
compared with Saturdays final figures, while
last quotations exhibited important net losses
in the greater number of active securities De
.rlining values doubtless represented specula-
tive reaction from the rapid advance of the lat
ter half of the preceding week, as there was
little evidence of genuine investment liquidation
Operators for the decline were active throughout
she day. and at the close Of business it was re-
ported i'm so-called bear circles that the cam
paign for lower prices would be continued and
that the low prices made last Wednesday did not
1,epreseut the bottom. Among the more active
issues heavy losses were made by Atchison com
mon. which declined over 21z points; Baltimore
and Ohio. which also lost more than polnts'
Louisville and Nashville, Missouri Pacihc'
Reading. Southern Pacific ard Union Pacific 81
Paul showed little resistance to the downward
movement. while in most OF the high class IN
vestment shares the buying power was not SUI
ticiently strong to prevent a material decline in
market values. In the industrial list declines
as a rule were not important and on all re-
actions a most excellent class Of buying deVel-
oped This was especially noticeable in United
States Steel shares. The better class of stock
an the Industrial list has not suffered important
declines in the last nine months 1t is generanE
thought that whenever an active DUH market
develops industrial shares of merit VIII ENJOY
marked Improvement in market value, ana tnat
sucb stocks as Corn Products, American Gar
and Foundry. Pressed Steel Car International
Paper preferred and International Pump Will
reach level many points above mat now pre-
vailing
Foreign commerce statistics for May snow d
material falling off in exports compared with
rhe same month in the last three preceding
wears and a substantial increase in imports.
While exports were heavier than imports to the
extent of over S11 100000 in value the total
outward movement of merchandise showed
large falling off from the record of the same
month a year ago and still larger reduction
as compared with the corresponding time III
1901 Fxnorts of manufactures were heavy. but
the shipments of food products presented
large decrease as compared with May, l9o-
-rha excess of exnorts over imports amounted in
zal,e TO Sal.572aoS. against 2.444 in May
a wear ago. and S45925aoS in 1901. For the
twelve months ended May 81 the excess oil ex-
,orts over imports amounted to S39'o2l'o-o'
against Si94 642 t530 in the same month in l9o-
and S617 So, $40 in May, 1901 While the bal
arce of trade has been running In TINS country
favor in the last twelve months, there has, now
ever been a heavy reduction in The excess OF
EXPORT trade as compared with the last five
wears while at the same time there has been a
large expansion of loans for American account
abroad In the last few months. however a
large proportion of our foreign indebtedness has
been transferred this side, and the actual
money balance against this country does not
amount TO important figures at the present time.
II cond .tions in the foreign money market are
favorable further loans will no doubt be nego-
tiated in the summer months while in addition
the balance against this country will be in
-f,a ,eri~a
travellers in Europe. Americans who travel
abroad spend an enormous amount of money.
and their payments are important factors in the
international exchange market.
Reports received yesterday from Western rail
way centres show heavy falling off in grain
traffic last week The loss due to the floods
along the Mississippi and Missouri rivers, but it
was not large enough to create alarm among
railroad officers. The effect on earnings caused
by the recent floods will be offset by a heavy
grain traffic later in the season, and there is
therefore no reason for the present pesslmistic
predictions that heard in some quarters of
Wall Street regarding the Western railway
earning situation. There was decrease in
grain deliveries Chicago last week OF about
16 per cent, compared with the week
year ago. the loss being made up in great part
Of corn deliveries which decreased go 900 bush
els Eastbound traffic was not checked TO an
important extent by the Western flood condi-
tions earnings generally showing substantial
gains ever the corresponding period year ago.
According information received by railroad
officers in this city crop conditions in the West
ern agricultural districts are growing
favorable every day and unless there should
be most unreasonable weather throughout the
rest OF the crop season this years harvest
viii be above the normal An advance In cotton
yesterday and selling for Canadian account were
put forth bear arguments by the trading
element the Stock Exchange. Closing prices
were generally at the lowest of the day
The DAYS OPERATIONS IN BONDS.