New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-06-14
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stocks were firm and higher until the last NAN
hour. when an active selling movement carried
prices down throughout the list. Sales ap-
parently were made up in great part ot the
operations of the element that conspicuous
in the heavy declines made earlier in the week,
when prices reached the lowest points of the
last two wears The publication of a favorable
bank statement followed by large offerings
in Atchison and the Pacific issues and general
disposition among small traders TO take profts
on the rise of the two preceding days. United
States Steel issues were under pressure, but
offerings appeared 10 be we'll taken. In the
early dealings sharp advances were made by
number of active shares, including Reading
Baltimore and Ohio, Rock Island and St Paul.
and in the case Of Baltimore and Ohio a good
part Of the gain retained the price falling
off only fractionally in the late trading.
Bank statement changes for the week were in
line with popular expectation, loans showing a
big contraction and cash and surplus reserve
holdings encouraging gains The last named
item Increased 81 TO1 SO. bringing the total sur
plus reserve to So 40, which compares with
SIS. 30o. $50 at this time year ago, and
ss1S2 125 in 1901. Loans decreased S11,I16.Ooo.
making a loss in the last two weeks OF
s1a6139eo Loans are still above deposits. and
about SOD 100000 heavier than they were at this
time year ago. but unless there should be an
outbreak of furious bull speculation in stocks
contraction will undoubtedly continue to a ma
terial extent The outlook now does not favor
frner rates for money. except around the end
of the month, incident to the July interest and
dividend disbursements. and ii is therefore ike
" that last weeks easier tendency in foreign ex-
change will be checked. The market is COM
peratively bare Of commercial bills and few
bankers bills drawn against European credits
were offered in last weeks dealings AS this is
for oxCIz raSa
the heaviest CT the year. ease in the market is
considered unlikely Further gold could be
taken from here without injuring the position of
the banks
There was no great unanimity in Wall Street
at the close Of business yesterday over the prob
able course of values in the current week. 1t
was thought. however, by many good market
Judges that the rally would further, and
that if genuine public following could be
attracted a sustained upward move might fol-
" Cow There were many bears. however. who
believed that the current rally would not hold
and that lower prices would be seen. Whatever
course the market takes holders of stocks
bought at ruling prices may rest satisfied that
they have secured good bargains. bargains that
return from Il. TO 51z per cent on the invest
nlent as against 215@3 per cent on purchases
made nine months ago. Commercial agency re-
ports for the week present argument for
liquidation OF securities. Business conditions
are sound throughout the country, with an ex-
panding volume of trade iii most lines Of indus
try Railroad earnings, except in the Western
food territory. show heavy gains for the first
week in June while bank clearings at all lead
ing centres are well above the record Of year
ago. If the stock market should move on con-
ditions affecting the real worth of investments,
higher prices would be recorded, and even if
better range Of values is not reached at pres
ent buyers may not be able to secure much
better bargains than offered at ruling figures
That the bear element has not abandoned its
campaign was reflected in the last half hour Of
business yesterday. when the leading bear house
and brokers working for certain large specu-
lative interests were heavy sellers throughout
the list
The extent of the decline of the last nine
months is presented in the following table, which
shows for q number OF active stocks last year
high prices the low point made last week. yes
tercay's closing and the net loss from the high