New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-10-10
THE WEEKS OPERATIONS IN STOCKS.

The current stock market does not present
encouraging appearance for immediate improve
ment in value Advocates of higher prices have
not lost faith In the underlying strength OF Sc
curties values, but they have apparently de-
cided that election uncertainty and aggressive
manipulation in the Industrial issues are not
conducive 10 expanding values public sup
port October is not a bull month. The Novem-
Der market depends to a great extent upon the
result of the elections and the character Of the
sentiment regarding the probable outcome OF
LIQUIDATION at the annual meeting OF Congress-
which begins in December II the cleo items turn
out favorably bull market in November is not
unlikely. Questions to be discussed by Congress
will doubtless be in great part concerned with
the ratification OF peace terms with Spain, ana
from a market point Of view 1t does not seem
possible that anything will develop In the wind
ing up OF the war in Congress that VIII disturb
or iniure the intrinsic value Of American Stocks
and bonds The uncertainties in the situation
have more to do with speculative values than
real worth. AS far as business conditions are
concerned everything Is in favor OF the stapii''y
Of values and far as can he seen there Is
nothing ahead that will interfere with revlVlng
prosperity.
Evidence Of increasing business expansion
nultlplies daily. The trade revival when started
n sentember. after the usual dulness Of the
summer months, and which at that time was
confined TO some OF the more important business
interests now embraces about every INDUSTRY III
the country Railroad traffic has not been re-
duced as the result of a smaller gram ihoNe-
rnent the loss on grain shipments peihs o"se'
by increased westbound business. Ana III tne
last few weeks there has been noteworthy
Improvement in the foreign demand Tor Aineri-
can breadstuffs as reflected IN the heavier snip
,,,arts from both Atlantic and Pacific ports and
larger receipts at Western points Aithoush
.ba farmers are holding back their grain In ex-
,,actotion y, better prices the Western receipts
wore heavier last week than IN the same week
q wear ago and actual shipments 10 Europe
wore only $50 0O7 bushels less than IN the coire
snonding time last year. Foreign trade status
Tics show FOR the last month an enormous eA-
cess Of merchandise exports over imports Win
no indication Of a cessation or the movement
And the strength OF our favorable trade balance
e now being utilized to lend money IN toreis"
centres the necessity for gold imports having
rasead and the difference In local ana forelsi
money rates making it more prohtaoe 10 ied'e
balances due the United States IN Europe ~
demand for long sterling for investment WIN"
;- ,r,c.ically an operation or lenulng HIoHVs J."
turone was an important incident OF the last
week in money circles
The opposing companies in the sugar business
bavo bepun their fight in earnest. ana wan
great belioves that the contest VIII continue I'M
81 .no ,rice Of Sugar certificates has dropped 10
mar mr. below. when a satisfactory oasis VIII pe
found for an agreement. 1t is not contendeu
,ha. tho sugar war Is the result or speculative
r,ocbi,ations TO reduce the market valhe Oh
Sugar stock. but it is thought that the sugar
peerino interests who have won fortunes out
~ tho fluctuations In Sugar stock VIII not MAKE
,ioorous efforts to end the fight until they can
occunulat, a new line Of Sugar certificates at
tho lowest possible prices. The price movements
I'm some of the trust shares are not unusual put
tho heavy declines have had an unsettllng erect
unon railroad stocks In which many hoiue'S
have been forced TO liquidate owing TO the losses
Incurred in the Industrial issues. The seilihS OIL
legitimate stocks has, however. lhcreaseu TIC
nossessions of market interests who realize the
strength Of business conditions. and VINO are
confident of disposing Of the holdings at sup
etartioI nrofts in a bull movement based upon
good pubc demand for securities Inc people
vbo hold stocks at the beginning OF bull move
nent are now quietly accommodating promising
issues in expectation of future higher prices