New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-11-05
BONDS.
THE DAYS OPERATIONS N STOCKS

The stock market was dull but generally firm
until the publication OF the bank statement.
when general decline on an increasing vol
ume OF business was noted throughout the list.
Surplus reserve. according 10 the average sys-
tenn Of the Clearing House. IS wiped out. but the
banks arc In no pancky condition While they
hold enough money to meet all legitimate re-
guirements The statement reflects that money
VIII continue 10 rule at stln rates for some
time 10 come and that active speculation IN
stocks ought 20 be held In check until lendable
supplies at this centre grow larger. Holders on
small margins rushed to sell their stocks I'm the
final dealings yesterday. and professional trad
crs exerted their utmost efforts to lower values.
The manipulated Leather stock suffered Vio-
lent break from - 10 -. with a recovery 70 80,
closing the day al a net loss OF by, points.
Whatever may Doe the plans Of the peopl" who
now control the Leather company IL Is certain
that the earnings Of the concern and the pros
poets in the leather business do not warrant the
current price Of Leather common. when the pre-
ferrcd earned but Az per cent last year II the
preferred stock lis retired bonds VIII be issued
in IT'S place and 10 is difficult 10 see 10 what ex-
tent the dividend prospects Of the common stock
viii be improved. The break In prices that bear
traders hoped for was confined TO Leather com
mon losses elsewhere being Of little Importance
As the time between the publication Of the
statement and the closing Of the Exchange
was less than fifteen minutes opportunity
strlcied but the chances are that at the open
ing Tomorrow there VIII he heavy selling for
both accounts. II this proves to be the case
good buyers Will be hand 20 take all offer
ings BUYERS with capital are looking out for
reactions and # a decline takes place to-mor-
row II viii merely result In intrencning stocks
more strongly In the ownership Oh SUBSTANTIAL
Trade reports for the week supply add
tfonal ammun' zion for the bulls on stocks.
There has been no falling of in the volume Of
i.tts
HIGHER prices have not checked the export de-
mand while growing wealth has encouraged
heavier imports. a year ago October exports
exceeded imports IN value by over SoOVOOVOO
This years imports have been 20 per cent
larger but the gain I'm exports has been enor
nous. however. and the excess for the month
doubtless VIII reach SGOOOOOO The Foreign
trade statement for October VIII be a big bull
card on stocks. and IL ought 10 silence the poor
~ informed people who assert that Europe Is
rich enough In American securities 70 hquldate
ire trade debts bv selling stocks and bonds our
trade balance is accommodating abroad, and there
IS no evidence to show that IT is being liquidat
ed bv sales Of foreign held American securities.
Balances due this country are lending IN hu-
roue and were 1t not for the 1ransvaal war big
supplies OF gold would be moving this way.
Payments through clearing houses In october
averaged about 43 per cent more than IN Octo-
lor a year ago. and % per cent more than IN
the same time I'm 1892 Iron is stu advancing.
Railway earnings are heavily IN excess OF TINS
time "A year ago and September net results now
coming % hand are truly remarkable All fac
tors favor stocks save monetary conditions. but
the last named are on the eve Of improvement
and are not based upon anything OF a weak or
alarming character. The financial position or
the country is sound. Factors underlying the
money market denote trade activity. Trade ac-
fivity IS sound basis for stocks TO rest upon.
and whom money comes - this centre in large
amounts stock values VIII begin To measure
trade activity Indications NJ the close Of the
week favored q return flow ~ money 10 this
centre at once Interior exchange on New York
advanced sharply
The usual weekly table showing net price changes
in the more active issues follows.