New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-13
BONDS
THE DAYS OPERATIONS IN STOCKS.

The course Of values in yesterdays stock mar
ket reflected an absorption of securities by sub
stantial market interests. In the early dealings
heavy liquidation reported throughout the
list, but in the subsequent transactions support
ing orders were placed in the more important
stocks and as a consequence the declining tend
ency was brought to a halt In we'll informed
circles il was said that buying in the morning
was for the account of some Of the most sub
stantial interests in Wall Street. 1t is natural
10 believe that conservative inanciers have come
into the market in the last few days. owing to
the comparative cheapness Of stocks and to the
excellent prospects for price enhancement in the
course OF the next six months Recent liquida-
tion has carried the greater number Of securi-
ties TO a level that ought 10 attract investment
buying.
Despite the attractive level at which stocks
are now selling, sentiment in poorly informed
and pessimistic circles is upset. and bear opin-
ions prevail in most quarters. Public operators
have been frightened, ordinary commission
house traders have been forced to the verge Of
nervous prostration and a few timid investors
have undoubtedly thrown over their securities
regardless of value. Fearful stories of present
conditions, and stll more frightful predictions
are being circulated; but. despite these Wall
Street ''bubblings.' the business situation in this
country is sound. with indication Of a set
back IN INDUSTRIAL prosperity lake, TOT IN
stance the iron and steel trade, about which
so much false information has recently been
put out. According TO official reports the iron
and steel companies in this country are in a
better position to-day than ever before in their
history Earnings are large, and production
has not yet Overtaken demand. In certain cases
there has been a reduction in prices, while the
chances are that lower figures may be quoted in
all departments in the course Of the next six
months. Lower prices. however, for iron and
steel products will have the effect of increasing
the export trade. For the months of September
and October the United States Steel Corpora
ton showed an increase in earnings Of S2,652.
26l compared with the corresponding pC od
a year ago Net current assets as of October l
presented a gain Of Si;5 .337 $50 as compared
with October ]. 1901. The position Of the iron
and steel industry in this country is a general
trade barometer. People who are. therefore,
uneasy over the business situation Of the United
States are advised make a careful and i'm
partial study Of iron and steel trade condi-
tions. Vigorous efforts are being made to re-
duce the market value Of the United States
Steel securities, but these issues show remark
able resistance to bear pressure. The iron and
steel stocks. well most Of the industrial
issues are intrnsically cheap current quota
tons.
Money market conditions show no important
change while sterling exchange is near the gold
exporting point The prospects. however. do not
favor large exports of the precious metal but
even il a considerable amount should go out the
loss viii be offset 10y receipts Of gold at san
Francisco from Australia and by the production
Of local mines. The possibility of gold exports
and the knoNle ledge that certain large Eastern
speculative interests are fighting certain impor-
tant Western speculative interests naturally
serves TO restrict bull enthusiasm in the stock
market II appears. however. that the weak &C
counts have been thoroughly eliminated. that
The short interest has reached dangerous proper
lions and that further operations for "A decline
will he attended with disastrous results for en-
fhusiastic bear traders. Final prices yesterday
showed a few more net losses than gains. with
the heaviest declines in Brooklyn Rapid Transit.
Kansas CITY Southern. Louisville and Nashville
and some Of the inactive issues. In the greater
part Of the afternoon the market had firm tone,
and il thought that liquidation was at an
end.