New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-04
BONDS.
THE DAYS OPERATIONS N STOCKS.

THE DAYS OPERATIONS N STOCKS.
Stock market trading was dull throughout the
day on irregular movement Of values. Elec-
ton uncertainties naturally restrained specula-
tive activity while the bearish literature pub
lished Sunday also served to keep the public
OUT Of the market After moderate strength al
The opening. prices declined throughout the list.
without, however. decentralization or important
selling. Traders have no decided convictions on
the probable results of to-day's voting. despite
The fact that Wall Streets betting odds suggest
Republican success in the State and in the ma
iority Of Congress districts. If the Democrats
should be successful in the lower branch of
Congress the market would doubtless sell on
few points It is evident that certain speeu-
lative banking interests do not desire cam
uaign for higher prices at the moment. but their
frantic efforts to inspire bear enthusiasm ought
not 10 brighten the owners Of solid securities into
liquidation Call money ruled at 5le per cent
while sterling exchange was strong and near the
gold exporting point Stocks closed above the
lowest but generally at net losses. The indus
trial shares were the frmest features, and in
number of issues good buying was reported.
United States Steel. Press Steel Car and Ameri-
can Car and Foundry being absorbed by
careful operators.
From various quarters OF the banking COM
nunity thoughts on the so-called dangers of the
present situation are being gratuitously dis
tiibuted., and as in some cases these ideas come
from responsible sources they are not without
fleet market sentiment Present extended
hank credits and conditions that do not apply
TODAY are apparently the chief cause for the
current perturbation in certain sections OF Wall
street For instance. the fact that this coun-
try's exports declined in value over s1ooOOO.eO
in the last fiscal year as compared with the pre-
-eding year is paraded forth as decisive evil
depoe that the foreign trade of the United
States is declining Declining exports last year
we're due almost entirely 10 the corn crop fail
ure i'm the West, the outward movement OF
manufactured products comparing favorably
with the big record Of the preceding tWeIFe
months. The country has been favored with
abundant crops this year. and. as conse-
quence there will not be a repetition of last
Years light grain shipments. Every sign points
toward an enormous export trade and a large
balance on merchandise account, despite a heaFy
irnDort movement There is nothing in the stu
alton that justifes pessmistic prediction re-
garding the country's foreign commerce. Incl
dentaIv it is interesting To note that exports
~ merchandise from New-York for the week
ended Yesterday amounted in value to Sll,S4s'-
ri an increase of s., 632.J1S compared with
the same time year ago
The possibility that the excess of exports
over imports will not be heavy enough 10
uouidate present financial obligations abroad
causes talk Of gold exports in a strain that may
lead some people to believe that shipments OF
the nrecious metal Will be followed by acute
financial disturbance. II the country cannot
settle it's debts abroad by its balance on trade
account. then the sooner that gold goes out
the better The United States now owns more
gold than ever before in its history. Gold
production IN the Western States and gold re-
ceipts from Australia and the Alaskan mines
at Pacific Coast points viii more than offset any
ezrports that may be made from Atlantic ports
An outward movement Of gold might tend to
maintain money rates 81 moderately hlgh ng-
l,res hut in view OF present large surplus bank
holdings in New-York and the return flow Of
currency from the interior there is no real
ground for uneasiness over the monetary situa-
ton. Bank loans are. il is true enormous
Credit however, is good, and collateral back
~ loans is OF the best A judcious reduction in
loans Is, Of course. desirable, but the mere fact
that loans are heavy Will not produce panic
unless the banks themselves brighten the coun-
try into believing that current industrial pros
perity is based on shaky foundations There
is no occasion for any 10 become alarmed
over present conditions. and if the current ten
dency OF caution in the stock market and con-
servatism In business circles continues, the
situation will work out to the credit and profit
OF American industries. Wall Street interests
that sixty days ago were dilating the magni-
Accent business outlook are now apparently
veloped in gloom. They are remarkably bear
ish that unldr-t people make significant remarks
about effOrts 20 break values in order TO start
a bull movement from lower level. Meanwhile
business continues on an enormous scale
throughout the country. Credit is sound col
lectiOns are good and merchants are prosperous
The railroads have not enough cars and loco
motives TO handle current tonnage The farm
ers ana merchants are IN good financial condi-
lion, and Wall Street alone is uneasy.
THE DAYS OPERATIONS IN BONDS.