New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-10
THE WEEK IN WALL STREET.

Stock market values worked toward lower
level IN the greater part Of the week. with long
list OF substantial net losses at the close. The
heaviest declines were made in two hours OF
trading on Saturday, when. under the influence
Of acute manipulation. values broke sharply in
the majority OF issues.
There were no developments that could injHre
the actual worth Of investments but there were.
however, many operators who worked for lower
prices on the theory that certain powerful inter
ests would be willing TO throw the weight of
their influence with the advocates Of cheaper
values
Efforts are being made TO convey the impress
sion that this country's foreign commerce is de-
Clining. and that the loans of the banks in New
York and elsewhere in this country are men
ace to industrial prosperity. 1t is quite interest
ing 10 note as a matter of record that ideas or
this character are being advanced by people who
only few months ago were dilating on the per
Tnanency Of industrial activity in this country
and on the commercial invasion Of the United
States in foreign lands. To the uninitated Il
may appear queer that current warnings were
not given several months ago. when stock mar
lzet values were advancing, and when. despite
the approach of the season Of tight money. the
public was advised to enter the market. Wall
street was ever thus. and it is therefore useless
II attempt to explain the why's and wherefores
however that it is extremely unfortunate that
some New-York banks are devotng so much at
tention 10 speculation. The most ominous feat
ure in the situation is the tendency Of certain
Wall Street institutions TO engage in transac-
tions that are wholly speculative and ininicai
to the interests of their depositors-
The assertion has been made that the foreign
trade of the United States is declining. 1t is
true that in the last fiscal year exports from
this country showed falling off as compared
with the preceding year. but It is not true that
the current outward movement Of merchandise
IS declining. Lighter exports last year were due
90 the corn crop failure of 1901. 10 the high
price for copper early in the year and the
enormous home demand for the products of iron
end steel companies. The chief falling off in
exports was in breadstuffs- Indeed. had IT not
been for the small shipments of corn the rec
ord Of foreign trade would have compared most
favorably with the, preceding record breaking
year. Exports Of manufactures in the nine
months ended on September 30 were heavier
than in any corresponding time on record. with
the exception of the corresponding period i'm
1900 Current exports of manufactures are
enormous. and in the coming twelve months
shipments of grain. cotton and general mer-
chandise will. according 10 present indications,
run ahead of the record of 1900 People who are
pointing to the big falling off in exports in the
last fiscal year base their predictions Of the
current years foreign commerce on conditions
that no longer exist. They fail 10 take into
account the bountiful harvests this year. and
the absence of indications pointing to an I'M
portant setback in the output of American man
ufacturers and in the foreign demand for our
goods Exports from New-York last week were
heavier than in any corresponding week on
record When grain and cotton begin TO move
abroad in volume a quetus viii be given 10 cur
rent foreign trade calamity howlers-
Bank loans naturally expand in times OF IN
n dustrial activity. and the fact that the local
banks have loans only slightly under their enor-
nous deposits cannot be brought forth as
legitimate argument for pessimism over the
situation. Banks that have expanded their
!oans on operations which have not turned out
successfully are, Of course not especially cheer
full II may be said. however, that the New
York hank loans as whole, are based on sub
stantial collateral, and that the extent of the
loans has not placed the institutions in a pre-
rarious position. Credit is sound throughout the
country Commercial agencies that are in close
touch with the business Of all the States are
authority for the statement that merchants are
In excellent condition, that collections are good
and that mercantile loans are backed by solid
and prosperous trade situation. Reports re-
eeived by "Dun's" and "Bradstreets" I'm the
asst week show a sound business throughout the
country and promising indications for the
future. Bank clearinSs are large, railroad earn
ngs are heavy, and failures are small. Trade
IS based on healthful conditions The result Of
asst weeks elections reflects the determination Of
The American business men TO continue in power
The interests that are pledged to work for
further EXPANSION in American Industrial activi-
les There will be no change in legislation that
aiu injure business, while the chances are that
ne Mill he Da ssed that will help trade and
anance in this country.
Railroad earnings for the last week in octo-
her ana for the month show wonderful gains
over the heavy receipts Of the same time year
ago. the improvement being confined 10 no one
section Of the country. The gain made by the
Pennsylvania Railroad for the month is a trust
vorthy reflection Of general business conditions
In this country This railroad taps a wide
rieav of industries and handles the traffic of al
most every important manufacturing business
In the country. An increase. therefore, Of ST.,
$4,000 in gross earnings for one month should
be effective in convincing the most pessmstic
individual that there is falling of in the
sountry's industrial activities. The growth of
he South is shown by the heavy traffic receipts
n the Southern Railway. which for September
we're S24l S63 larger than in the same period in
1901. This railroad is now earning at a rate
which should result in placing the common stock
upon a dividend basis. Louisville and Nashville
presents gain of S3l7. 246 for September. while
Nashville. Chattanooga and ST. Louis shows
Increase OF Sl00,665. Norfolk and Western, St.
Louis and San Francisco. Texas and Pacific,
chicago and Eastern Illinois, Missouri Kansas
and Texas, Colorado Southern and Wabash
make extremely favorable exhibits for the last
week in October and for the month In study
ing current railroad earnings the fact should
be borne In mind that comparisons are made