New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-06
BONDS.
THE DAYS OPERATIONS IN STOCKS

The result Of the Republican victory through
cut the country had no especial effect on the
..o.,- ,osrl.e, Opening prices were slightly
sho1e MONDAYS last quotations. but before the
close the entire list showed net declines as COM
,sred with final prices Of the last preceding day
OF Stock Exchange business. Declines were
brought about by selling for short account ana
by sales for interests whose stocks showed pa
,ar nrofts. There was no diminution in bear
sentiment ana no attempt on the part OF the
more inoportant market interests 10 encourage
operations for higher prices. There is strong
hear partv in Wall Street. made up Of some OF
IN. most prominent operators who are backed
bv well known banking interests. and II may
therefore be unwise for the ordinary pubic
trader 10 engage in extensive operations in
stocks until the element named gives some in
dication Of changing its attitude on the market
The known conditions affecting the actual value
of stocks do not warrant the extreme pessimisn
that has developed in certain circles As the
business situation is unusually sound and as
the political prospects do not favor any impor-
tant change in the tariff. there is absolutely no
occasion for the exaggerated theories regarding
the outlook that are now being put fortn from
various quarters of Wall Street
II is extremely improbable that an active
movement in securities will develop before the
terests will doubtless do everything in their
mower 10 bring about a lower quotation level.
Indeed. Il can be said excellent authority
that the remarkable thoughts on the situation
nv different people that now being crcu-
lated throughout the financial community and
throughout the country in general have for
their chief purpose the checking OF bull move
ynents in securities values. Mr.. Vanderlip's re-
cent remarks on the business situation in this
country are Endorsed by certain powerful Wall
Street interests. The situation. as explained by
Mr. Vanderlip, appears somewhat gloomy and
foreboding A careful examination of actual
existing conditions, however, does not encourage
the belief that this country's export trade is de-
cIining that industrial prosperity is based on
an insecure foundation. or that current bank
loans foreshadow panic in business or mon
etary circles. As recently pointed out in this
column. the loans Of the New-York banks are
large but they are based sound collateral
and on the prosperity Of a great and growing
country Credit is good in the United States.
Merchants are in an unusually sound position.
and according TO the reports received from the
commercial agencies, business conditions in this
country have never been better. Certain people
fail 10 recognize the strength Of the situation,
preferring TO indulge in academic discussions of
possibilities which are not likely TO develop into
realities
Although the days dealings in stocks were
not heavy final prices showed substantial losses
IN a number of issues. Trading confined
10 the more prominent speculative favorites. in
Guiding Manhattan. Missouri Pacific. Southern
Pacific, ST. Paul, Baltimore and Ohio, Sugar
Refining. Union Pacific. Norfolk and Western
and Atchison. The bear element endeavored to
force liquidation in the Gould shares. but the
greater part of the sales were for short account
The short interest in the present market is
heavy and IL would not require enormous
amount Of buying 10 cause an important adj
vance. Call money ruled at per cent while
sterling exchange was heavy. Gold exports will
proba bly, not be made this week. although
outward movement may begin in the following
week The return flow of currency from the
interior has not yet begun, and ii is not be-
Meved that receipts from out of town will be
heavy until later in the season. Regarding
the position of money in this country. 1t is in
teresting 10 note that the statement furnished
by the Treasury Department, showing the
amount OF money in circulation in this country.
gives increase in circulation, as compared
with a year ago. of over SS9.O0OGO0. There is
an abundant supply of money in the United
States and. despite absorptons by the Federal
Treasury. the prospects favor a steady increase
in bank holdings throughout the next twelve
months Gold may be shipped from New York
but the movement Will be offset by receipts OF
the yellow metal at Pacific Coast ports from
Australia and the Alaskan mines: also by the
production of the Western mines The bear
element announced yesterday that the money
situation in this city still in a precarious
condition. As matter Of fact. the local banks
are in better shape to-day than they have been
in many months. while their reserve holdines
are larger for this time Of the year than usually
reported.
TIE DAYS OPERATIONS IN BONDS
GOVERNMENT BoNass-Marl., stead, NJ,