New-York tribune., 1902-10-23
BONDS
THE DAYS OPERATIONS IL STOCKS.

Stock market trading light in volume
throughout the day irregular movement
OF values. As rule final prices were az only
small net changes compared with Tuesdays
last quotations with net gails and losses equally
distribut ID The tendency toward lower prices
in the morning was due in great part TO pro
fessonal selling and the absence Of an active
buying demand from the so-called public. but
declines were not effective in bringing out inn
portant holdings Of long stock. In the absence
Of disquieting factors the bear element exercised
its imagination with the condition Of the for
eign exchange market and the possibility OF a
large movement Of gold from this side At
the moment the sterling market is firm. hut
there viii have To be considerable change I'm
rates before gold may be sent out at a profit.
shipments Of the metal may be made this fall
and winter. Gold exports. however, viii not
represent adverse conditions here. and in the
course of a few weeks there ought to he
large enough supply of funds at this centre TO
prevent any disturbance i'm the money market
II a gold export movement should develop
In well informed quarters immediate ship
nents of the precious metal are not looked for.
while it is not believed that the outward move
ment in the next twelve months will reach inn
Dortant proportions. There is at present a heavy
debt on American account abroad. hut il should
be horne IN mind that this Country's exports are
increasing. and that the big crops this year in
the United States will become powerful factors
in the International monetary situation. General
merchandise ig moving abroad in large volume
and, notwithstanding heavy imports. the excess
OF exports over imports is growing. The state
ment of foreign trade for September showed "A
large gain in exports, and 1t is thought that the
records in the rest Of the heavy exporting period
viii present totals never before equaled. EX-
ports Of merchandise last month heavier
than i'm any preceding September save i'm Sep
tember 1890 when the figures were slightly
larger
LONDON sold stocks i'm the local market. and
IL estimated that in the last eight days for
eign houses had disposed of upward Of 10000
shares of American securities. London selling
is. Of course. a factor in the current sterling
market. Foreign traders evidently are a trihe
bearish al tho moment on American securities
but the prospects are that this element will
bring its stocks back at higher prices before
the end of the next twelve months. The whole
course Of trading yesterday WAS a good dem
Onstration of the backing and filling process
that generally develops after a big movement in
either direction or AT time when some un-
certainty exists over the market power Of
monetary conditions and election results. In a
few stocks evidence OF pool buying WAS re-
ported, but in the greater number of shares the
cliques and pool We're inactive. The United
States Steel shares were well taken and infor-
nation from various sources suggested that
these shares were being accumulated TO hold
for higher prices. United States Steel common
yields about 40 per cent at its current price
while the preferred returns about \ per cent
The steel and iron shares are based on the
most prosperous department OF American trade
and industry.