New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-09-16
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN sToChs.
The call money market opened at 10 per cent
and throughout the day accommodation CoNiN
only be secured at advanced figures al one 'i'''
"a nor cent being quoted. This fact, however
-.,,sed NO ,5enoralization in the stock market
u.b;le # created no unrest in banking circles.
Stocks wore weak and irregular but there was
no .rnportant liquidation and no lndlcauon OF d
coming, serious decline in values win ihoiieS
al the current level active bull market Is
ont Of the question. II should be observed. now
eyer that the greater number or people VINO
sre interested in stock market operations are
arranging their affairs in line with expectations
Of higher securities values soon as present
money market conditions pass away Despite
enid jn,ports and Treasury assistance, money
will doubtless remain at a high rate for several
weeks 10 come but after the passing OF the
present stringency there will be nothing in the
way Of the operators who are firm believers
I'm the theory that the countrys uneXampled
prosperity viii establish a higher level of values
without regard for past market performances
This market cannot be judged by precedent
A few years ago a decline in bank reserves sim
liar TO that OF the last few weeks and money
rates at Il to 20 per cent would have caused
acute disturbance in Wall Street. Underlying
conditions are now wonderfully sound and
money market stringency in New-York reflects
no unfavorable trade condition,
After the small declines that were made in
the first few hours the market became firm,
and under the influence of covering of shorts
prices advanced throughout the list In the
last hour there were reactions from the best
prices of the day. but at the close final changes
showed important recoveries from the low level
established in the earlier trading. Many is
sues showed net gains, although there were
more net declines than advances. There was
q good demand on the decline for Baltimore and
Ohio, Atchison, St. Paul, Erie, Missouri Paci-
&c Pennsylvania. Southern Pacific, Union Pa
cifc and the Wabash issues. The stocks named
were the leading active features, but through
out the list declines brought out an inquiry
from substantial market interests Baltimore
and Ohio was pressed for sale on account OF
some of the Street criticism of the issue of
stock Pennsylvania Railroad in sympathy, lost
tx per cent Illinois Central declined over Two
points on the influence of the decrease in net
recorded by the July statement. published on
Saturday. Missouri Pacific declined per cent.
but later recovered over point. Canadian
Pacific was strong early. and inclined to
sist the later reaction. The 500 stocks shared
in its comparative strength, but the common
issue, after opening up = points. broke 212
per cent. the feature of the industrial list was
the advance in Sugar Refining of per cent.
fact the industrials were no more sensitive to
the pressure the money market than
some Of the soundest railway issues. The
money market for call loans eased off in the
last hour and closed at 3 per cent. 1t was
announced after the close Of business that the
National City Bank had engaged 81, 100000
gold for import.
The report Of the country's foreign COM
merce in August showed a falling off i'm ex-
ports in August in value Of S13.342,031, as
compared with the month year ago
The loss due entirely the reduction in
the outward movement of domestic products
such as breadstuffs and provisions the decline
in these items amounting in value to 1854
g25. From these figures it will be seen that
there actual increase in the exports OF
general merchandise outside of breadstuffs
provisions. cotton. cattle and mineral oils. In
other words, the country's exports Of manu-
featured articles were larger in August, 1902
than in August, 1901 when all records as
compared with the corresponding periods were
broken. The net decline in exports in the
last eight months. from January 1, amounts in
value to s110644, 143, compared with the
me time in the preceding year; but as the de-
cline in the exports OF breadstuffs. cotton. pro-
visions, cattle and mineral oils reaches a total
of SIG 46S 6S1 it can readily be seen that this
country is not falling behind in its shipments
Of manufactures 10 foreign countries.
In the last eight months the exports of bread
stuffs declined from the same time in the pre-
cesing year 10 the value of SS4 COPS This
loss was due almost entirely TO the corn crop
failure OF 1901. In the next twelve months the
record @. foreign commerce Will make far
different showing, inasmuch the country will
have a record breaking crop this year and
no decline in its exports of general merchandise
Notwithstanding the falling of in exports in
August there was an excess OF exports over
imports in value of S16.o06. S07. making from
January i an excess Of exports in value OF
500. 5l9sl1- The big excess OF exports has been
offset by loans made by Americans abroad by
American travellers expenses abroad, and by
other well known factors affecting the balance
If trade No one state within many millions
NJ dollars the amount now owing Europe by
This country: but this country's credit is
good and as large grain shipments Will be made
this wear there is occasion for uneasiness.
IL is estimated by good authorities that gold
exnorts will aggregate S2oUoo.coD
THE DAYS OPERATIONS IN BONDS.