New-York tribune., 1902-10-31
BONDS
THE DAYS OPERATIONS IL STOCKS,

stock market values moved toward higher
level i'm the greater part OF the DAY. Transac-
lions however were extremely small. with the
hest part OF tho business FOR tho account or pro
fossional traders There were practically no or
dcrs for commission houses. while the operations
of the professional element were generally linn
itcd 10 small share lots. In The railway list
southern Pacific. Missouri Pacific. Atchlson
Baltimore and Ohio, ST Paul. Manhattan. Penn
syIvauia. Reading and Texas and Pacific sup
piled the chief dealings. elsewhere in the market
trading being confined TO insignificant totals
The days course Of values was not attended by
Developments affecting tho actual worth OF
securities and. outside Of small changes in the
money and foreign exchange markets there
were few factors that supplied food for Wall
street discussion call money was slightly
firmer while sterling exchange was easier.
The decline i'm sterling was due to the de-
crease i'm the demand for remittance and
heavier Offering Of bills i'm the local market
According To- information received from prom
inent foreign banking sources there viii be no
immediate shipments II gold and probably no
outward movement Of tho metal this year.
While the local monetary situation shows great
Improvement over the conditions prevailing a
month ago II is not the intention Of the bank
ing community 10 permit drain on present
supplies through shipments of gold TO Europe.
II is generally admitted that this country is still
heavily i'm debt TO Europe, but il IS pointed out
that i'm the course Of few months the increase
in exports Of grain and general merchandise Will
furnish enough exchange 10 offset In great part
the debit balance abroad In regard To this
couptry's export trade. It is interesting to note
that in the month Of September exports Of food
products increased in value over the same month
a year ago Sll.2a6.0Ss. while the exports %
manufactures were slightly heavier than the
record breaking total last year. Total exports
for the month increased in value Sl4.24l.1ll as
compared with the corresponding period year
ago This record refutes the statement Of Ger
tain poorly informed people. who assert that the
foreign commerce of the United States is declin-
ing and that industrial prosperity is on the
wane.
The monthly reports OF the St Paul, Wabash.
Southern Railway and Union Pacific companies
furnish further evidence Of the remarkable ex-
pansion i'm railway traffic in this country. Union
Pacihc's earnings for September show an in
crease in gross Of S;sl6. 757 and an increase in
net of S2343'6 making gain in net earnings
for the three months ended September 80 Of
S59S936 Certain roads show decreases in net
earnings, hut this is due tc the fact that large
expenditures are heing made out Of earnings for
improvements 10 the properties. The Atchison
company. for instance. is showing encouraging
gains i'm gross results. hut for the last few
months there have been declines in earn
ings. due 10 the wise policy Of tho company in
spending large sums Of money roadhed and
equipment. The Southern Railway is also
charging considerable sums for bettements to
gross earnings. The effect OF heavy earnings
and good management among the railroads Of
this country should eventually he reflected in
much higher prices for many railway securities
especially for the shares that are now selling at
q medium or low priced level. Stocks such as
Wabash preferred. Southern Railway preferred
southern Pacific. Kansas and Texas preferred
and Colorado Southern are candidates for better
prices when the market begins to resume its
upward course. The market closed yesterday
under the best prices but without animation