New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-09
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The decline in yesterdays market was due en-
tirely 20 the well executed plans OF market ma
nipulators. Prices were sold down from l 10
points and al the close there was enough bear
sentiment I'm the Street to suggest further at
tacks values in to-morrow's market The
fact that the sugar trade is somewhat de-
moralized was used as argument for lower
Drices while Secretary Shaw's decision that the
Kew York money market needs further
sistance from the government Was also paraded
forth as bear factor of unusual importance
Sugar trade Generalization is annual
and sometimes a monthly occurrence. It
is wholly without significance an in
dication of general trade conditions. but in
times of Wall Street pessimism it can be sue
cessfuy used a factor for lower quotations
The bulk of the selling in yesterdays market
came from local sources and represented pro-
fessional operations on the short side. Short
sales popular, but the short interest is now
extended TO a point that ought to make all
traders hesitate before dealing further for
decline Bank statement figures showed loss
in cash holdings Of s., $4,000. but loss in loans
Of 5000. 100. and decrease in deposits Of
S7.9G9ep0. The result Of all changes
decline I'm reserve Of IS. 4S6, 40 TO $l7S523Jo
The declines. as compared With Fridays final
figures. extended in the usually actiEe shares TO
{ points. and there numerous losses OF
I to 3 points. The heaviest sufferers in
f.uded st. Paul. Sugar Refining. Reading COM
mon. Delaware and Hudson. Baltimore and
Ohio, Louisville and Nashville. Pennsylvania
Union Pacific, Canadian Pacific. New-York Cen
trail and the United States Steel stocks. The
rallies were insignificant.
reports received yesterday from the COM
raercial agencies are not encouraging reading for
the calamity howlers. who now boring Wall
Street with their thoughts the situation. Ac-
cordinE 10 buns and ''Bradstreet's" trade is
making steady progress throughout the country.
Bank clearings are heavy. railroad earrings are
large and credit and collections are good Manu-
featuring plants crow led with work For
eiEn commerce is heavy. with an increase in the
value OF last weeks exports from New-NOrk or
So 632.5 over the same week year ago. and
a gain in the value of imports Of SSIl. Do. Rail
roads are suffering from lack Of equipment 10
handle the current heavy traffic offered. despite
the large additions TO railway stock I'm the last
,,ar. Railroad managers are generally careful
ht-siness men. with excellent foresight and with
great opportunities for sauging the trend of the
country's industrial activities. Their belief
therefore in further trade expansion is based On
4 careful study Of the situation and on an &C
ci.rate understanding OF existing industrial con
d.tions The railroads are convinced that traTnc
win he heavy for a long period 10 come. and &C
cordingly they arc placing Dig orders for new
Bank conditions. generally speaking. are
sound. notuithsta nding large loans and inspired
predictions that trouble is brewing. There may
10 some banks that are uneasy over their own
,,osition owing TO their own speculative opera
IONS but the situation whole is encouras-
ing The course of the foreign exchange mar
lzet last week may result in gold exports TINS
week as the demand for remittance IN col!ieo-
ton with payments by the Steamship Trust Tor
foreign lines acquired can hardly be met by the
nresont supply az bills. A large outward move
nent Of the precious metal is not expected
current bank reserves are large. and thefe =
more gold and money in general circulation III
the country than ever before on record. Inc
Secretary OF the Treasury has suspended ms IT,
cent ruling TO accept other securities than gov
eminent bonds against government deposIlS'
also tho privilege of depositng internal revenue
r.ceints IN depository banks. as he believes that
tho rnone.y market can now take care OF ltseIl
without Treasury assistance. There is no oe-
cssion for alarm over the situation Stock mar
l,et ,nanipulators are active, however ana big
margins should be provided.