New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-02
BONDS.
rEr nAy's OPERATIONS IL STOCKS,

f-onsol Tn 4s 6s% Z Wis gen As. 92's - =
TEr NAYS OPERATIONS IN STOCKS
IN the two hours Of trading stock market
values moved within narrow limits. whlle the
,,ol,,y,oe Of business was small and wholly for
the account Of professional operators. A1ter
show OF moderate strength at the opening
prlces moved slowly downward. final ngures
presenting small net losses in the greater num-
her az issues. A remarkably favorable bank
statement failed to influence the course or
xalues The statement was utterly out OF
fine with the known movement OF money that
traders probably were doubtful about accepting
the figures as a trustworthy reflection or local
hank conditions. Instead of small loss IN cash
holdings as indicated by Fridays estimates
there was a gain in specie and legal tenders OF
So 3S4 100 and an increase in loans or S',o5-'-
lGO AS a result of all changes reserve above
legal requirements increased $3,5oIo2e Bank
statements as compiled by the average system
are misleading and wholly Enthusiastically as an
Indication Of bank conditions. and in the opinion
~ many authorities change should be made in
the method of compilation that the actual
,,oesfion OF the banks at the end OF the week
co,,ls no tr1lthfully reflected. There were no
features Of Importance in the stock market. and
few issues in which total transactions ran above
Ave thousand shares The chief activity was
v,,npl,ea bv Baltimore and Ohio. Detroit South
ern preferred. Manhattan. Reading. Southern
Pacific and Union Pacific. Manhattan advanced
AZ the opening point, but lost the gain before
the close ending al a net loss of IA points
,yorth,Vest sold down Do points on light deal
ings. Sugar Refining and st. Paul declined
point from their best prices. There was but
little speculative interest in the industrial
shares but quiet buying was reported in some
NJ tbe more prominent issues by careful opera
tors In the next bull movement the industrial
shares ought TO be active favorites. and the
chances are that stocks such as American car
ara Foundry issues Pressed Steel Car. Ameri-
can Locomotive and the United States Steel
shares viii be features.
Reports from the various commercial agencies
for the week reflect sound conditions in trade
circles and bright outlook for general business
n the coming twelve months. A notable feature
Of the current situation is the heavy volume or
orders booked for next seasons delivery. Brad
street's' reporting that the exceptionally heavy
business done on fall and winter account has
carsed an unusual demand for this time OF the
wear from distributing centres for goods Tor
1903. The trade situation in the South has been
helped by the absence Of killing frosts In the
cotton belt thus allowing the maturing or
large TOP crop Of cotton and making certain a
much bigger general crop than recently eN-
t,ected In the West the heavy yield of corn.
mats ana wheat has brought a large amount Of
rnorey into the agricultural community. and the
farmers should accordingly he active buyers Of
general merchandise throughout the year. The
weeks railroad earnings have shown enormous
increases in most parts of the country. and
traffic managers see nothing ahead 10 cause
decrease from the current volume of business.
For the third week in October gross earnings
showed an increase Of nearly per cent as COM
pared with the same time year ago. From
July / the gross earnings of the leading rail
roads show an increase Of over Z per cent. but
owing 10 heavy expenditures roadbed and
equipment net earnings exhibit a slight falling
of from the corresponding period of 1901.
The statement OF the Clearing House banks
will doubtless have no material effect the
stock or money market in the coming week.
According 20 the average system reserve above
legal requirements shows total Of sd 1888, 100,
against S1O.4s2 500 this time year ago. The
local banks hold a larger reserve at present than
has been usual at this season in other years.
and even If gold exports should be made in the
course OF the next few weeks there ought TO be
q sufficient supply Of funds at this centre IN
handle trade and stock market requirements.
II is thought likely in well informed circles that
some Of the more important financial interests
may exert their infleunoe 10 prevent an active
bull speculation in securities until after the end
Of the year. and this belief is effective in Great
ing bear sentiment in professional stock mar
ket circles. II is contended by the bear element
that IL bull speculation is 10 be checked there
viii be an excellent opportunity for bear cam
paign but the fact that stocks are in strong
hards may seriously interfere with the plans
OF operators for the decline. Commission houses
are not loaded with weak accounts. while the
pools and syndicates that were such active fac
tors in last summers market have nquidated a
large part OF their accounts. Investors and
spectators who buy stocks outright are the
heaviest holders AT present. and Il IS extremely,
improbable that they will be willing 20 mart
with their securities at current prices In the
coming week the stock market will doubtless ba
Controlled by election results.
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