New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-14
TIE WEEK IN WALL STREET.

Prices on the Stock Exchange last week con-
tinued 20 reflect the underlying confidence Of the
American business public in the present financial
and commercial conditions and the future out
look Although efforts were made in the clos
ing days of the week by professional operators
10 knock down prices. by fresh attacks on Steel
securities, and the Pennsylvania Railroad
shares, with a moderate degree of success, the
feeling Saturday evening was that it was all
professional manipulation. and that there had
been further public liquidation AS a matter
Of fact. the feeling in Wall Street, even Of the
bears is that the worst is long since past If a
date We're to be asked for, unanimous opinion
would be that the terrific fall in prices that
occurred IN the first ten days of August marked
the elimination OF the great unprecedented
downward movement which mad been lasting
LCarly year.
Recovery from such depressing surroundings
IS then appalled, the entire country and from
such a fearful liquidation is not TO be ex-
pected IN the short space Of a few months.
Neither is it desirable. but every day and
every week confirms the conviction Of the lead
ing men in business and finance that the ooun-
trys commercial situation is growing steadily
stronger. All through the fall, the market
afflicted with a nervous dread of a money
stringency. So well held have been the coun-
try's finances that that dread has been en-
tirely eliminated from the situation. The vast
volume Of currency needed in the West TO move
the crops and in the South. greater than ever
known before. TO move its u cent crop Of cot
ton, has gone West and South, done its neces-
sary work and is returning in a steady
stream to the vaults OF the Wall Street banks.
Each week the bank statement grows more
favorable. The conservative hnanciers of this
city. with their vast obligations to be met
around the first Of the year, now feel no more
uneasiness.
Exports of domestic products in November
were heavier than in any corresponding month
on record. amounting in value TO S105.S2 ,202.
an increase of S34. sos, 454. as compared with
November a year ago. The gain was due al
most entirely 10 the increase in cotton exports,
which amounted in value to S76. 9S2. 2S4 an in
crease-of So. 653. eco over November 1902. For
eleven months OF the year total exports of do
nestle products show a gain over the same
period last year of So. S1.617. of which over
100000 was supplied by the exports of cot
ton The full statement Of the country's foreign
trade in November, which win be issued on the
18th of this month, viii doubtless show larger
figures than in any preceding November, and it
is expected that the excess of exports over i'm
ports viii reach as large total as was reported
in October
The effect Of these tremendous exports has
been 10 wipe out the foreign indebtedness of the
United States which a year ago was conserva->
lively estimated at S3OOOOOOO0 With exports
continuing in large volume. the phenomenon has
been seen Of a foreign exchange rate without
precedent for lowness, and the United States
has been able to draw gold from all parts of
the world. The export cotton movement now is
beginning to show some signs of slackness the
exports for last week having been materially
less than those of the preceding week and under
those of the corresponding week of last year.
AS already noted. the very large demand for
American cotton from the European spinners
has been the principal factor in producing the
present satisfactory conditions in the local
money market; but estimating the cotton crop
Of this year at a mean figure between the pre-
dictions of the bulls and those of the bears it
would not be unfortunate thing if the foreign
demand were now to cease for the cutting off of
that competition for the staple would obviate
the necessity Of curtaiment of production by
American mills, step which is being seriously
considered both in New-England and the South
Conditions in the iron and steel industry have
for some time admittedly been bad. One of the
most recent and most significant indications has
been the publication OF the fact that although
the production of pig iron, the raw material of
steel. was materially restricted in November,
nevertheless stocks in the hands of the furnace
snstead Of diminishing. Within the last few
days, however, several recognized authorities in
the steel industry have given 81 as their opinion
that the bottom has been reached. The renewal
last week Of the bear attacks on the securities
of the United States Steel Corporation had as
SITS basis the fact that improvement in the steel
business had not yet set in. and the selling
movement was accompanied by report that the
dividend on United States Steel common stock
would be passed. and that on the preferred re-
duced from per cent TO a per cent
yearly basis. This report may prove true but
81 should be said the other hand that the
Steel Corporations management is moving with
energy 10 safeguard its position and preserve
The integrity OF its dividends. as far as may
be, by expanding its foreign trade, by institute
3ng sweeping economies through reduction of
salaries and wages ana by closing its plants
On rotation.