New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-31
BONDS.
THE DAYS OPERATIONS IN STOCKS.

stock market trading was extremely dun
throughout the day. total dealings amounting
- only 167.2l2 shares. Prices moved in an II
regular manner within narrow limits. changes
q rs much as ! per cent being rare, final hg-
TRES showing. as rule. fractional net losses
There was no commission house interest IN
speculation. and even the enormous loss by the
banks on the weeks interior currency movement
PRODUCED no selling pressure from outside
sources Room traders also received the loss
IN cash without an important demonstration on
rho hear side Of the market. Doubtless the out
ward movement Of currency WAS a factor, now
ever. in restraining speculative activity also
the bond issue announcements regarding Penn
sy-lvania controlled properties. The fact that
large amounts OF bonds viii he put out for i'm
movements at this time is not well received IN
come quarters but many good judges accept
tbis action by the companies an indication
cf an improved investment market and con-
ffdence In high railroad and financial circles in
;he stability Of the general situation The de
.,,au5 for bonds has shown wonderful improve
,-7ar. i'm the last two weeks, and il is thought
ln5eiv that other railroad companies viii feel
justified ia continuing Improvement work
through rev issues Of bonds or by the sale OF
i.ords already authorized. The local traction
shares were firm features. In the industrial list
the chief weakness was shown by Repuphc
eel prgfcrleQ
American Car and Foundry shares were frac-
,ionally higher. Can money YVES unchanged at
- rer cent
According TO the known movement OF money
s., the week the local banks have lost upward
e. SlavNaete in cash holdings. In addition 10
The DEVELOPMENT Of normal demand for cur
reacy from the West. shipments Of funds to st
Louis to help out the banks and trust COM
y,aries at that centre made the outward move
rrent unusually large. even for this period OF
The year. An apparently senseless run On Ger
tain financial institutions in St Louis called Tor
outside assistance. and Of course. New-Nork,
the great financial centre Of tlc country, was
asked for assistance. New-Tork ought TO feel
,,~oud Of the fact that its financial strength is
the backbone Of the financial situation in this
country. Indeed. Il is the main support of the
general industries Of the United States. and.
despite the fact that this City is the point where
the heaviest payments are made 10 the gov
eminent on customs and internal revenue ac-
count also The point where Requirements Cor
speculation are the heaviest it has always been
able and always viii bc 10 send funds TO the
South. West. East and North. to say nothing
Of exporting gold TO Europe when the foreign
ers need The metal The demand for money
from the interior is late this year ard
consequence the local banks have had an OPP
portunity 10 build UP surplus reserve Of a
relatively large size The bank statement may
SHOW the loss in reserve holdings that il failed
10 reflect last week, and il may show much Of
this weeks actual slump in cash. Clearing
House statements however, are seldom faith
ful baroneters Of the position Of the banks, and
the Inconsistencies Of the average system make
predictions Of the probable showing worthless
Trade reports received last 7. 1t from the
commercial agencies showed irreSuiarity in
business but no indications Of anything more
than a normal reaction in industrial act witty.
The labor situation is had in spots and it has
Teen further complicated by the latest strike Of
the structural ironwo.kcrs; but despite this
position OF affairs. the general volume Of bust
ness in the country continues on a large scale.
Railroad earnings for most companies continue
to break all records for corresponding periods,
especially among the grain carrying companies.
Big crops in the crop season now closed insure
big earnings by the Western roads for the next
twelve months. Big crops VIII bring money TO
the farmers, a-d with prosperity in the great
agricultural section Of the country there need
be no uneasineSs over a natural setback I'm many
lines OF trade. or the earnings received yester-
dav those % the Union Pacific for September
were the most noteworthy. Gross income COM
pared with the same time year ago increased
SEQ 41G and net ,,l.3.2td.