New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-12
BONDS.
THE DAYS OPERATIONS IN STOCKS

With the exception of a brief advance at
midday the stock market weak yesterday
in the Ave hours OF business. with net losses in
most issues at the close Renewed pressure was
exerted against some Of the standard issues.
notably Pennsylvania, which lost over points
for the day on volume Of business amounting
~ more than oS7.OO0 shares Chalf stock) out Of
a days business exceeGing 10000 shares in all
issues. The decline in Pennsylvania was &C
companied by many rumors regarding the prop
e-ty but no news. selling being made up. how
ever Of a fair proportion OF genuine liquidation.
OF the many reports about the Pennsylvania the
only one that deserves attention at this time IS
that Rockefeller interests will eventually seek
and secure representation the Pennsylvania
board. II is more than likely that this report
VIII become certainty, and as the Rockefellers
are associated with the Gould projects, the
entrance Of a Rockefeller director 10 the Penn
sylvania company ought to prove bull argu-
Tnent on Pennsylvania and the Gould stocks.
Reading was a weak feature at loss of over
> points. while New-York Central. Baltimore
and Ohio and Louisville and Nashville were
also under pressure. In the industrial stocks
Amalgamated Copper lost Ia. Car and Foundry
preferred gained IL. and the United States
Steel shares closed at unchanged quotations
from Tuesday after however. a period OF de-
cided strength. Announcements Of gold engaged
for import had little effect prices.
While Wall Street IL worrying a few adj
verse trade conditions in this country, it fails to
give proper credit to the significance of the
years big crops factor on industrial pros
perity II also fails to appreciate the fact that
a normal setback in trade is not an industrial
panic and that conditions working for trade re-
action now are not TO be compared to the
rremely bad conditions that governed the bust
ness troubles in the 1888 period. At the last
named tine there were unstable currency con-
ditions, extreme poverty in the great agri-
cultural section of the country Encouragement
in railway and Industrial corporations, heavy
Withdrawals OF foreign capital from this coun-
try. cutthroat competition and general lack OF
confidence in business circles. At present the
railway corporations are on a sound financial
basis. and they are honestly managed The
West and South are richer than ever before in
their history. the country has paid its foreign
debts and it has the confidence of foreign in
Hestors in its investment properties. There is
more money in circulation than ever before re-
corded The country is firmly established on the
gold basis Concentration Of control among rail-
way and industrial companies has reduced ex-
r,enses increased profits and killed ruinous COM
petition There has been. Of course, an excess OF
industrial combination promoting, and as con-
sequence many unfortunate developments. as,
for instance in the Shipbuilding Trust and the
Consolidated Lake Superior: but these factors
have not been representative OF the general
situation. While losses have been heavy,
through the decline I'm Wall Street and the col
lapse Of certain financial and industrial con-
Germs the country has taken each successive
shock with remarkable composure rejecting
strong business and financial foundations. 1t re-
mains to ne seen whether or not the Wall Street
troubles and the bursting Of various industrial
l.ribles will bring about industrial panic I'm the
face OF such underlying intrinsic strength
Sober minded people look for a healthful reac-
lion in trade from the recent feverish activity,
end that is all.
The corn crop for 1903 is the largest on
record. with the exception OF the harvest Of
1902 A WELD OF 2.313.cCooOO bushels Of corn
at the current market prices. under means
aa Immense increase in the wealth Of the whole
country. while the same may be said Of the
wears cotton crop which is now in demand at
record breaking figures. Europe is taking
American cotton in big amounts. despite pres
ent high quotations. a reelection of which is
seen I'm the heavy offerings OF cotton bills in
the foreign exchange market. Exchange is be
ing made faster than the demand for remit
tance can absorb g. and although the foreign
bankers are opposed to sending gold to this side
81 looks as II considerable amount of the
metal would be imported at New-York. The
price of bar gold has advanced in London. but
with a slight further fall in sterling this coun-
try will be able 10 import English sovereigns,
the par value Of which is 4S665 Demand
sterling declined yesterday to 4S3. the lowest
point with only exception since 1898
Sterling exchange at Paris London ad-
vanced. and thus London placed in the
rosition where both the United States and
France we're bidding for its gold