New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-07
BONDS.
THE DAYS OPERATIONS IN STOCKS.

New low record prices were made by the
United States Steel shares in yesterdays trad
ing. but the decline in these issues did not up
set the general market. Opening prices. which
were under the preceding nights close. were
followed by advances in most issues but the
lack OF public buying orders and the apparent
unwilingness OF substantial interests 10 enter
the market prevented important gains final ad-
Vances, when made. being at small fractions
Some OF the leading active issues. rot including
the United States Steel shares, closed above
Thursdays final figures. After selling at 10Ls
United States Steel common ended tie day at IL
unchanged from Thursday while the preferred
made a low record at -. with net loss of las
Operations in these issues contributed nearly
one-half OF the total transactions in all shares
activity elsewhere in the market being supplied
by Amalgamated Copper. Atchison. Baltimore
and Ohio. s.. Paul Erie Missouri Pacific. Penn
sylvania- Rock Island Union Pacific and Repub-
lie Iron and Steel preferred. Call money was as
high as 9 per cent. ruling at Az per cent. while
sterling exchange was weak and at the gold i'm
port point.
According TO the known movement OF money
IN the week the local banks have lost $1,000
600 in cash holdings. In the bank statement two
weeks ago less than one-half of the actual loss
on interior and Sub-Treasury operations was
shown while in last weeks statement out Of a
known loss OF S15.0oO00o less than SSOOOOO0
was accounted for by the Clearing House fig
ares. Perhaps the discrepancies of the last two
weeks will he made up in to-day's statement
hut the chances are that they will not. as the
banks apparently do not care to present to the
public a statement showing actual conditions
Current bank statements are worthless as inci-
eating the true position Of the banks. and il
would be wise TO suspend the weekly publica-
tion Of the Clearing House system Of averages,
rs the figures only confuse Wall Street and Gre
ate a false impression on the public mind re-
Earding the position Of the city banks In the
week the banks lost both on Sub-Treasury
operations and with the interior. but as the
movement entirely normal there was no UNI
easiness in banking circles over the monetary
situation.
Trade reports received last night were not at
all discouraging. Indeed. with the exception Of
showing irregularity in certain lines and GER
tain amount Of hesitancy among merchants and
manufacturers. the situation presented most
promising outlook. The reduction in the price
of steel biets is not considered an adverse de-
Nelopment an general trade circles. 1t is thought
that lower prices in the iron and steel trade will
induce more active demand and that the ex-
port trade will revive to a noteworthy degree
Rega riding the export trade in general it is in
teresting to note that foreign bankers are count
ing on an enormous movement of grain and cot
ton from the United States Europe in the
course Of the next few months. 1t is estimated
that the foreign demand for our grain and cot
tOn this year viii create trade balance I'm this
cOuntry's favor that viii make imports OF gold
possible whenever We may need the metal This
country has paid Of most Of its foreign obliga-
lions and the general tendency here Of prices Of
manufactured articles toward lower level
ought 10 encourage the expectation OF big in
crease in the sales Of American products abroad.
The fact that tn, promotion of industrial
panies in this country has been overdone viii
upset ability to sell goods in foreign
lands. High and fictitious prices have hurt this
cOUntry's export trade more than any other
factor. Prices are now declining to a normal
level. The prediction was made yesterday by
well Informed people that the price Of steel rails
would be reduced S22 ton. despite the an
nouncement that price Of SIS would be main
tained. IL appears rather absurd to believe that
the railroads viii place large orders at SOS when
all other prices are declining