New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-17
BONDS.
THE DAYS OPERATIONS IN STOCKS

4
In the early dealings in yesterdays market the
professional element succeeded in bringing
about a fractional recession in values. but in
the greater part OF the day operations were
conducted on a basis that resulted in net gains
tn the majority Of issues In a few stocks. no
tably Sugar Refining. Chicago and Alton pre-
ferred. Metropolitan and Manhattan. the i'm
provement ran beyond l per cent. the move
-nents IN these issues supplying the only inter
estsng features OF the day. Good buying Of the
local traction shares especially Manhattan was
reported. ana the Street appeared 10 be gen
timely bullish over the market prospects Of these
issues Manhattan at its present price returns
as per cent stock about . per cent and as
q guaranteed stock its price eventually should
sell many points above fits current level The
stock is now a 6 per cent issue. with l per
cent extra il earned-the company earned over
81 per cent in its last fiscal year-and in 1906
Il viii become a regular guaranteed 4 per cent
security the Interborough Company being be-
hind the guarantee Manhattan is a good in
vestnent purchase. The general market closed
near the best prices OF the day. with final
strength pronounced in Brooklyn Rapid Transit.
Pennsylvania and United States Steel common.
Chicago and Alton and Toledo St Louis and
Western were strong features among the usu-
ally inactive issues. Call money ruled at > per
cent while foreign exchange advanced 81 points.
The statement Of the country's foreign trade
for October supplies full explanation for the
current situation in the exchange market, and
Il also furnishes p strong bull argument for
holders OF American securities-holders who are
not so inane TO believe that the present posi-
tion Of affairs in Wall Street foreshadows a
r1ous industrial panic in this country. The
country is growing richer II has liquidated its
indebtedness abroad, and IL is now. without
doubt. a creditor nation. Gold is coming this
way because Europe owes Us the money and
has no other way 10 settle the trade balance.
IN October exports from the United States were
heavier than in any preceding month this year.
and with the exception Of October, 1900 they
were the largest for any month record,
amounting in value to S1G0.370059. against i'm
ports 70 the value OF SS1 1871 005 excess
OF exports over imports in value of S7S 439 054.
which compares with an excess OF S569O335S
sn October year ago. S64.2l2,652 in 1901 and
$50 7sS 6a6 in 1900 While exports increased i'm
ports showed falling of the total Of SSl931,
o05 comparing with So. $4,000 in the cor
responding time last year. The gain in exports
was due chiefly to the heavy outward movement
of cotton the value Of which SEQ 2S3 412
against S42.000O00 in October 1902. The total
quantity Of cotton sent abroad in the month
was 594540S72 pounds at an average price Of
101 cents pound. In the twelve months end
ed October, 1853. the total value of cotton ex-
ported was S320. 406.3l4 Cotton still appears to
lie king. When II is borne in mind that cotton
IS going 10 Europe at high prices, the signif-
canoe OF the movement a factor in the pros
perity Of the American people may readily be
appreciated
Further gold import engagements were an
nounced yesterday, and more viii probably fol-
low in the course Of the week. The demand for
currency from the interior was not heavy. and
the greatest confidence was felt In banking cir
cles over the monetary situation The New
York banks in d strong position. They have
financed the crop movement and extended
sistance to cities where financial troubles de-
veloped without calling the Federal Treasury
for assistance and without causing any disturb
ance in money rates at this centre. There is
cause for extreme satisfaction over the local
situation and as a matter Of fact over the
monetary situation in general Wall Street viii
eventually awake 10 the fact that conditions in
this country backed by great intrinsic
strength and that the country is in position
20 loosen the pursestrings OF foreign nations.