New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-22
THE DAYS OPERATIONS IN STOCKS.

ss.ocl- market trading was light in volume on
an irregular movement Of values. The opening
was fsirlv firm. but subsequently bear pressure
saveloned in various issues. notably United
States Steel preferred. and as a consequence re
cessions from first prices were recorded Whhe
the hank statement showed material reducuon
In reserve final dealings in securities eNhioneu
g slight improvement in tone. The genera
course Of values. however was without interest
,epresentinc nothing beyond small traders
varying opinions on the market. The decline IN
United States steel preferred was helped ny
predictions that at the next dividend period the
common stock would be taken from the DIVIDEND
column and the preferred placed on a bass oil
per cent. As q : per cent issue the latter
r,ould. IL bought al current prices. make good
,s.,,-n "a investors. Final quotations showed
,,,o-s ne, losses than gains. with the chief de-
lines IN Steel preferred. Corn Products. General
Electric Republic Steel preferred Ne"-l 10TH
central and Tennessee Coal and Iron
The weekly, statement Of the associated banks
l,.a5 q roucb larger cash loss than indicated
a, Erisav.s estimates. based on the known move
mont If money This. however, was not sur
arising as the statement of the TWO precedlng
weeks presented A much smaller loss than me
known movement IF money indicated. Loans
decreased S2.s20.7O0. deposits decreased S6Osl.-
700 and cash decreased S314150O As result
Of ali changes reserve above legal requirements
declined 50 221 Oaa TO S39ll.35e. which com
pares with S195.9975 year ago ard Sl4'-
kss a95 in 1901 The loss in reserve ex-
tlains Fridays advance in call money 10
> rer cent. A large amount Of gold is under
e,,rarenert for this centre. and its arrival will
materially strengthen the position Of the local
banks while il IS likely that in case Of necessity
further imports Of the metal viii he made There
IS no uneasiness in banking circles over the
monetary situation: indeed. there is 4 general
feeling Of confidence that trouble viii not de-
Nelop this year. and the Secretary Of the Treas
Try has promised to hclp the banks. should as
slstance be required
Reports received by the commercial agencies
from various parts Of the country continue to
snow irregular conditions i'm the business world,
hut few intrinsi,aIiy weak snots. In some lines
the demand is increasing and in others it is
falling of notably in iron and steel: but in the
last named industry il is believed that after the
turn Of the year a much better situation viii
prevail A reduction in the freight rate on iron
and steel viii increase exports. but the justice
OF the action Of the railroads in reducing rates
IT the expense Of the home consumer is not ap-
parent. Bank cieaiinSs are lighter than they
were year ago. chiefly owing to the smaller
speculative opera lions in this city: railroad earn
ings continue TO show gains over 1902 results
for the first two weeks i'm November presenting
an increase Of > per cent as compared with the
same period year ago. and exports Of mer-
chandise greater in volume than in Novern-
her, 1902, with she promise of continuing large
throughout the next twelve months. There is
much reason COR satisfa cton in the general cut
look, and Wall Street is beginning to reflect in
its more cheerful disposition 4 realization g the
fact that the country is not running into an in
dustrial panic.