New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-15
BONDS.
THE DAYS OPERATIONS IN STOCKS.

stock market trading was comparatively
light in volume on most irregular movement
Of rallies. Early strength was followed by re-
cessions while in the afternoon dealings prices
generally declined. with especial weakness IN
Amalean,ated Copper and the Industrial shares
in general American Car and Foundry issues
were under pressure hut the decline in the
COMMON and preferred did not reflect unfa-
,-ora HE developments affecting the company.
The concern is in a sound financial condltlon.
lis earnings in periods Of industrial reaction
,,.iu naturally he lighter than in periods of
great Industrial expansion, but it is asserted
l,v the officers Of the company that the pre-
ferred stock dividends are as safe as those
Of the best railroad issues in the country.
Actual value counts for little in the current
market. an indication OF which supplied
ly Western Union stock in yesterday trading.
Desnite The fact that the company presented
its annual report. showing one Of the hest
years in its history. surplus earnings being
equivalent to over per cent on the stock the
1,rice OF the issue declined li2 points. At its
present quotation this security yields over T"
per cent United States Steel common closed
unchanged. the preferred fractionaly higher
and the new rs sold down to Is closing at
t;SiL on the curb some OF the first mortgage
bonds sold at 100 TO 1o0ls A week ago these
bonds were quoted at 1O3 10 1O6 In the rail-
road list there was no especial selling pressure
and no particular demand. final changes gen
orally being small fractional declines on
sales OF 100 shares Metropolitan West Side
Elevated preferred Of Chicago lost IS points
from its last preceding transaction "hiie
Third Avenue stock on 100 shares lost
10 points Call money ruled at per cent, and
time funds were freely offered at y to o'2
r,er- cent Sterling exchange closed weak.
Price movements in the current stock market
are not based on conditions governing the IN
dustrial situation in this country, and all the
Wall Street gossip concerning declining bust
ness prosperity should not encourage the hold
ers Of good securities TO make needless sac
rifice Of their investments. It is fully admitted
in all quarters that there are certain indica-
tions Of a normal business reaction; but It is
impossible to find anything in the general situa-
ton that warrants the present pessimistic
predictions heard in some circles regarding the
course Of affairs in the United States in the
next year. There have, it is true been many
developments showing unfortunate condi-
tions I'm some OF the industrial COM
hinations Of the last few years. Recent dis
closures regarding the industrial company pro-
noting business OF the boom period Of 190O-02
have naturally created a bad impression in the
street. but these revelations have not upset the
strength OF underlying Industrial conditions.
pessimism has run riot in the Street and it
should he the duty Of every conservative man
who knows the extent Of the resources Of this
country to work TO bring about feeling Of con-
ndence I'm al circles in the future Of the in
Vestmeut markets This may not be a time for
bull speculation IN securities. but il is never
theless a time for cheerfulness over the indus
trial and financial future Of the United States.
The official government report OF the coun-
try's foreign commerce shows a falling off in
September i'm both imports and exports. but an
excess Of exports over imports in value Of
S2s.3S5.179. against S27.702 pa in the same
time last year In the nine months ended Sep
TENDER 30 the excess Of merchandise exports
imports in value $3.50 .IO4 :}6T. against
S2352lS6So in the corresponding period last
year and S399. .G9S In 1901. The value Of ex-
ports for the nine months WAS far beyond the
record Of a year ago. and only a triae under
the extraordinary records Of 1901 and 1900 I'm
ports. however were much heavier in the last
nine months than in 1902 or QOl. In the state
ment Of the CoUntry's foreign trade is much
reason for encouragement. as il shows that the
country is not falling materially behind in its
exports OF merchandise, while il warrants the
expectation OF an active export demand in the
next twelve months This country viii bava
grain and cotton TO export in abundance. and
il stands good chance Of building I'D a big
foreign trade balance this year.
The DAYS OPERATIONS I'M BONDS
GOVERNMENT BONDs.-Narket stead, ti,a,