New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-06
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market values were heavy in the greater
part of the day. with particular weakness in
the United States Steel shares. both the common
and preferred making new low record prices
The weakness in these issues naturally had an
unfavorable effect on speculative sentiment. but
it did not attract important liquidation in the
general market. Trading was not active. Nari-
Gus causes Were given for the heavy tone as
for instance. the condition OF the iron and steel
trade. the large shipments Of currency TO the
interior and the situation al Panama. but none
Of these factors appeared 10 bring about pam
icly feeling in commission house circles. They
merely served to keep people out Of the market.
The chief trouble with the present market is the
lack Of outside buying power. feature that en-
courages activity on the short side by the pro-
fessional element. United States Steel common
sold at 1O7s. closing at II, net loss of Ia
points while the preferred went as low as 545s
losing for the day rs points. All the industrial
shares were weak especially Amalgamated Cop
per. which lost over = points; American Sraelt-
ing Republic Iron and Steel. Tennessee Coal and
Iron, General Electric and the railroad equip
ment shares. In the railroad lis; Missouri Pa
oific. Pennsylvania. wabash preferred and St
Paul were the chief weak features. Call money
ruled At ~ pcr cent. while time funds were IN
changed Al g per cent. Sterling exchange was
lower. and, although there were rumors of
further engagements of gold for import. no Of
fetal announcement was made up to the close of
business.
The expectation of cut in the price Of steel
billets. which was subsequently confirmed. and
the belief that a reduction would be made in
the price of steel rails were effective influences
in inducing sales Of the United States Steel
stocks. Steel billets were cut from So to S:23
ton, but the latter price considered a more
normal basis in the trade. although Wall Street
iron and steel market. 1t is understood that the
railroads are exerting all their influence to
bring about reduction in the price Of steel
rails from SOS to $40 ton, their argument for
cut Of this kind being based the belief that
railroad earnings viii be lighter in the next
twelve months. The steel men. however. ap-
gear TO believe that such a reduction would not
be warranted, and that if it should be made de-
moralzation would develop i'm the market for
all finished products. The cut in billets. how
ever, suggests decline in the price Of rails
According to trade reports the iron and steel
industry is in fair condition. despite the falling
of in orders and it is believed that prices are
now approaching level that will attract a large
export demand. A Pittsburg dispatch estimates
that the earnings Of the United States Steel Cor
poration for the current quarter viii show a
falling off Of about SG009OO0 from the satne
time year ago.
The much talked about decline in railroad
earnings has not yet developed. returns now
being received for the last week in October
showing as rule heavy gains over the CORE
spending time in 19c2- Missouri Pacific for in
stance, shows gain Of S11IO1c making for the
month a gain Of S244OV0 and from January l
gain Of 81 .Gf9 1875 Southern Railway presents
gain for the last week Of Sl25.6lG, Wabash a
gain Of So .,St Canadian Pacific gain Of SOL
GOO. Denver and Rio Grande a gain Of $15,320,
while all roads reporting show a total increase
OF about . per cent comparison being made with
a record breaking period last year. Under pres
ent money market conditions. however. the IA
NOrable factors IN the situation are not Likely
TO be reflected in important advances in stocks.
This city has been called on TO finance the move
Tnent OF farm products to market. and money
that might be used in speculation is therefore
actively employed IN the channels of trade.
When the return flow sets i'm stocks ought to
move Up.