New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-02
BONDS.

In the opening operations in yesterdays stock
market there was no trace of the demoraliza-
ton that marked the closing transactions in the
preceding day, but in the greater number Of
issues heaviness was reported, which in the sub
sequent dealings changed 10 positive weakness.
Closing figures however, showed recoveries from
the low prices, owing to q renewed demand
which developed in the last hour. Trading at
first was much lighter IN volume than on any
day IN the last week, commission house orders
amounting TO small totals. as compared with last
weeks heavy dealings, while the more substan-
tial market interests appeared disposed to en-
courage quieter speculation, doubtless in the
hope that the markets future would be more
healthful If a breathing spell permitted at
this period. Fortunately, extravagant bull spec
ulation has been checked, and as a consequence
the prospects for further improvement under the
influence Of conservative buying are much
brighter than they few days ago. The
mere possibility Of higher rates for money has
served to exert a SOLDERING influence On the spec
ulative mind, while the realization of the fact
that prices cannot move in one direction all the
time has been effective in suggesting to many
operators the wisdom of waiting for further
setback in values before renewing their interests
on the long side Of the market. Speculation ap-
parently has now reached a stage where the
market has two sides, and as a consequence
operators must be prepared for movements in
both directions, with the chances favoring the
bull account for long pull
A report from London that a hitch had de-
veloped in the preliminary work of reaching a
settlement of the North Sea incident and the
expectation that further exports Of gold would
be made served TO induce caution among com
mission house traders while they attracted short
ceiling from the local professional element
And some traders thought that election uncer-
tainties furnished adequate reason for lower
prices. So far the campaign has had no in
nuence on stock market speculation, for the
good reason that the financial community and
the business men throughout the country appear
TO be convinced that there will be no change
IN the national policies which have brought
prosperity 20 this country. and efforts there
fore TO create election scare at this late
period not only silly but they doubtless will
faE far short of accomplishing their purpose
And the idea that gold exports from New-York
are cause for uneesiness is also silly Gold is go
ing out in response TO international financial
conditions, and if Europe should call
Upon New-York for S25,OO00O0 this country
could easily supply the metal without disturb
ance developing in the country's money mar
kets Money might work above the present all
normally low rates, but that would not plunge
the financial situation into chaos. There Is
enough gold IN the country TO supply the needs
OF Europe, and the shipments Of the metal that
are made in the current movement will he
more than offset by the receipts of gold at Pa
cihc Coast points and new production in this
country. Notwithstanding the fact that in the
last twelve months this country has exported
over S14,oOO.OoO gold in excess of irnports-total
exports amounting to SS3.OO0,OO0-the supply OF
gold coin in the country. exclusive Of Treasury
holdings. has increased in the last twelve months
over Sl9oOOoOO the total supply on October /
amounting TO S64l.s44,S63 The total amount of
money in circulation in this country on October
showed an increase as compared with the
same period year ago Of S157. $50. 40 Of which
Se2.4l4,4SO represented gold certificates against
deposits Of gold in the United States Treasury.
60 that the actual increase in gold coin and
gold represented by government certificates in
the year amounted to Sill, 7OS, 400. In view
Of the substantial character Of the financial
conditions In the United States there is no
cause Tor alarm over shipments OF gold from
New York to foreign capitals.
Declines Of from to per cent were recorded
IN the more active issues in the early afternoon
dealings. but IN the last hour sharp recoveries
were reported throughout the list, and as a con-
sequence final losses when made amounted as a
rule 20 unimportant fractions. Especial strength
was shown by Sugar Refining and Amalganate5
Copper in the afternoon transactions both
stocks advancing under the influence of buying
induced by the better trade outlook for Sugar
and Copper, and the strength Of the market for
refined sugar and for copper. Advantage was
taken OF the decline by substantial interests TO
accumulate stocks and this fact was an effec-
tive influence in creating an active demand from,
the shorts. with the natural result OF a marked
change in the course Of prices Canadian Pa
cfdc and the 500 shares rallied easily from
the early weakness. incident of the trading
in these issues being investment buying on the
decline and further absorption by interests
closely associated with the properties Great
Western, Colorado Fuel and Iron Delaware
and Hudson Erie. Metropolitan Pennsylvania,
Southern Pacific and United States Steel pre-
ferred showed decided strength in the final
Eeelfngs all closing at net gains as compared
nh the close OF the preceding day.