New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-06
BONDS.
STOCK MARKET OPERATIONS.

In the two hours Of trading In yesterday
stock market prices moved in an irregular man
ner with uninportant changes at the Close
net losses in the active issues predominating.
There was again fair demand for the iron and
steel stocks. but efforts to bring about ma
teriaily higher level were not successful owing
20 the pressure OF realizing sales. which served
10 check the upward movement, although Ten
nessee Coal and Iron managed to move up a
point IN the early transactions In the rail-
way list the inquiry for stocks from commits
sion houses was not active, and the general
tendency among the professional element ap-
peared TO favor the reduction Of commitments
over the election, but there was, nevertheless,
no indication in speculative circles Of uneasi-
ness over the outcome Of Tuesdays voting.
The strong and manly reply Of President
Roosevelt 10 the mendacious and slanderous
outbursts Of the Democratic Presidential nom
tnee and HIS underlIngs impressed the Street
most favorably and It was believed that the
Presidents action in defending himself against
the libels and false statements that have been
the only issue Of the Democratic party would
add many Independent votes to the Repub-
Mcan ticket November g. II there were the
least doubt in Wall Street over the election OF
Theodore Roosevelt security prices would not
be selling at their present level The conf
dent belief that there viii be no change in the
national administration and the expectation
that the policies that have helped the country
TO take long steps forward in prosperity at
home and peace with all nations will continue
TO be the policies of the land have been power
full influences in creating optimistic sentiment
In business and speculative circles and they
have been one OF the prime factors underlying
the bull market of the last few months.
Owing to the large shipments Of gold in the
week local bank reserves suffered a material
the Clearing House. cash declining $S,751. 700
and reserve above legal requirements $6.6S1, $50,
bringing that item to S10112 400 which com
pares with 1913 ,225 In the corresponding week
a year ago, and S17,S52, 800 in 1902. Liquida-
zion in stocks in the week was reflected in a
contraction Of loans OF over S2,000,OO0. For
tunately the movement OF currency with the
interior apparently has changed IN favor CT
this centre, and although indications point
toward further exports of gold and a call by
the Treasury for government deposits now held
by national banks bankers not looking for
ward TO disturbance II the money market, al
though they Go expect 10 higher rates for
loans In view Of the large supply of money
in the country an advance in money rates at
this centre viii Immediately attract large ship
ments of currency TO New-York, while II will
bring TO an end the outward movement of gold.
Money moves toward the centre where il can
be employed most proftably. and just
as firrner market for loans develops here IN
terror holders Of funds wifi be glad to take
advantage Of the opportunities for profit in the
local loan market. According 10 foreign ex-
change bankers who are well informed regard
fng the situation predictions Of an outward
movement Of gold. amounting TO S25.o00000.
Will not be fulfilled. At the moment the sup
ply Of cotton bills is falling off. owing TO the
fact that the South is holding its cotton for
prices which foreigners refuse 20 pay. Slight
relaxation in prices OF the product doubtless
would cause an active resumption of foreign
buying, and supply the exchange market with
amount OF bills large enough to meet the
ordinary demand for remittance. Grain ex-
ports continue light. although some improve
rnent IS reported over the small records Of re-
cent weeks shipments last week, for instance
Of wheat amounting TO ASP 202 bushels a
record well above preceding weeks. although
several million bushels under the same week
a year ago.