New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-11
BONDS.
THE DAYS OPERATIONS IN STOCKS.

On large volume OF business stock market
values moved toward a lower level in the greater
part Of the day. Opening prices were generally
AT small advances. as compared with the pre-
oeding nights closing figures, while throughout
the first hour the majority of issues showed a
moderate Improvement, especially the local trac-
ton shares, which were again active market
features. Brooklyn Rapid Transit made a new
high record price on the current movement at
53s Manhattan sold as high as 1441z, while
Metropolitan touched 124h, but the gains were
lost in the afternoon dealings No developments
affecting the local transportation situation
companied the upward Increment in the traction
shares. but the Street was filled. however. with
many Tumors and reports regarding the posi-
hiIity Of a unif1cation Of control among the New
York railroad companies. 1t also intimated
IN certain quarters that a dividend would he de-
clared on Brooklyn Rapid Transit stock in the
coming year, although this idea was not based
on official statements by directors Of the COM
pany- Pool operations have been conducted in
the traction stocks ever since the last municipal
election. and Il Is a noteworthy fact bearing
on the speculative theory of Wall Street regard
ing the possibility OF favors from the incoming
administration TO the Hew-York City corpora
lions that the securities representing these COM
panies have advanced since the election from s
points in Consolidated Gas to over Is points in
Brooklyn Rapid Transit.
United States Steel preferred was sold down
in the day. sales being induced in part by the re-
port that powerful speculative interests We're
getting ready to concentrate all their efforts to
hiring about q lower quotation level for this
security. People who are bearish on the Steel
securities point TO the fact that there may be
heavy falling off in earnings next year owing 10
the possibility Of further labor troubles in the
building and other trades upon which the steel
and iron companies depend for their business.
Predictions regarding the iron and steel industry
are not Endorsed by accurate reports from the
trade. Even if the present reduced earnings of
The big steel corporation should show further
decline in the next twelve months, it would seem
If the current price OF the Steel securities had
discounted a development of this character. If
The dividend Of the United States Steel preferred
should be reduced TO Per cent the security
would still return a large investment yield, as
AT its current price per cent stock it re-
turns over 12 per cent. Dealings in this issue
were heavier than in any other part Of the list.
while the net loss in the stock was larger than
in any other active issue. amounting to nearly
three points. In the railroad list final losses in
the active securities amounted I'm the greater
number of cases TO per cent and above, the
largest declines being supplied by Atchison.
Chesap eake and Ohio St Paul. Missouri Pacific.
Pennsylvania, Reading and Union Pacific.
Western houses liberal sellers, especially in
the Steel shares. while foreign houses put out
over forty thousand shares, sales of the latter
extending through the entire list Of international
stocks. with the exception Of Erie. Final prices
were generally little above the lowest Of the
day.
Exports Of domestic products in November
were heavier than in any corresponding month
on record. amounting IN value to S105, S26. 2O2.
an increase Of S3l.S03,454. as compared with
November a year ago The gain was due al
most entirely TO the increase in cotton exports,
which amounted in value TO S76,9S2, 2S4, an in
crease OF So. 653.2G0 over November, 1902. For
eleven months of the year total exports of do
mestic products show gain over the same
period last year of $50. Isl, Gl7. of which over
100000 was supplied by the exports of cot
ton. The fun statement Of the country's foreign
trade in November. which Will be issued on the
18th OF this month VIII doubtless show larger
figures than in any preceding November and it
IS expected that the excess of exports over i'm
ports viii reach large a total as was re-
ported in October. The positions Of the foreign
exchange market and this country's ability to
draw gold IN all parts OF the world may readily
be understood after study of the current sjtua-
tion in the foreign trade Of the United States It
IS interesting 10 note that, despite the high
prices Of cotton, Europe is buying the product
IN large amounts, and as cotton makes exchange
much faster on account Of its high price its
favorable bearing on the foreign exchange mar
ket IS apparent Call money ruled at JQ5Ia per
cert iE yesterdays market. Sterling rates
showed q small advance. but further imports Of
gold were arranged. bringing the total so far en-
gagged on the present movement TO over S19-
100000