New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-21
BONDS
THE DAYS OPERATIONS IN STOCKS

After exhibiting decided strength in the first
three hours Of business stock market values
became irregular. with the tendency generally in
me direction OF lower prices although final fig
ures showed no important losses. In the early
.rsding there was fair demand from few
commission houses for some Of the leading is
sues but as q rule dealings were made up OF
The operations OF the progressive element buy
ing by the shorts being moderately active in St
Paul. Pennsylvania. Reading. Southern PACING.
Union Pacific and United States Steel preferred
Opening at from 53As TO 539s. the last named
stock fuctuated within a narrow range on heavy
operations, closing a net loss OF 1 point
while the sinking fund bonds on big dealings
Gained half point. Activity in Southern Pa
,iie was the leading feature in the railroad list
From the opening at asa the stock advanced TO
s5S with net gain at the close OF las per
tent. the advance being accompanied by no
actual news regarding the property II is prob
chile that the time is not far distant when the
southern Pacific earnings viii be available for
dividends as the work Of improvement. which
m the last few years has absorbed such a large
proportion Of the company's income, viii doubt
iess ne completed in the current year. In the
asst hour call money advanced 10 per cent,
he highest rate this fall. This movement was
factor in inducing renewed operations for
tower prices. while the report of heavy calling
aelped the final decline.
Il is generally believed that the action of the
railroads in reducing the rate iron and steel
products intended for export to the extent or
k2l-3 per cent Win have a stimulating effect
On the iron and steel trade. Vigorous efforts
sre being made to build up a large foreign
business in iron and steel. and from present in
Hications these efforts VIII be successful. The
reduction in freight rates on steel products for
60 af-r
United States Steel Corporation and independent
concerns to place their surplus products abroad,
and It is estimated that with the favorable rates
efrered by the International Mercantile Marine
Company for ocean transportation this country
viii be able TO underselI in England and Ger
many foreign corporate tons. According trade
reports restriction in the output in the iron in
austry has not Vet reached its limit. In October
pig iron production was at the rte Of a.
100000 tons q year, or 100000 tons less than
the September rate and c.O90.O0O less than the
June rate when high tide was recorded. The
iron and steel industry is undergoing a health
tul reaction. the influence of which is gradually
being extended 10 other lines. This reaction,
however. has none OF .'ie Indications that fore
shadow industrial panic. The situation is in
trinscally sound, and there is no reason for
uneasiness.
According TO the known movement Of money
IN the week the local banks have lost less than
tlooooa0. as compared with loss OF 100000
In the preceding week On the direct interior
movement the banks made a small gain. this
being the first instan. e the sort since the
week ended August "a. From the heavy falling
nn in shipments thrc-~h the s. Treasury and
the gain the direct movement. il is safe to
say that the interior demand has been about
satisfied and that tho drain on this centre is
nearly over There is apparently 70 longer
necessity Of gold imports far as the local
situation is concerned. and it is therefoS likely
that our credits will he allowed TO accumulate
abroad. Foreign exchange strong yester-
say. with demand sterling at 4S4IL. an advance
of - points. Offerings Of cotton bills were
lighter than in the preceding days Of the week
while there Was more active demand for re
mittance- u is likely that the main cause or
the advance was due to investment buying OF
sterling. IN anticipation Of TIE remittance to
Europe of S40oooO0o in payment on Panama
Canal account. This buying was also an in
buence in the advance in cal. money rates