New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-04
BONDS.
THE DAYS OPERATIONS IN STOCKS.

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THE DAYS OPERATIONS IN STOCKS.
Stocks were strong and active in yesterdays
market. prices recording many noteworthy adj
Nances and the volume Of business rejecting a
decided increase in outside interest in specula-
ton. The upward movement was pronounced
in Pennsylvania Brooklyn Rapid Transit. Della
ware ana Hudson, Union Pacific. the Reading
issues. Atchison. Tennessee Coal and Iron, st.
Paul. United States Steel preferred. and several
Of the inactive securities, the movements in the
active shares indicating the presence Of a large
short interest. The shorts showed extreme ner-
Vousness in the day. despite the encouraging
reports from the Newest bear crowd. and many
instances Of an urgent demand for stocks were
reported Total dealings were heavier than in
many DAYS for weeks, amounting TO 936, 195
shares, compared with 603490 shares the day
before In the industrial list active buying was
reported in United States Steel preferred and
Amalgamated Copper. interest in the latter be-
irg attracted by a further batch of copper liter
ature from Boston. Amalgamated is doubtless
held by many of the strongest capitalists in the
country. and this fact ought TO carry encour-
aEement to all other holders. There was buying
OF long stock and for the short account in Steel
preferred, and as a matter of fact, the same
kind Of buying was noticed throughout the list.
Erie was taken by banking interests. OF the
local traction shares Brooklyn Rapid Transit
was the leading feature, advancing over points
on dealings Of nearly eighty thousand shares.
b. r. T." is considered by able judges one of
The attractive long time market propositions.
{ all money a trihe easier and sterling
change was weak.
Activity in the cotton market with the price
Of the product soaring to new high record quo
1ations for this time of the year for over twenty
years. both for spot and futures, was, Of course,
The chief feature OF the Wall Street markets,
Tut il exerted no influence on the stock market.
Recent advances in cotton have not been well
received on the Stock Exchange. owing to the
fear Of money market complications arising from
The bull speculation in this direction. According
10 the governments estimate of the years cot
ION crop-namely. 1852 600 bales-higher prices
for cotton may be expected. The governments
estimate is sensationally low, even lower than
the predictions of the most pronounced bulls,
and If it proves to be correct statistical posi-
ton never before equaIled viii doubtless be dis
closed before the end Of the season Supplies Of
cotton throughout the world light. and it is
therefore manifestly evident that with short
supplies and "A light crop this year the market
is in a condition to encourage strong prices in
The next twelve months. It must be great sat !
isfaction TO the big cotton bulls to know that
that their predictions of the early summer are
NOW being justified
Money is stiu leaving this centre for New
Orleans and San Francisco. but at other 1mpor-
tant cities throughout the country the rate of
exchange on NeN-York favors shipments of cur
Tency to New-York, Further engagements Of
gold for import TO this country were made yes
1erday, and in foreign exchange circles it was
thought that the movement Of gold TO the United
States would continue for several weeks
come. Conditions in the International money
-;.11r-
ago. Last year at this time New-yorz was Won
dering how it could prevent exports Of gold from
New-York. while at present foreign countries
ere compelled TO send the precious metal to this
side In the last twelve months the United
States has liquidated its Indebtedness abroad, /
and it is now. through its large exports Of grain.
cotton and general merchandise, creating a
credit balance abroad that foreshadows control
for time. at least. by this country of the money
markets Of the world. Europe is buying our
grain and cotton at prices that yield handsome .
profits to the American farmers. And it is also
buying our iron and steel in greater quantities 1
than ia recent months. The railroads have re-
duced the freight tariff on iron and steel prod
ucts for export. and manufacturers in general /
are demanding a corresponding reduction on
other products intended for export There is no 4
good reason why the railroads should discrimi-
nate IN favor Of one industry II a lower rate .
is 10 prevail OF iron and steel then active in .
dustries should also receive the same consider +
alton and the home consumer as well sbould
receive the benefit Of this reduction. At present
IN The case Of iron and steel. the railroads arc
favorinC the foreign buyer at the expense of the
American consumer.
Regarding the monetary situation IN this
country, IL is interesting TO that the stale
Inent Of money in circulation in the United
States shows an Increase as compared with this .
tine last. year. of S9f45s, 2G0, There is now
r. ihe country. exclusive OF United States gov
ey1.nlcnt holdings. SAD 16S 41S. while the
Federal Treasury holds sob l31 1863. the latter
showing a decrease from year ago Of about
100000. Compared with the amount IN cir
cUlation on November J, thu outstanding cir .
culation now shows an increase OF S21 1850 .
the gain beng due 10 gold imports gold 4
from the home and Alaskan mines. increased .
national bank note circulation. and excess Of I
government expenditures over receipts The .
amot Mt Of money I'm circulation in this country
n this time in 1879 was SS16, 2GG 72l. or ST. Z
65290l 697 less than on December ]. 1892. Fig
ures % tits character attest the wonderful /
growth OF the United States in the last quarter
century, and il ought 10 prove 10 all pcsslnisuc
minds that the country is not COINS 10 pieces.
Shipbuilding Trust promotions ard simiiar san
dals VIII not upset tire United States. and thev
win not inJure the intrinsic value of solid Amer