New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-18
BONDS.
THE DAYS OPERATIONS IN STOCKS

Dealings in yesterdays market were light in
volume. while the movement Of values was ir-
regular throughout the day. with few inapor-
can't changes at the close. In the early trading
advances were enjoyed by many issues. but
sn the afternoon the tendency was generally IN
the direction OF lower prices. declines how
ever. amounting as rule only small frac-
1ions. Activity was confined TO the leading
speculative issues. as for instance. Amalga-
mated Copper American Sugar Refining, United
States Steel preferred. Pennsylvania, Brooklyn
Rapid Transit, and TO moderate extent, Con-
solidated Gas which made a maximum adj
vance Of points, closing at q net gain Of
2z points The advance in this issue not
accompanied by news developments affecting
the property. Atchison showed a tendency TO
sag on the announcement that the company
had sold 20 a prominent banking house So
100000 OF its general mortgage bonds 20 pro-
vide funds TO be used in the next year TO pay
for improvements and additional equipment.
Under the terms Of the mortgage securing the
bonds the company is permitted to sell these
bonds at the rate Of So 100000 a year for i'm
provement but this right has not been exer
cised for over three years and conse-
quence there are more than 100000 of the
bonds available. There practically COM
mission house business for public account in
the day. while the larger speculative interests
we're not active factors in the trading. London
eold a few thousand shares IN this market and
on the London Exchange American securities
were dull at unimpoTtant price changes. a
sharp advance in sterling exchange and a
further upward movement in the cotton market
were factors that induced operations for the
f11ff not oh int
est in the market TO permit of any factor hav-
ing extended influence on values
The passage OF the Cuban Reciprocity bill had
no especial effect on the price OF American
Sugar Refining stock, while in trade circles It
was not thought that the market for sugar
would be materially influenced at the moment.
as favorable action the bill was discounted
Ibv the recent purchasing Of a large quantity OF
sugar in Cuba, for shipment in January. on a
basis that will make it possible for the re-
liners TO secure advantage of the benefit that
viii accrue from the 90 per cent reduction in the
tariff. At the present no important change in
prices is expected 1t is interesting to record
the fact that within the last few months pur-
chases OF the shares Of the American Sugar Re
hning Company have been made for the account
OF people who are generally buyers when prices
have been through long period of decline, and
the same statement may be made regarding
priced issues. as, for instance. the Erie shares
in the railroad list and American Car and
Foundry preferred and Amalgamated Copper in
the industrial department Even the United
States Steel shares have been absorbed by peo-
pie who apparently, are not frightened by the
prospects Of the passing Of the dividend on the
common stock at the next dividend period, a
reflection OF this being shown in the Increase
IN the number Of stockholders TO wSayn the
fusion has arisen over the announcement that
a dividend win be paid Oh Steel common in
January, the assumption in some quarters being
that another dividend has been declared The
dividend that viii soon be paid will be the divi-
dend that was declared in October. The United
States Steel Corporation always declares its div
3dends several months In advance OF the period
for making the payment
Foreign exchange rates advanced to a level
that makes further engagements Of gold at the
present out OF the question. AS the country
has already engaged or imported over S21 600 -
900 OF the precious metal In the last few weeks
the necessity OF additional imports is not ap-
parent especially as the local money market
IS IN no need Of further assistance from Europe
In saying that this market has received as
sistance from abroad. the fact that the gold
brought IN represents the payment by Europe
of its obligations on account Of rnerchan disc
bought in this country should not be lost sight
Of The United States is now q creditor nation
and II the local money market should need
more gold from Europe Il would not have anv
difficulty IN securing st. So far this week the
city banks have gained in their operations with
The Sub-Treasury upward Of 100000. and
the chances are that the movement Of money
for the week viii show material increase in
cash holdings Offerings Of cotton bills yester-
dav were light. while the demand for remit
fance was moderately heavy. II is not unus-
usl 10 have a strong exchange market at this
time Of the year.
TIT 1nN.e 11rehrtoNe a., 1n.1e