New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-16
BONDS
THE DAYS OPERATIONS IN STOCKS.

Stock market values although showing con-
siderable strength IN the early dealings devel-
oped irregularity in the afternoon, which in
many cases led 10 reactions from the mornings
advance while at the close the greater number
Of issues presented only unimportant changes
as compared with the preceding days final
figures. Further improvement was recorded in
the morning by Amalgamated Copper and
Brooklyn Rapid Transit. but q good part OF the
advance was lost in the subsequent operations.
Arnalgamated ending at a net advance OF q
point, while Brooklyn Rapid Transit showed
net gain OF IL as against q maximum advance
OF j per cent Elsewhere in the active list the
chief features were supplied by Atchison. st.
Paul, Erie, Missouri Pacific, Pennsylvania,
Southern Pacific and United States Steel pre-
ferred net gains and losses being about equally
distributed among these issues. The advance in
Amalgamated Copper was not accompanied by
news developments affecting the property, opera
tions representing, doubt. pool activity and
buying for short account. the demand for the
stock in the loan crowd apparently indicating
the presence of a good sized short interest in
the security. Operations in the general mar
ket as a rule were confined to the transactions
Of the so-called professional element, commission
houses not being active factors in the days
dealings.
The Passing OF the dividend on the preferred
stock Of the Crucible Steel Company
news development that was. however, without
influence on the stock market. as action Of this
character had been expected in the Street. owing
10 the poor slater ent made by the company in
its last fiscal year. Net earnings Of the con-
Germ amounted to only S1.O00151 compared
with So 100. $50. in the preceding year while
after the payment Of the Z per cent dividend
on the preferred stock there was deficit of over
rDo S,sE Will Tba
company has recently been compelled TO con-
slider q plan of raising additional working capt
tai While the Crucible Steel Company was
forced to pass its common STOCK dividend, IT
was announced that the American Smelling and
Refining Company had placed its common stock
on per cent dividend basis. This action was
also expected. the company has been steadily
increasing SIS surplus, which now stands, it is
said at SS,000000. In regard TO the earnings of
industrial companies II is interesting to note
that the October net eernings Of the American
Car and Foundry Company were in excess of
$4,000 an amount we'll beyond the company s
dividend requirements.
The statement of foreign commerce of the
United States for the month Of November shows
exports OF general merchandise to the value of
S160 $500, an increase of $50, 254 $40 over the
corresponding month year ago, making an eX-
cess of exports over imports in value of SS3,-
393.7S4 Total exports for the month were
heavier than in any month this year, heavier
than in any preceding November and heavier
than in any month in the last six years,
with the exception of October, 1900 when ex-
ports amounted in value TO S163, 3S9. $50 The
increase this year due almost entirely to
the heavy outward movement Of cotton, which
presented a gain. compared with November
1902, Of $50 653. 26O against a total gain in all
exports of 1852 $40. The large increase in ex-
ports in the last two months brings the record
for the eleven months of the year TO November
80 10 amount not far under the record
breaking figures OF 1900 while in comparison
with the same time a year ago. an increase of
S97. s27. 796 is shown, making the excess of ex-
ports over imports for the last eleven months
S392,33I,945. Imports in November showed
falling of from November last year. while the
total is the smallest for any month in 1903 The
decline in imports may show decrease in pur-
chasing power on the part Of the American peo-
pie, but the increase Of exports shows how
ever. an increased selling power for the United
States and urgent necessities on the part of
foreigners TO secure our domestic products and
manufactured articles.
The large export trade will bring to this coun-
Try greater wealth I'm the shape OF gold. which
is now being imported from abroad in large
amounts. With a big export trade and with
our foreign debts lfquidated this country has
nothing 70 fear over the position of its money
market, while it has every reason 10 look for
ward 10 an increase in industrial activity as
the result Of its ability 10 place its goods in
Foreign markets. Money market conditions
showed no important change yesterday, call
funds ruling at 81 per cent while time money
continued at the quotations that have prevailed
for the last few weeks. Sterling exchange was
strong. the advance being due TO engagements
OF gold rather Than 10 any other factor
THE DAYS OPERATIONS IN BONDS.