New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-29
BONDS.
THE DAYS OPERATIONS IN STOCKS

stock market trading light In volume
throughout the two hours Of business, on
moderately strong movement of prices. Higher
ouotations for American stocks in London had
a favorable effect on local sentiment, but they
failed TO attract active buying for public &C
count Indeed, there was practically no outside
business, trading being limited TO the transac-
tons of professional operators. who confined their
dealings. as a rule. TO small trades and end of
the week evening up operations. The expecta-
ton of a good bank statement helped the mar
ket in the early trading. but the publication of
the figures showing an increase in reserve above
legal requirements OF S2,213,SJ0 was not fol-
lowed by increased activity on the Stock Ex-
change, final dealings being extremely quiet
with prices generally at reactions from the best
of the day. The banks gained, according to the
statement Of averages. SI6SJ00 in cash. which
WAS less than half the gain estimated from the
known movement Of money but big advance
in loans that caused a large decline in deposits,
was effective in causing substantial gain In
reserve AS result of all changes. this item
row stands at S61252O0 against S1o,iSo,ooo
year ago and S13,414,575 in 1901.
American Sugar Refining was the markets
only important feature speculation in its shares
,srrvin, the nrice I'D a point. Washington in
terests were again buyers the basis of the pur-
cbases being of course the expectation of an
earl,, NASSAU e in the Senate of the Cuban reel
nrocitv bill A pool was formed in Sugar Re
filming when the price was in the neighoorhooo
Of lO9 and the efforts to advance the stock
have been successful. Cuban reciprocity VIII
help the Sugar refining interests in this coun-
fry as under this measure il will be possible to
secure raw sugar at less cost than at present
while the trust will not be compelled to reduce
the price Of the refined product although 1t is
considered probable that the American Sugar
Refining Company will allow the consumer some
Of the beneft of the lower price for raw sugar
In whatever way the matter is considered it will
he seen that the outlook for the refiners is most
promising 1t is a long time since Sugar Re
f7inr stock has become active speculative
| feature but il is thought in some quarters that
II is about 10 enjoy some of its oldtime specu-
lative attention Last January the issue sold
at l34ss In 1902 the highest price was 1905;
in 1901 1925 and in 1900. 1i9. Its lowest price
this year was 1071s, in October, so that at Its
high price yesterday it showed a recovery OF
Ia. points from the low figure of the year. The
highest price ever reached by this stock was 49,
in 1899
Reports received by the commercial agencies
in the week indicate irregularity in the coun-
trv's business but the actual volume Of trade,
as shown by bank clearings and railroad earn
fngs. is still heavy. There are few weak spots
in the situation Trade is growing quieter
business men are becoming more conservative
and manufacturers are readjusting prices TO
scale that ought TO stimulate better demand.
An Improvement in the demand for pig iron
is reported. and the tone of the iron and steel
industry is better than it was a few weeks ago
| There is the promise of a year Of large bust
ress in the export department Of iron and steel;
also the promise which is practically certain
ty. OF large outward movement of grain and
cotton. Bull interests in the cotton market
freely predict that every bale Of cotton from the
current years crop will be absorbed regardless
Of price and that the requirements of the spin
ming world will not be satisfied before a new
crop can be gathered. Mr.. Sully estimates that
the number Of bales that will be available for
ali purposes from September ], 1903. to August
81. 1904, viii not exceed 9,9S6,OO0 bales of 800
pounds each.