New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-10
sEx dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS

Trading in stocks In yesterdays market
amounted 10 a large total Of dealings with
prices as a rule moving toward higher level.
The upward movement especially marked in
the local traction and gas shares. which enjoyed
sharp advances. as compared with the preceding
days close. Brooklyn Rapid Transit opened at
Al and sold as high as 52l5. while Manhattan
and Metropolitan both moved up over points.
In the general railway list, however. the volume
of profit taking sales was heavy enough to pre-
vent material improvement in values, while in
the Industrial list gains were generally confined
10 fractions the chief exceptions being supplied
by Amalgamated Copper, which rose points,
Westinghouse Electric. which sold as high as
159. closing at 157. making for the day a net
gain Of q Of a point. and the gas securities. The
upward movement in the transportation shares
was not explained in business houses by any
news developments affecting the various prop
critics but the extent Of the advance following
The Improvement OF the last few weeks naturally
created a belief in some circles that plans Of
some sort are under way by which there will be
e closer union Of the traction companies in this
city. From its low price. recorded in October,
Brooklyn Rapid Transit shows an Improvement
amounting 10 over 20 points. 1t said in
well Informed quarters that purchasers of this
stock in the last few DAYS. and, i'm fact for
many weeks. have represented an accumulation
Of the security by capitalists who are identified
with the traction. gas and electric lighting prop
critics in New-York. Outside Of possible deYel-
opments affecting control Of the city railroads
there are good reasons for Improvement in the
market value Of the issues. the chief one being
ihe increased earning power Of all the compa-
MES and, in the case Of Manhattan ard Metro
politan. the dividend guarantee which the stocks
II these two companies carry. Brooklyn Rapid
Transit is earning AT a rate that suggests
10 some minds the possibility Of a small dividend
on the stock although In many quarters it is
believed that the physical needs of the property
are such as to influence the directors against any
payment for many months to come.
According the Investigations made by a
number Of railroad officers and heads Of various
industrial companies. conditions in the business
world show an Improvement in demand for the
products Of the iron and steel companies and Of
other industrial concerns. Consumers appar-
emily are willing 10 buy q more liberal scale.
end If their attitude continues there ought 10 be
p marked revival IN lines which for the last few
months have shown indications Of depression.
AS measured by railroad earnings the volume of
general business throughout the country is
heavy. and railroad men freely predict expansion
in earnings on the greater number Of roads in
the course OF the next twelve months This
view may not generally 10 accepted but il is
well TO note, nevertheless that despite the fall
ing OF IN The demand in many trade circles in
The last six months traffic returns have AS a
rule, shown Improvement over the correspond
ing period year ago Earnings that have been
received for the last week in November show for
forty-twO roads an increase Of over , per cent
which compares with an increase in the same
time in 1902 Of II per cent over 1901 The
percentage Of gain at present shows falling
Of from the August, September and October
records. but the fact that the railroads are ahle
10 show any gain AZ all over last years remark
able record is extremely encouraging.
So far this week the banks lave lost in their
operations with the Sub Treasury hut receipts
q gold from Europe and the movement Of cur
5ency to this city from the West viii doubtless
he effective factors in giving the banks in
creased cash holdings in Saturdays bank sta te-
nent- IN yesterdays market call money ruled
at 80 per cent while sterling exchange. after
early strength. declined to the closing level Of
the preceding day. Further engagements of
gold were made IN Europe for nipment TO this
side. bringing the total amount If gold engaged
on the present movement 10 above SlG500 600
IT she last few weeks foreign operators have
been active buyers Of securities in the local mar
j1et- yesterdays trading. for instance. for this
account amounting 10 upward Of 10000 shares.
Erie stock vas in active demand for foreign nc
count and cable advices from the other side
reported bullish attitude on this security,
With active buying Of American securities Ia,
Europe and with large merchandise exports from,
the -nited States. the position Of the exchange
market is naturally a favorable influence in
stock market speculation. In the last hour re-
actions were general throughout the list ana
in some shares much Of the early Improvement
was osi.
THE DAYS OPERATIONS IN BONDS