New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-10
-Rx dividend
BONDS.
TIE DAYS OPERATIONS IN STOCKS

On a small volume OF business stock market
values moved IN an irregular manner through
out the day. with final prices at small net
changes as compared with Saturdays last quo
1zticns With the exception Of the local trac-
ton issues and the United States Steel shares
there was no decided tendency in either direc-
ton fractional advances and declines alternat-
ms with the regularity incident to profes-
sionai market IN which traders work for quick
turns on both sides OF the account At the
close there were more net losses than gains. In
the TRACTION shares decided strength was shown
by the Brooklyn Rapid Transit. Manhattan and
Metropolitan. in which there appeared 10 be
strong bull party working for higher prices
Efforts are being made to convince the public
that the New-York traction companies viii be
able TO increase their net earnings because OF
the success Of the Tamusny ticket il last
weeks election. and II is evident that GER
tain people are convinced that the corporations
helped the Tannany ticket to extent that
ENSURES a generous treatment Of the traction
companies by the incoming administration r.
respective Of such considerations it is wei TO
bear in mind that the earnings Of the local rail
way companies are increasing, and that as
New-York is a rapidly growing city its street
railway trafic viii increase. despite trade re-
action and stock market troubles. Brooklyn
RAPID Transit is held by men who do not intend
10 part with their holdings. Control has not
changed. notwithstanding frequent Wall Street
reports that new interests have the property.
Manhattan is earning above its dividend re-
euirenents. and as the stock carries the guar
antee Of the marlborough company it ought to
rrove a prime favorite with investors. In yes
rerday's market this issue advanced 10 1881.
which compares with 1871. the high price OF
the year made January II. and los. the high
record in 1902
IN the afternoon dealings interest was centred
Oh the United States Steel shares which were
under a selling pressure that carried both the
common ard preferred to the low record price
Of the year. the common going TO los Is under
last weeks low level. and the preferred TO J012.
. loss OF 3 points from SATURDAY. The decline
in the LITTER was accompanied by heavy liquida-
rion not short selling. but sales Of genuine hold
fngs Holders appear to be alarmed. and. in
view of the Developments In certain industrial
companies and the rumOrs affecting the big
concerns. induced many holders to sell. Then.
some people have simply been compelled to sell
sn order to raise money, owing TO their losses
elsewhere in the market Wall Street reaches
bold conclusions as reflected in the predictions
made yesterday that the United States Steel
Corporation would not only pass the next divi-
dend on the common. but would reduce the pay
1nent Of the preferred.
The railway stocks. outside the traction is
sues were generally inactive, Pennsylvania,
Reading Atchison. Baltimore and Ohio, St
Paul and Missouri Pacific supplying the greater
part Of the business. Dealings. however in these
stocks were not large, while price changes Were
uninportant. In tn money market call rates
we're as high as G per cent, railing al 81 per
cent while time funds remained unchanged a.
E3kG6 per cent. Sterling exchange declined,
reaching the low rate establish in July. 1858.
when upward Of 100000 Of the yellow metal
was engaged IN one week for shipment TO New
York. The fact that Yesterdays decline not
Followed by large gold import announcements
doubtless reflected Londons efforts TO check the
movement Of gold this way. Cold bars in Lon
don have been advanced. and. as there is little
gold coin or bullion outside the Bank Of England.
81 is no easy matter TO secure Che metal for
shipment TO this side. The Bank Of England
win do all in its power TO shift the burden Of
gold exports 20 Paris and Berlin. At both the
last named centres exchange on London was
strong yesterday, while money was higher in
Paris. According 20 cable dispatches, il is be
sieved in London that the Bank OF England VIII
aaise its minimum rate of discount this week.
Actual gold import engagements announced yes
serdav amounted TO $4,000. The local banks
have lost since Friday night upward Of 5000
coo IN their operations with the Sub-Treasury.