New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-14
sEK dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market values enjoyed in most cases a
moderate rally in yesterdays trading, without
however attracting an important outside de-
rnand. Pennsylvania naturally took the Lead IN
the upward movement. owing TO the fact 1haI
there was an extended short interest in the
stock and possibly 10 a belief in some quarters
that its price marked bottom in THURSDAY 5
market, when low quotation Of lloS4 was re-
corded. Assuming that dividends at The rate OF
6 per cent viii be maintained on Pennsylvania
stock. the investment yield on purchases made
at the current level is over per cent, a rate
that doubtless yyim appeal to many people who
have money available for investment, despite
the fact that there are some bears left in the
Street who predict that the stock Will break
par" 1t may be stated on good authority that
the Pennsylvania management is confident OF
maintaining a 6 per cent rate. but, Of course.
dividend payments viii always be adjusted TO
earnings, as il is not the policy Of the company
to pay dividends at the expense OF the property
At present the company is earning largely in
excess Of dividend requirements. and as it Will
be possible to make large reduction in eX-
penses when improvements that viii increase
earning capacity are completed. the outlook for
holders Of the stock is far more promising than
the bear element on the Stock Exchange would
have people believe.
In the active list with the exception Of St
Paul and Amalgamatd Copper, the buying de-
rnand was heavy enough TO maintain a fair de-
gree OF strength throughout the morning, while
IN the closing hour the two stocks named shared
in the raIying tendency. st. Paul recovering an
early loss of over 1 point and Amalgamated
ending at a fractional gain.
Weakness in tho stocks named in the forenoon
appeared to be wholly manipulative in char
acter. and Of course, the Street heard the rumor
that always accompanies declines in the So
called Standard Oil issues-that Rockefeller in
terests We're selling. At present prices there is
no good reason for sales of St Paul or Amalga-
mated Copper. except on the basis Of expected
bear attacks on the securities. St Paul has not
been bothered much with bear attentions in the
last TWO months. and the bear element ap-
pears to be taking up stocks in turn, Il may be
that St. Paul's time has come. Genuine holders
of St Paul stock need not worry about the
actual value Of their investment. St. Paul sold
at 1891 in 1902. That was too high. 1t now
sells at 1876 which is a cheap price for solid =
per cent security Gross earnings Of the St
Paul company Will have to fan about 10 per
cent mile from the present rate Of earnings be
fore dividends viii become endangered
According to the known movement Of money
in the week the local banks have lost over
100000 in cash holdings Bank statements
seldom show the known losses or gains in the
week, so forecasts Of to-day's statement based
on the estimated movement of currency are use
less. The money market, however. does not re-
feet any lack Of funds at this centre as both
call and time funds are in good supply al rates
within the range Of the ordinary borrower. The
money market being closely connected with the
cOuntry's foreign trade it is interesting TO note
that exports Of domestic products in October
aggregated in value SOB 2:2:} Ga an increase Of
SlSO00O00 over the same time year ago, and
S44.O000oO over September. 1903. The freer
movement Of cotton and breadstUffs was re-
sponsible for the remarkably favorable showing
Engagements OF gold for import yesterday
amounted TO S3J0O0O, making a total engage
ment on the current movement Of S1OJoVOO
An incident OF the day that eXerted favorable
impression on sentiment was the announcement
that a loan Of S7.2O0.OO0 made 10y the Great
Northern Railway had been. taken in great part
abroad.