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

Transactions in yesterdays stock market
showed an increase in volume over those Of the
preceding day but generally at the expense of
values. New low records were made by the
United States Steel stocks. heavy selling devel-
oped i'm New-York Central. Union Pacific and
Pennsylvania. while further operations for high
er prices were conducted in the local traction
shares. these features constituting the chief part
of the days market Steel common sold at 10
and the preferred at 4924. but both issues pre-
scented greater resistance to the downward
movement than they exhibited in Mondays
market. recovering from the low level and ruling
in the greater part Of the day within fractional
fluctuations. The common closed los. net
loss Of p. and the preferred at JO7s. unchanged
from Monday. Weakness in some Of the stand
ard shares. notably Pennsylvania and New
York Central, was not explained by news affect
ing the railroad situation, the decline doubtless
representing the liquidation of tired bull ac-
counts and pressure induced by the renewed
tendency Of the railroads to increase their mort
gage debts The development of this new de-
1nand by the railroads for money has undoubt-
edly had an adverse influence on Wall Street
sentiment. Pennsylvania suffered maximum
decline Of over ~ points. and NewYork Central
nearly as much. while the railroad list in gen.
eral was heavy in the greater part OF the day
stocks such as Atchison, Canadian Pacific. Rock
Island.
tendency toward a lower level. Efforts were
made to deDress Amalgamated but the stock
held well and appeared to be backed by good
snpport Friends Of the company assert that
the present price of this issue viii not go materi
ally lower this year. while they confident
that il VIII move up TO its old prices whenever
n bull boom develops in securities In the last
hour the market enjoyed a moderate rally, Cos
ing strong although at net losses in most issues
A record breaking volume OF cotton bills is
now coming the exchange market and as
consequence it is believed that Europe viii be
forced to ship gold, despite its objections to
movement OF the metal this way. The cotton
and grain crops are late this year, the result Of
which is a heavy demand for currency at this
centre and a food Of bills in the exchange mar
lzet movements which generally in the past
have been spread over several months So far
this week the local banks nave lost over $1,000,
600 on operations with the Sub-Treasury. in ad-
dition to losses through the direct shipment of
funds TO the interior. As the interior demand
has taken i'm a few days an amount Of money
about equal to a normal outward flow Of cur
rency for the entire fan season. the chances are
that the outgo viii soon cease, although it
should he borne in mind that the higher price
for cotton this year requires more money for
financing the crop. Imports of gold this
period would he most acceptable to the local
banks. as reserves are low. but there is. how
ever nothing in the monetary situation that
causes uneasiness in banking circles, conditions
being intrinscally sound. Sterling exchange
reached the lowest point Of the year demand
rates breaking - points Call money ruled at
51s per cent, and in time money there was little
disposition to place 10, ms below per cent. In
the domestic exchange market Chicago exchange
on New-YorB was ~ cents discount