New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-03
THE DAYS OPERATIONS IN STOCKS

On a light volume % business stock market
values made progress toward a higher
level Traders bid prices up, but there was no
particular buying demand on the advance, al
though in the absence OF selling pressure the
Improvement was well maintained. final quota
lions being near the best Of the day. The local
traction shares were fairly active on the trad
ers' argument that election results would have
a direct bearing on the local corporation stocks,
but despite the strength displayed by these is
sues outside purchases were not IN evidence
Traders have advanced the idea that if Tam
many wins the municipal election the traction
companies viii receive greater privileges than
they DO at present. This argument. however.
carries the confession that Tammany win per
NIT corporations 10 overstep the law, and no
honest investor will indorse concern which.
IN order 20 win temporary advantages. trans
crosses the rules governing II. And no honest
investor is likely to vote for party that will
sell privileges TO corporations American Ice
preferred, which enjoyed so much tender atten-
ton from the Van WyCk administration, gained
over point yesterday in the hope of return
Of its good friend the Tammany Tiger
American Car and Foundry issues were strong
features. buying being induced by the favorable
showing made by the conapny IN the las quar-
ter in that time the concerns returns while
showing a normal decrease in net earnings from
The phenomenal record OF the same period last
year were. nevertheless. nearly double the divi-
dend requirements Of both the preferred and
common stocks. These dividends for the quar-
Ter call for SS25o 600 Total net for the quarter
was S1.57S073. or 2 surplus after dividends o.
S753013 In view az the attacks recently made
on the company's shares these figures par
ticularly interesting In the railroad list Penn
sylvania was active under the influence OF a
traders demand. The old stories about a settle
,-,c-# pf saa differences between The pennSS1-
N-ania and Gould interests were revived. with
out however creating any noteworthy impress
sion on the public mind. Pennsylvania direct
ors declared yesterday the regular eemi-annual
dividend Of 3 per cent. Total dealings in all
stocks were under 100000 shares. There was a
good demand for bonds
The local banks have lost on Sub-Treasury
operations since Friday night upward of
100000 It is probable that the loss viii be
Increased by the end Of the week. as the demand
for currency from the West apparently has not
Yet been satisfied. An outward movement of
money under present conditions is not at all
alarming, and although it may restrain specu-
lative activity on the long side Of stocks, IL
VIII not upset the local financial situation. Call
money was high Az per cent yesterday.
but sterling exchange was weak and million
dollar gold import engagement was announced.
European bankers may not be disposed to part
with much gold at this time and the chances
are that, despite the fall in sterling rates. the
local banks viii receive assistance, If assistance
should be needed, from the Federal Treasury
rather than from important imports Of gold
Stock market trading viii doubtless be governed
by changes in the money market in the next few
weeks to greater extent than by any other
factor. Good market judges believe that securi-
ties are cheap for investors at present prices
and they DO not hesitate to advise speculative
purchases on all reactions. Such advice, of
course. refers 10 operators Of ample financial
means.