New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-01
BONDS.
PIE DAYS OPERATIONS IN STOCKS

PIE DAYS OPERATIONS IN STOCKS.
Trading in securities in yesterdays market
was light in volume Oh a movement OF values
that showed net gains in most issues at the
close Price improvement, however. was gen
orally confined TO fractions. the chief exceptions
being among a few inactive issues, as, for IN
stance American Cotton Oil, Delaware ana
Hudson, General Electric, Kansas City Southern
preferred Nashville and Chattanooga New
York Air Brake Rubber Goods preferred 81.
Louis Southwestern preferred and Twin City
Rapid Transit, which enjoyed net advances OF
164 per cent. In the active list Louisville and
Nashville. Texas and Pacific Reading and Penn
t1lvanfa were the only decidedly strong feat
,lres PENNSYLVANIA was dealt in to a larger
extent than any other stock on the list the
movement. however, representing covering OF
shorts rather than outside demand for the
security Louisville and Nashville was ad-
vanced on buying thought to be based on the
belief that the dividend viii lie raised TO u
7er cent basis in 1904. The Atlantic Coast Line
secured control of the Louisville and Nashville
last year. and the expenditure involved In the
purchase OF this control may influence the d.
rectors 10 advance the dividend rate. Weakness
IN Republic Iron and Steel preferred was due to
the expectation OF a reduction or passing Of
the dividend. but the early decline was recoV-
cred in part before the close. The United States
Steel issues moved within fractional fuctua-
tions, while the active industrial list made no
important final price changes. Call money ruled
At Z per cent. with exceptions at 9 and 8 per
cent and time loans were frmer at 512G6 per
cent Sterling exchange was easy. and gold to
The amount Of 81. 100000 was engaged in Europe
for shipment TO this country This amount,
however was offset by S17o0Oo0 taken from
New-York for San Francisco account
Money market prospects in the current month
are surrounded with much uncertainty, but
there is. however. no uneasiness in banking
circles over the outlook There may be
squeeze ia rates at the end of the year. owing
10 preparations for the January interest and
dividend disbursements, and the chances ap-
pear to favor fairly stiff market for call loans
throughout the month. While large demands
for currency from the Pacific Coast are being
made through Sub-Treasury transfers. the
movement Of money from the great agricultural
section of the country is running in favor of
New-York. with the promise Of increasing before
the end of December In the foreign exchange
market rates are low. yet gold is not moving
10 the United States in amounts that might
ordinarily be expected with demand selling well
under asa. London's open market for gold is
not in a normal condition and the foreign banks
are working TO keep the precious metal at home
otherwise local bankers would be able to make
good profits on gold imports against demand
sterling bought at, say, 1881. The position of
the money market and the uncertainty its
immediate future naturally serve TO restrict
trading in securities. and II appears unlikely
that anything than a traders market viii
prevail in the next few weeks. The weak
spots. however, have been pretty thoroughly
eliminated. and a substantial rise ought 10
develop later in the winter.
Boston is carrying on vigorous bull cam
paign in Amalgamated Copper. and in the last
few weeks the stock has moved within fractional
variations while it has finally reached a level
about four points above the low record of the
year made in October. In view of the blasts
from Boston regarding the wisdom of purchas-
ing copper at present prices il appears funny
that the public does not rush in TO buy, but the
public apparently believes that the merits
az the stock are being advertised by people
who bought It from IS 10 1870 it may possibly
be that some one merely wants to boom the
stock in order 10 get out Of it. Indeed. the
Boston man who makes calendars announces
that as he succeeded in interesting many in
Vestors in Amalgamated at higher prices he is
anxious 10 see them recover their losses. This
az course is philanthropy. and il is UP 10
The public 10 come in and help him out Seri-
ously considered Amalgamated is a different
proposition at IS than it was AZ 100 but il
does not appear likely that legitimate upward
movement Of large proposition in the stock Will
be possible until copper trade conditions reach
better position than recorded at present A
Few months ago the outlook for expansion in
the trade appeared bright. but now the de-
snand is falling OF. the price Of the metal is
declining and the industry is evidently about
20 move with other trades in a reactonary man
sler. ANA ganlated pays = Of I per cent quar-
ferly. and its current market value is not cheap
in comparison with dividend paying industrial
Issues