New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-30
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market trading was active throughout
the Gay on a movement Of values that generally
tended in the direction OF higher prices. There
was a fair demand for commission house ac-
count but the greater part OF the business rep
resented the transactions of professional dealers.
Sentiment was cheerful and there appeared TO
be 8 disposition in all circles TO work the
bull side OF the market perhaps with the idea
OF selling out OF an expected active demand for
securities IN January. At this time Of the year II
Is not unnatural to look forward 10 advancing
values snd this year there seems TO be greater
reason for expecting upward movement ow-
sng 10 the long period Of declining values in the
last twelve months Il should be borne in
mind, however that the market has already en-
5oyed material Improvement from the low prices
OF the fall Improvement that in some cases has
amounted TO more than 10 points, while in
few issues even greater advances have been re-
corded. For instance. Manhattan is selling
10 points above its low level Of the year, while
Metropolitan IS selling 26 points above It's low
level. Brooklyn Rapid Transit % points. Union
Pacific Il points. Analgarnated Copper IL points
and Reading 10 points. An average improve
snent Of 10 points has been recorded In the
greater number Of securities In London prices
for home and American securities were weak
throughout the day. but the downward ten
dency at that centre had no appreciate infiu-
ence on the local market The heaviest deal
sngs were in the local traction shares Amalga-
mated Copper. Missouri Pacific, St Paul. Union
and Southern Pacific. United States Steel COM
mon and preferred, the hard coal shares and the
United States Realty issues. The Erie securi-
ties were not materially affected by the falling
OF in earnings Of the company in November.
in November 1902. the roads traffic returns
were unusually large. owing to the enormous
movement and sales Of coal following the ter
1nination OF the anthracite coal strike. while
in the current year traffic iuterfered with
by the serious foods that prevailed in Erie g
territory this fail For the five months ended
November 80. the company shows gain in
gross earnings of S22146s6 and increase in
net earning Of S199.254 The decrease in net In
November was SG21 S02
Cali money rates were moderately firm, while
81 was believed a further advance might take
place over the end of the year. No disturbance
however is expected in the money market, as
there is a good supply OF funds at this centre.
while conditions IN the foreign exchange mar
ket apparently foreshadow further receipts OF
gold from Europe in the new year. In addition
20 the increase IL the amount of money at this
centre that will result from gold imports. the
local banks will also enjoy the benefit Of a large
movement OF money from the interior to New
York Domestic exchange on this city is now
moving in direction that suggests large ship
fnents OF funds from the West to the New York
banks. The influence Of easy money on the
stock market viii be reflected no doubt in high
prices II the so-called public can be induced
20 take an active interest in speculation. The
public has lost an enormous amount OF money
IN Wall Street in the last twelve months but as
profits from commercial Enterprises continue in
most cases heavy, the outsiders will doubtless
soon be IN position 20 make ventures in stocks
in the hope OF recovering the losses sustained in
the last year. This at least is the view taken
by Wall Street traders The stock market in
the new year ought to prove exceedingly inter-
esting. II is worth while recording that num-
3n 1904 than were recorded in 1903, while Just
as many people are Of the opinion that quota
tions viii not sell within 10 points Of the low
record Of the last year.
Activity and strength in United States Steel
common IN the last hour and good buying of
Union Pacific and Southern Pacific encourag ed
strong tone IN the general market IN the clos
.ng dealings The revival OF activity in United
States Steal common was thought to represent
efforts OF the professional element to attract an
outside buying demand in the general market
The idea is held in many circles that the public
VIII be much more willing 10 buy securities If
the steel stocks can be pushed TO a higher level
IL is not likely. however. that outsiders viii
rush IN TO buy unless they are satisfied that the
upward movement in these issues reflects i'm
proveInent il the position Of the trade
THE DAYS OPERATIONS IN BONDS.
CoVFRNaFFNT BONDS Market firm Final