New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-15
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The course Of the stock market yesterday was
IN marked contrast TO that Of Saturday. advan-
oes occurring throughout the list. with the
standard railway shares in the lead. The mi
fial tendency was toward Z continuance Of
Saturdays weakness, in spite Of the higher
range Of prices reported from London; but the
operators for the decline soon reversed their po-
sition and began covering their operations.
This. with the extensive buying for London ac-
count and the purchases by local bulls, resulted
IN an upward movement. The fact that the
argument IN the Northern Securities case was
in progress in Washington was without influence
On the market, as it was recognized that II must
he several weeks before the Supreme Courts
opinion could be expected
There was little news, but that which devel-
oped was OF a favorable sort. Additional gold
engagements in excess of 100000 were an
rounced and reports from the railroad man
ayers were Of traffic offerings becoming heavier
and earnings continuing satisfactorily large.
Iron and steel tonnage in particular is increas-
ing, an indication which is of value as confirm
ing the recent assertions of trade authorities
that the worst has been experienced in this
highly important industry. a quickening Of the
demand for structural steel is indicated by the
statement that the statistics of building opera
lions in score Of cities Of the United States for
November show an increase of 1856 new buildings
started as compared with the corresponding
month OF 1902, an increase Of 81 -929, 65S in the
value Of the new construction, a considera bic
part OF which viii require the use Of steel The
improved outlook for steel manufactures was re-
Elected in an advance OF IL points, most of
which was retained at the close. in the price of
United States Steel preferred Although the
steel corporations statement of earnings for the
quarter ending December 81 is expected to be
far from good. belief is growing that the ex-
treInely low estimates which have been circulated
In the stock market viii turn out to be under the
Rctaal figures and there is also a general feeling
that the present prices for the shares of the cor
poration discount the announcement of a state
ment unfavorabe as the most pessimistic
looks for.
The probable action of the steel billet pool
which is to meet here in a day or two is the
subject Of more or less anxious discussion in the
Street, as il has been reported that there is
possibility OF the dissolution Of this pool which
would be followed by q costly war of rates. It
IS probable. however. that the pool will remain
IN existence and that il viii reafirn the price Of
SIS a ton for billets. established by it about Il
month ago.
Pennsylvania. which last week was with
United States Steel. attacked vigorously by the
bears, rallied sharply with Steel yesterday.
largely on covering OF short contracts. and
closed at the highest point Of the day. Reading,
which also had been under bear pressure. maze
yesterday q net advance Of IL points Amalga-
mated Copper gained ~ points and closed at
the top. on bull manipulation based on inprov-
ltg trade prospects. American Smelling and
Refining common. on which the directors are to
take dividend action to-day, made a maximum
advance OF ] = points, closing with j point net
gain, while the preferred gained IL points. Col
orado Fuel and Iron gained rs points, its
strength being ascribed to the better prospect Of
the success Of the plan for financing the COM
pany's needs. Southern Pacific and Union Pa
"ifc each gained % points, on fairly heavy
sales, although no news was received specifically
affecting these properties St Paul Missouri
Pacific, Louisville and Nashville and Erie which
latter was largely bought for foreign account all
made substantial gains
The total sales We're not large only about
10000 shares. The call money rate ruled At
about the figure which has prevailed recently.
b1z per cent