New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-08
BONDS.
THE DAYS OPERATIONS N STOCKS.

On light volume Of business. stock market
values enjoyed moderate Improvement. prices
advancing in the greater part Of the day. with
net gains in the majority Of issues II a num-
her OF the low priced shares unusual strength
y as recorded, as. Tor instance. IN the Chicago
Terminal stocks and the Colorado and South
ern securities. the last named gaining from 8.
IN the common . in the first preferred. While
there was some outside buying in these issues.
the operations. as n rule. were for the account
OF the pool that now and then revives activity
in this department Of the market Efforts were
made TO rally the United States Steel shares.
but the change in prices was Unimportant, the
common making net loss for the day OF Is
point and the preferred a net gain Of y point.
According TO a director Of the big steel COM
pany, the low waterrark for orders was reached
in November. and since that month, he says.
there has been steady increase in orders IN
all departments Of the business Authorities on
the steel trade making optimistic predic-
rions regarding earnings in the current year.
but the fact that SO many people have suffered
serious losses in the steel securities makes these
predictions fall fat. so far attracting public
interest in the stocks is concerned.
Moderately heavy selling in Amalgamated
Copper failed 10 have material influence on
the price OF the stock In speculative circles
the theory was advanced that the sales were
based on the decision handed down in the Su-
preme Court OF Montana in favor OF Mr.. Heinze
in his appeal in hts contempt case. Mr.. HeinZe
was recently held by lower court in contempt
IN the suit over the Michael Davitt mine and
the Arnalga naated Copper people maintained that
this decision was one from which no appeal
could be taken. In the decision rendered yes
terday the Supreme Court ruled that appeal
could be taken and Wall Street in one Of its
not uncommon illogical moods. rushed to the
conclusion that the decision was Of enough i'm
portance 10 warrant an attack on Analgamated
stock AT times the arguments advanced by
traders would make a crazy man blush. The
reduction IN the dividend on American Car and
Foundry common stock failed to have ad-
verse influence on the company's securities in
deed both the common and preferred closed at
net gains as compared with Wednesdays final
figures. There was 2 good demand for the pre-
ferred. but little OF the stock was offered. Total
sales amounted to 405.G32 shares compared
with 790965 IN Wednesdays market. the greater
part OF the business being supplied by Amalga-
mated Copper, Brooklyn Rapid Transit, St.
Paul, Chicago Terminal preferred. Pennsylvania
Southern Pacific, Union Pacific and the United
States Steel shares. Call money was easy and
the foreign exchange market was again strong
with demand rates at 4.S5l4. An interesting and
encouraging development Of the day was the an
nouncement that the first block Of Pennsyl-
vania underlying bonds-the 100000 Wash
3ngton Division issue-had been successfully
placed. 1t is interesting TO note that investors
are willing 10 come into the market again, and
the success Of this bond Offering doubtless fore
shadows a good market for bonds IN the new
year.