New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-18
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
Transactions in yesterdays short session of
.he stock market were moderately heavy In
volume on a movement of values that after
strength in the first hour tended in the direc-
ton Of lower prices final quotations being at the
poorest prices of the day. In the more active
securities final quotations generally showed
net losses as compared with Fridays closing,
as. for instance Amalgamated Copper, which
lost 81. American Ice. American Sugar Refining.
Baltimore and Ohio. Louisville and Nashville,
Reading, Union Pacific. which lost rs; United
States Leather common. which lost 2l8, and the
preferred which lost .. Selling in the
last named issues reflected the unfavora-
BILE reception OF the proposed plan Tor
the readjustment of the leather company's
finances, traders taking the view that the
scheme will meet with bitter opposition on the
part Of some Of the large holders Of the com
yany's preferred stock, inasmuch as the propo-
eitior when boiled down. merely amounts to
paying the back dividends on the preferred
stock Of over A. per cent with So 30 in new
common stock. OF course. It IS too early to
pass judgment on the plan. but the fact that
the new interests which enter the company re-
ceiYe for their services in connection with the
reorganization an allotment Of 100000 Of new
common stock certainly furnishes an opening
for criticism Of the proposed readjustment. The
selling movement in the general list in the late
dealings did not reflect adverse developments
affecting the actual worth Of investment securi-
ties, sales representing in great part the opera
tions OF traders who wished TO take their profits
on stocks accumulated at cheaper prices and
possibly bear operations on the theory that quo
tations would be hammered again in this weeks
market by the Boston bear and his associates.
Although the weekly statement Of the asso-
ciated banks made a most fayora BILE exhibit.
showing an increase IN reserve above legal re-
quirements Of over $5O000OO. there was no
active speculative buying Of stocks following the
publication Of the figures. There was, neverthe-
less. great satisfaction in conservative Wall
Street circles over the excellent exhibit, espe-
cially in the matter Of loans Compared with
the preceding week, the loan item showed con-
traction Of over $22.0O0OO0, making since the
last week in October decrease in loans of
Se2,22S9oo As there has been more or less I'M
easiness in various circles IN the last year over
the enormous loans of the New-York banks, the
current contracting tendency in this item
ought to prove extremely encouraging TO the
people who have had doubts regarding the wis
dom Of the New-York banks in charging TO
such an enormous extent their loan accounts
Among well informed bankers however there
has never been any fear over the loan operations
or the banks, inasmuch as the security back of
The loans has been Of The gilt edge character.
with 4 large margin Of safety as in all declines
IN The market value Of the security pledged
borrowers have been forced to increase their
security or else lquidate their loans Cash
holdings increased nearly 100000. notwitb-
standing large exports Of gold and shipments of
currency To san Francisco. and as A result of all
changes reserve above legal requirements rose
10 Sl4.546625, compared with about the same
amount year ago. and $S.093, 500 in the CORE
spending period in 1902. A careful study of
financial conditions in this country reveals moth
ing on which one may base unfavorable senti-
lnent regarding the future of the monetary
position OF this country. and as far as Wal
street is concerned there is no reason TO loo,
forward TO even temporary disturbance in the
money market. The country not only has enough
money 10 provide for its own requirements. but
Il also has large surplus stock Of gold which
1t is sending abroad. where rates for loans are
hlener than they are In the United States
iieaFy operations marked the course of trad.
ing III the United States Steel issues in the two
Hours OF business. and in the first hour the pre-
'eIfed soid is per cent. above the closing OF
the preceding day. while despite the weakness.
IN The last half hour in the general market
the stock managed 70 end the day at ne,
gain The enormous increase in orders in Tho
steel and iron industry naturally encourages
the holding Of United States Steel nrefarra5
while the known fact that interests Identified
with The property are buying both the common
and preferred creates bullish sentiment on The
future Of the issues, notwithstanding Mr. Law.
son assertion that he will hammer the stee
stocks as well as the copper shares. Whatever
MI Lawson may do in the stock market VII
not affect the intrinsic value of securities and
people who sacrifice their holdings because OF
bear attempts 10 lower values will lose their
money and eventually quotations selling al
hgures above the current level Among the
issues that showed decided strength in yester.
days trading were Atchison. Colorado Fuel and
Iron, Erie. General Electric. Illinois Central
Missouri Pacific and New-York Central while
among the stocks that lightly traded in
500 common enjoyed noteworthy improve
nlent. advancing over Ia per cent The nrob-
ability that the dividend this issue viii he
Increased ia January doubtless Will attrac,
more attention 10 the stock and Increase a.
market quotation. Since the opening az the
companys Winnipeg extension the road has
enjoyed further marked improvement in sc
earnings. Canadian Pacific, which controls the
500 line also is enjoying the greatest pros-
peIfty in The history Of the company renec-
ton of which is presented in the returns ~
earnings IN the last six months. which sbovy
an Increase Of upward of 100000 as com
pared with the same period year ago AL
though Anal gamated Copper sold off at the