New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-09
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
On an enormous volume OF dealings, amount
ing Cor the day to over 100000 shares, prices
declined throughout the list, losses IN the first
two hours Of trading running from to 10 per
cent tn many issues. with the chief weakness in
the shares that recently have moved under the
influence OF bull manipulation. notably Anal
gamated Copper, Sugar Refining, Colorado Fuel
and Iron. Missouri Pacific, Union Pacific, United
States Steel shares. Erie and Reading Follow
ing the break in these securities and elsewhere
IN the general market, sharp recoveries were
reported in the early afternoon trading. prices
in many stocks going back to opening figures,
while Ia some cases net gains were shown at
the close. The extent Of the recovery from the
low points Of the day amounted on the average
IN the active issues to over per cent, while in
Anlasgamated Copper there was a gain Of Z
points from the low figure in the mornings
trading. 1914 points in Anaconda, 8 points IN
Colorado Fuel over 3 points IN Erie and Louis
vile and Nashville, AZ IN Metropolitan and the
same amount in Reading, Rock Island and
Southern Pacific. Tennessee Coal and Iron, af-
Ter having suffered a maximum loss of 81
points. closed at net decline of only 2 points.
while United States Steel preferred. which lost
z points in the early dealings. ended the day
at a net decline Of 2A. Ontario and Western,
Baltimore and Ohio Atchison and the United
States Leather shares were among the active
issues that showed net improvement at the
close, the gain in Leather common amounting
to Is and in the preferred TO 2 The sharp re-
coveries followed a period of great demoraliza-
ton that at times presented the appearance Of
acute panic. but in banking parlors the situa-
n ticn was not viewed with alarm. while It was
believed that the enormous liquidation Of specu-
: latiye accounts would tend 10 strengthen the
condition of the market by eliminating a weak
speculative following and by transferring large
amounts of securities from the hands of small
operators to financially strong Wall Street in
terssts. AT the close OF business sentiment IA
vored the idea of an irregular market in the
rest of the month.
The decline IN securities in the last two days
does NOT indicate any change in the conditions
underlying the actual worth Of investment
issues. nor does it foreshadow unfavorabe de-
velopments affecting American industrial ac-
tivities. The general situation is strong as, if
not stronger than, it a week ago; railroad
earnings continue to show marked gains over
this period last year, bank clearings are expand
ing and the condition Of the iron and steel bust
ness is improving daily. Losses In stocks havo
been heavy among the enthusiastic operators
last few weeks. but legitimate investors have
not suffered. while operators who have been
heavily margined have watched the decline with
no :nisgivings to the future course of values
Conservative observers. as recently pointed out
in this column, expected material setback in
quotations. and they therefore expressed no sur
prise at the sharp declines that were recorded
yesterday and in Tuesdays market, although
they apparently believed that the reaction had
been much sharper than the necessities Of the
speculative position demanded. On the decline
a most excellent class of buyers came into the
market taking securities In all parts of the list
The so-cailec Standard on party was heavy
oDerafoS IN the long side. individual and cor
rorate interests appeared anxious to buy the at
Sractive issues at the days low level, while the
bold operators who sold the market short In
Wednesdays trading were important factors in
bringing about rally Fl the midday dealings
after such a serious break as recorded in the
last two days Irregular market may be
locked for, with further reactions after specu-
lative rallies probable for a time at least: but
according 10 the opinion Of the best informed
people IN the Street, there will be no sustained
bear movement while IL Is expected that early
in the new year quotations win move TO a
higher level than recorded in the bull movement
that apparently eliminated. for the time In
Mondays trading. People with small bank
accounts have no reason for satisfaction over
The course Of values in Wednesdays and yes
fsrday's markets. but the substantial banking
interests have found an opportunity to buy
back securities which they sold in the advanc-
ing market OF The last few weeks Wall Street
Bankers are not philanthropIsts and they are
not n business for their health. but neverthe-
tess the small operators who with a total dis
regard 70 speculative conditions. have been buy
Tag stocks On slender margins at high prices.
sssly 20 lose their money, VIII, as usual blame
tne substantial powers OF the Street for their
aeSsss II Is Just well for investors to hear
"a mina that tie present campaign which has
oFsh started By Mr.. Lawson and powerful in
tsrssls behind him. viii not be permanent
haetor IN the financial markets, nor viii IL run
20 an extent that will exercise an unfayora bile
lannsnce on the general business situation ,n
.nls country, contributing influence 10 the
p2~award movement in yesterdays trading was
a aoyance n cal money sRtes watch was ac-
e.s'pnhieo by the calling Of leans. Sterling ex
e1snee vas decidedly weak; IN fact. in the
aoFnAas the market was demorslized