New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-17
sEx dividend.
BONDS.
STOCK MARKET OPERATIONS.

Although the transactions in yesterdays stock
market were light in volume. as compared with
the heavy dealings in the market of the last few
weeks prices were strong throughout the day,
final quotations showing long list of net gains
in the active issues. Covering of shorts was re-
ported in the greater number of securities, while
there appeared to be a fair demand from sub
stantiai market interests. buying for the latter
account evidently representing the accumulation
of good securities to hold for the higher prices
which, the best informed operators Of the Street
believe VIII be recorded IN 1905. At the moment
opinion IN the Street favors the idea that there
will be no great activity In the stock market in
the rest Of the year, but that following the dis
tribution Of the January interest and dividend
disbursements renewed operations for higher
prices viii take place. accompanied by an active
demand for the account OF public traders. AS
the public has q short memory. It is not unlikely
that &c Will be anxious to buy securities again
when the powers that be start the speculative
ball s-rolling. Analganated Copper. United
States Leather, Union Pacific Louisville and
Nashville. Reading, Pennsylvania and the
United States Steel shares contributed large
part of yesterdays transactions, the dealings in
these issues amounting to 100000 shares.
Amalgamated Copper enjoyed a maximum gain
OF over two points, United States Steel pre-
ferred a maximum gain of two and one-half,
one point, while elsewhere in the list there were
many instances Of marked Improvement, notably
New-York Central. the Missouri, Kansas and
Texas issues and Chicago and Alton. In the last
named stock q maximum gain of over four
points was recorded. the upward movement,
however not being accompanied by news de-
velopments affecting the property. Closing
prices were generally at the best of the day, and
sentiment appeared to be bullish
N he lyDoy Of ey
this week, the local banks have lost only $4,000
in cash holdings, and, as there has been heavy
liquidation Of speculative loans in the last six
days. it is likely that to-day's bank statement
will show a contraction in the loan and de-
post items large enough to cause a substantial
increase in reserve above legal requirements.
Bank statements. however. often show curious
results. and it is never safe TO operate in the
stock market the preliminary estimates of
the probable showing of the Clearing House
hibit- The fact that money remains easy is
the best barometer Of monetary conditions at
this centre. Money is easy because there is
large supply Of funds available for the loan
market TO say nothing of the requirements of
the foreign exchange market, which are now
taking large amounts Of gold from this country
TO Europe. Regarding the foreign exchange
market, it is interesting to note that although
this country has been shipping large amounts Of
the last month, according to the official figures
Of the Department of Commerce, was over S62-
100000 in favor of the United States. OF
course, this apparently favorable balance is off,
set by factors which do not appear in the trade
statements but IL is extremely encouraging
nevertheless to know that exports of merchan-
disc from this country continue far in excess of
imports. despite increasing import trade and
falling of in shipments Of breadstuffs from
the United States. Although exports of the
latter IN November showed a decline in value Of
over 100000, as compared with the same
month a year ago, total exports only So
100000 less than IN the same month in 1903
while. with the exception Of 1903 they were
heavier than in any corresponding month in the
history OF the country, amounting in value TO
S1o1.619.510 For the eleven months of the cal
encar year exports of breadstuffs have declined
in value S7s.679.413. yet total exports of mer-
chandise in that period have fallen off in value
only S4,l95. l43. thus showing an increase in
the county's shipments Of manufactures in the
eleven months Of the calendar year TO the value
OF S74. 4S4.27O
Such a showing ought TO be extremely encour-
aging TO every who is interested in the COM
mercial welfare Of the American Republic The
country is no longer compelled to depend on IFS
shipments Of agricultural products for its pros
peTity. inasmUch # is now IN 4 position to sell
It's manufactured products 10 countries In all
parts Of the world. Crop failures, although IN
favorable factors no longer possess the signi1-
cance' 30 Tar az our foreign trade is concerned
that they did a few years ago Commercial
agency reports received last night Indicate a
steady and beaIthfuI growth IN business IN all
parts OF the country. With indications for a large
voiune OF trade IN the coming year The iron
and steel Industry Is enjoying a period Of re-
markable activity. and as this branch If the
nations industries is considered the ba roroeter
OF trade. there ought 70 be great cheerfuluegs IN
eli departments Of commercial life IN he t,nited
States