New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-07
BONDS.
STOCK MARKET OPERATIONS.

SlUCh MhhhEl UFGha11ONS'
Following decided strength in the morning
dealings in the stock market, prices weakened IN
The afternoon final quotations in the greater
number of active issues showing small net losses
as compared with the last figures of the preced-
ing day. There was no explanation in the days
news that accounted for the late reaction. the
decline apparently being due selling for profits
and active efforts on the part of certain interests
10 bring about a temporary lower level of
values the latter movement developing at a
time when the outside buying demand showed
signs Of exhaustion. In the early part of the
day the volume of trading was heavy, and in
many cases gains of ] per cent and above were
reported. notably in Louisville and Nashville,
United States Leather, American Sugar Rein
ing Delaware and Hudson, Erie first preferred
and some of the cheap priced industrial shares,
such as American Grass Irvine. American Hide
and Leather. American Cotton Oil and American
Mailing preferred.
Strength in Delaware and Hudson was helped
by the declaration of an extra dividend on Del
aware Lackawanna and Western stock. buyers
OF Delware and Hudson taking the security on
the theory that the action of the Lackawanna
directors would be followed by similar action by
the Delaware and Hudson. There is, however,
little reason to believe that the Delaware and
Hudson management has even considered the
question Of an extra dividend, and. a matter
of fact. there is no good reason why the stock
holders of the Delaware and Hudson should ex-
pect anything more than the per cent which
they now receive. Lackawanna stock on deal
ings of less than 1900 shares advanced for the
day over points An excellent class of buying
was reported in Baltimore and Ohio and Louis
vile and Nashville; also in Missouri Pacific and
United States Steel preferred. in which transac-
1tOnS in he Ilt-
eTately heavy. total sales in Steel preferred
amounting TO more than 5000 shares. Further
material Improvement in United States Leather
common was accompanied by a repetition of
Mohoays rumors regarding a financial readiust-
ment CT the company's affairs but. like the pre-
ceding day, there was no official confirmation
OF the report, and there was no indication ont
side of the movement Of the issues that an i'm
portAnt announcement regarding a bond issue
ana the payment Of the accumulated dividends
on The preferred stock was about to be made
The price Of the common declined with the rest
OF the list in the afternoon dealings. while the
preferred lost , points
In the early trading AmaIgamated Copper ex-
hIoited certain amount of strength, hui in the
subsequent transactions its price declined more
man three points on a heavy volume Of selling
Tor local and Boston account, sales possibly be-
ing induced by the warning Of MI Lawson NJ
Boston, TO holders 10 get rid of their stock ~
the current level in view OF the possibility y.
manipulation for lower prices by the inside Gle.
lnent. Based on the position Of the homo and
foreign copper markets, there apparently is No
good argument for the LIQUIDATION Of co,,r,a,
shares at current quotations, bur the known
control which certain speculative clements ey
ercise over the copper issues especially in the
case Of Amalgamated, may, as Nj Lawson
bru hon