New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-21
Eek dividend.
BONDS.
STOCK MARKET OPERATIONS.

Trading in stocks was dull throughout the
day on movement OF values that exhibited
considerable strength. although showing few i'm
portant changes at the close. The falling of IN
nubIic interest in the market does not surprise
careful observers, and 1t is not considered an
unfavorable development or that will be a
prominent feature of Wall Street business Tor
any material length Of time. Local bond ana
brokerage houses are looking forward TO a re-
sumption of investment and speculative buying
in securities in the new year. despite the talk
Of the Boston operator that people ought 10
sell stocks and not buy them. There are many
excellent reasons why the advice of Mr.. Lawson
should not be followed and it is not at all likely
that there will be a recurrence of the panicky
selling that accompanied the recent fulmlna-
lions by the Boston man on the "frenzied IMAM
ciers" and 'the system" inasmuch as hoIders
of stocks have discovered that the conoltiohS
affecting the intrinsic value of securities are noI
changed by the Lawson letters 10 the pubic
The year is coming TO an end with REMARKABLY
strong factors in the business situation; there
are great ease In money, growing trade improve
mont and many other features that go 10 make
IN a stable position of business ana hnahclai
affatrs In the country and cheerful outlook
Co. tho newt twelve months. Bond brokers re-
mort an excellent demand for mortage issues
and # Is expected that greater activity VIII
ra,.ai1 IN this branch of the market following
the January interest and dividend disburse-
nents Railroads that have issued new ooHuS
have found no difficulty in distributing thelh
at satisfactory prices. and in banking circles no
trouble is looked for when the time comes next
wear to meet the many maturing notes mat
were put out in 1904 by various railway cor
pOrations
Compared with the recent million and half
lion nod
an INSIGNIFICANT total, the heaviest trading be-
ing supplied by Amalgamated Copper American
Smelling New-York Central Southern Pacific,
PENNSYLVANIA, Union Pacific. ST. Paul. Reading,
limited States Leather and the Unitet States
Steel shares New-York Central enjoyed con-
spicuous improvement, the upward movement
being accompanied by a revival of the rumors
regarding an alliance between the Central and
the Delaware and Hudson. 1t was also reported
that the company would do some new financing
in connection with the terminal improvement
and that valuable rights would be given TO
stockholders The only actual news develop
ment affecting the Vanderbilt properties was
the increase in the dividend the preferred
stock of the Lake Erie and Western. a road
which Is controlled by the Lake Shore, which in
turn is owned by the New York Central. Prices
continued TO exhibit moderate strength through
out the afternoon, American Car and Foundry,
Southern Pacific, Amalgamated Copper and
American Smelling supplying striking instances
of the Improvement. In the last hour there was
an increase in the volume of trading. more
active operations being induced by the reports
of a general increase in steel billets and finished
products. Money was easy and sterling ex-
change was a trifie under the preceding days
figures. Sentiment as rule bullish and
traders appeared to believe that the market
would continue strong in the rest Of the year.