New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-30
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
r-be,e was 2 good demand for stocks IN yes
.srdav,s market and as a rule prices moved
seward 2 higher level, noteworthy strength oelHs
exhibited by Arnalgamated Copper. balllihoLe
,na Ohio Metropolitan. Reading, Union PACING
and United States Steel preferred IN lheSe
ISSUES buving apparently came from suOS'0
-4al sources and in the case OF AmaledIiialeN
80 T7,tte6 States Steel preferred buyers made
M ATTEMPT 10 conceal their belief thaC IHe
ISSUES would enjoy more than ordinary I'M
o,-o,,e,,+ II, The course of the next few weeks
rrbe ir,,ression is quite general throughout the
Street that all the iron. steel and copper secu-
rifles viii he market leaders in the speculation
NJ the new year. this idea being based on the
e,ronp statistical position OF the steel anu cop
nor industries. on the improving earnings ana on
she we'll founded expectation that prohtS IN the
coming year will Ie largely in excess OF owl
6end requirements People who have been look
49, fI.r,rsrd IA 4 heavy stock market in the
last week of the current calendar year natu-
yauv are disappointed over the present course OF
,-alues hut their pessimistic brains still com
.o-+ +t,a-, with The thought that something may
,develon before long TO change the course or
stock market quotations. As far as CONDITIONS
affecting the actual value Of securities are con-
cerned there IS no reason for taking dark
,.ievr of the outlook for 1904 and at thezEoment
she rrospects for a material decline in quota
lions are not at all bright, although it may be
well 10 bear il mind that if prices continue
"a advance without interruption for a certain
length OF time the day viii come when specula-
tors on light margins viii suffer losses through
= normal speculative reaction. Storm signals
have been eigplayed in the last few days in the
camp Of The Boston operator, but it hardly ap-
pears probable that the market viii run into
1anic If Mr.. Lawson should renew his cam
paign Of iuvective and abuse.
The leading financial interests IN Wall Street
who are actively identified with the industrial
activities Of this country are engaged IN q
campaign for the development and extension OF
general business in the United States on lines
hat Will serve the best interest Of investors and
help TO promote the welfare Of the laboring man
and 10 bring about greater harmony between
labor and capital. Bearing this fact in mind,
also the fact that these men are heavily com
united 10 The maintenance Of stability in in
vestment values, 1t ought to be clear 10 ali OBJ
servers that barring adverse developments. over
which even the strongest combinations Of CAPT
tai have no control, the course Of money and
business IN the new year will be directed on
lines that ought bring about higher quota
tions for securities The year ends with feel
ing Of pronounced hope and encouragement in
all departments Of trade. Railroad earnings
and bank clearings are improving. the iron and
steel market. which is the country's great bust
ness barometer, is II a better position than 1t
has enjoyed IN several years. with all indica-
lions pointing toward further strength and &C
fivity IN 1905. The decline in the price Of cotton
VIII lessen the purchasing power Of the South.
but the lower quotation for the staple ought TO
bring about a readjustrnent in the cotton trade
which eventually will help the farmers, manu-
facturers and the exporters. L may not be wise
20 place too much confidence in the bearish ex-
pressions of opinion that heard in certain
cotton circles over the cotton market in the new
year. as the Developments Of the last few days
haze depressed sentiment 70 an abnormal ez-
tent. There appears 10 be IN some circles a
foolish idea that the demand for cotton from
manufacturers VIII be light in the next twelve
months but the chances are that with the
growing prosperity IN other lines Of business
the cotton goods trade will also enjoy improve
ment-
In the afternoon market prices maintained the
greater part Of their eaIly Improvement closing
quotations IN many issues being - or near the
best Of the day Transactions were large in VOL
ume both in stocks and bonds total dealings in
stocks amounting 70 more than 100000 shares
while in railway mortgage issues the par value
Of dealings was over S6,5000O0 an increase OF
about s. 100000 as compared with the proceed
ing day. OF the total transactions IN stocks. a
large ptOpcIllol was Supllel bg AnlalSamated,
Baltimore and Ohio, st. Paul. Erie PennsyI-
vania, Reading, Rock Island. Southern Pacific.
Union Pacific and the United States Steel stocks.
in which over GS5.ese0 shares changed hands
Arnaigauated Copper enjoyed net gain Of go
points while elsewhere striking Improvement
was recorded by Baltimore and Ohio. St Paul
Iowa Central. Metropolitan. Missouri Kansas
end Texas issues, Pacific Mail St. Louis and
San Francisco second preferred. Union Pacific
United States Rubber preferred. United States
Steel preferred and Canadian Pacific In the last
named stock there was a net gain Of la on 4
volume Of business that was made up Of mr.
chases fer Substantial local and Canadian inter
ests. The earnings Of the Canadian Pacific
properties have been showing marked improve
nent for many months. and as remarkable IN
oustrial expansion is under way IN the territory
served by the Canadian Pacific Company the
outlook favors further material Improvement IN
the compenys traffic receipts Baltimore and
Chic made new high record for the year. also.