New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-29
BONDS.
STOCK MARKET OPERATIONS.

Transactions In Yesterdays stock market were
7s~pe in volume. on a movement of values that
generally tended "a the direction Of higher prices
Commission houses were hot active factors in
the trading for the account Of the so-called pub
lie, but they apparently had a fair number OF
orders to execute for substantial speculative in
terests a reflection Of which was presented in
the movement OF values throughout the day,
notably in Amalgamated Copper. Colorado Fuel
and Iron, Reading. Southern Pacific Canadian
Pacific Union Pacific and United States Steel
preferred. In these issues advances ran from
good sized fractions TO ! per cent and above.
Amalgamated Copper, for instance, enjoying
net gain Of over per cent and Colorado Fuel
and Iron a net gain Of % per cent. Sentiment
was bulsh and traders appeared anxious to
operate on the long side Of the market, the
theory that with the opening Of the new year an
active outside demand viii develop for railroad
and industrial securities, the idea that the mar
ket VIII expand being based on the known favor
able situation of trade in the country. the
ease IL the money market and on the expecta-
ton OF a large investment demand a result Of
the January interest and dividend disburse-
ments. Outside of the factors named It IS likely
that there VIII be bull market in the new year
that is If the prominent financial interests are
allie to put through present plans. which con-
template higher prices in 1905, for the purpose Of
creating a favorable impression among people
with idle funds who may be induced 10 sub
scribe TO proposed bond issues Various new
securities viii be issued in the course Of the
next six months. and, with an active. advancing
market, there ought 70 be no trouble in distrib-
Utng tie new securities Il is therefore easy to
see why the leading banking houses are anxious
for bull market.
News developments Of the day included the
Ne--e -l.r~ ,--~
ing decrease in net earnings Of SG9546 max
sng for the first FIVE months Of the fiscal wear
decrease of over S2,G0G0OO; the declaration
10y tine Delaware and Hudson company OF its
regular dividend OF per cent for 1895, payable
IN quarterly instruments from the earnings Of
the current year; the advance in winter wheat
10 new high record price for the season, and
the governments cotton ginning report show
ing nearly 100000 bales as against s 749 900
bales last year. This report confirms the gov
ernments recent crop estimate, while II indi-
Gates that The total cotton crop Of 1904 may
reach figures even higher than expected by the
best Informed men in the cotton trade It may
therefore not be safe for planters to hold back
their cotton in the expectation Of higher prices
as there is no indication that the demand for
cotton throughout the world Will be SO urgent
as TO bring about permanently better level in
the course Of The next twelve months. The de-
cline in the price of cotton will cause decrease
In the purchasing power Of the South, but. fort
unately, the Southern States have enjoyed a
year OF great prosperity. while, despite the
cheaper quotation for cotton the outlook for the
new year is encoura gng. owing TO the expand
ing tendencies Of other Industries and the IA
fToreble prospects for rice and sugar. Earnings
Of all the Southern railroads continue to make
satisfactory gains as compared with preceding
years. and in the event Of bull stock market
IN 1905 the securities Of the Southern roads
doubtless will enjoy a marked attention from
Spectators and investors.
In the afternoon trading dealings enlarged.
while prices showed further strength, especially
in first class railway issues. such as Canadian
Pacific. s.. PAU and Union Pacific and, in the
industrial list. Amalgamated Copper and the
Steel securities. The fact that negotiations are
under way between the Heinze interests and the
Amaigamated Copper Company for the sale Of
the Heinze properties in Montana to the Anal
gamated company naturally attracted buying
in Anna ieanated Copper stock while the known
favorable position Of the copper trade served 70
induce purchases of The security oy people who
ere well informed regarding the COPPER sifJa-
1ior And The strength Of the iron and steel
trade caused active demand for the United
states Steel securities. Wall Street apnears to
he convinced that much higher figures will be
recorded 20. tbe steel and copper shares in the
course q tn Cext Few weeks. while. as d matter
Of fact. speculative sentiment - favorab bly, dis
posed toward tie entire list. The movement OF
values on the Stock Exchange was not affected
b. me break in cotton which carried the price
q The staple to the lowest figure Of the year