New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-28
BONDS.
STOCK MARKET OPERATIONS.

While transactions in yesterdays stock market
were light IN volume, prices were generally
strong with sharp advances in the early deal
ings in a number of issues notably Canadian
Pacific Erie, Baltimore and Ohio, Pennsylvania,
Rock Island, New-York Central Reading, Con-
solIdated Gas and United States Steel preferred
In these issues and elsewhere throughout the list
trading represented in great part the operations
of professional dealers, although there appeared
to be quiet buying in various stocks by substan-
tial interests as brokers who represent the more
important capitalists were moderately active on
the long side Of the market. Although there
were no particular news developments affecting
the various issues. the general trend Of anairs'
as reported from different parts of the country
was encouraging to the advocates Of higher
prices especially in the matter of railroad earn
ings, which presented, as rule, marked gains
over the corresponding period year ago, as, for
instance Canadian Pacific, which for the third
week in December showed an increase of $780,
600 and Missouri Pacific an increase Of $4,000.
According to the reports received from Western
traffic managers, the movement of freight is in
creasing at rate that IS taxing the companies
to an extent that has brought about scarcity
Of cars, particularly the roads that run
through the corn belt. From now on shipments
OF corn will be heavy. reflection Of which ought
to be shown in increased exports of the cereal
from the port OF New-York and other points
from which steamers sail for foreign countries.
General merchandise traffic shows great I'M
provement IN the South and Southwest. where
merchants are buying large quantities Of all
lines of merchandise and manufactured articles.
the movement on the Atchison. Rock Island.
Missouri Pacific. Illinois Central. Louisville and
Nashville and Southern Railway breaking all
records for this period of the year.
People who have any doubts regarding the
substantial character of business improvement
in this country ought to study carefully cur
rent railroad earnings, bank clearings and the
position Of the iron and steel trade. An ex-
animation Of the factors named ought 10 compel
the most pessmstic observer TO believe that
the countrys industries moving along in a
manner that means increased wealth to the
country in general. greater stability in invest
ment values and higher prices for securities on
the Stock Exchange in the new year. The dull
market that doubtless will prevail in the rest
of the week should not be taken as an indica-
ton OF 190Ss speculation. quiet and strong
market is looked for in the balance of the year
while according to the ideas Of the best Wall
Street Observers, active bull speculation will
gradually develop before the end of January
Buying of Baltimore and Ohio stock in yes
terday's trading accompanied by a report
that the dividend rate would be increased to 3
per cent while rumors OF an increased distribu-
ton on New-York Central We're heard in the
day. although In neither case was there any
official confirmation that the directors Of the
two companies intended to give the stockhold-
ers larger return their investments New
York Central enjoyed a maximum gain OF over
2 per cent. and Baltimore and Ohio and Reading
each advanced over per cent on buying that
apparently came from good sources. In the af-
ternOon dealings trading was even ouiAter than
in the morning, but prices retained a good part
Of their early strength. closing not far from the
best figures of the day. with net gains in the
greater number Of issues. There was no ma
terial difference in money rates. as compared
with last weeks closing. and, according TO the
views Of well known bankers, the prospects did
not favor important advance in quotations
as result of the weeks preparations for the
January disbursements.