New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-10
sex dividend.
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
In the early dealings in yesterdays stock
market prices showed great irregularity and at
times a decliping tendency but in the subse-
quent operations active buying for the account
OF substantial market interests was effective in
bringing about a stronger tone. which in the
afternoon trading developed into positive
strength in the greater number of securities.
Mr.. Lawson's advice to the public to sell every
thing was not seriously considered by sober
minded owners Of American railway and indus
trial stocks and bonds. and instead Of parting
with their possessions well informed and far
seeing American capitalists added to their Sc
curity holdings. in the firm belief that intrinsic
values are improving. despite the decline that
took place in Stock Exchange quotations in
Thursdays speculation. From the purely specu-
lative point of view, the market was considered
an excellent purchase, especially in the stocks
that suffered most severely in the preceding
days Generalization, and courag eous buyers
came into the Street with large orders for all
the active issues, including Amalgamated Cop
per Southern Pacific, the Leather shares, Union
Pacific. Missouri Pacific Baltimore and Ohio
Colorado Fuel and Iron, and American Sugar
Refining.
In Amalgamated Copper transactions at the
opening were made at l point under the closing
stock sold as low as 63l2. point and half be-
low the opening. but in the midday operations
heavy buying for both accounts caused sharp
upward turn in the quotation, the price advanc-
ing to 90, the high level Of the day, and closing
at 6S5s net gain of 27s as compared with the
final figure of the preceding day. Baltimore
and Ohio advanced over l point, United States
Leather common enjoyed maximum gain from
its low point of -, Steel preferred advanced
.
H.. while throughout the list similar encourag-
ing gains We're recorded.
Transactions were much lighter in volume
than In Thursdays market. but the character
of dealings suggested accumulation of first class
securities by prominent interests. while the
course of trading developed nothing that
brought cheer to the bear element. especially
the big Boston bear who Is advising everybody
10 sell stocks. irrespective Of conditions that
govern the actual worth Of investments. Such
advice is silly and il is not likely that Mr.. Law
sons violent efforts TO friGhten the American
public into liquidation viii enjoy further sue
cess. inasmuch as the scare in Thursdays mar
ket has directed the pubc's attention TO condi-
tons governing the intrinsic worth Of securi-
ties. and it has found. after a careful examina-
ton that industrial conditions in the country
are sound that The country is we'll supplied
\ with money that there viii be no legislation
N that VIII upset business conditions, and that
the real value Of stocks and bonds has not been
injured by the slump that has taken place in
Stock Exchange quotations.
Of course after such sharp break as was
recorded in Thursdays market d rally was 10
be expected, but il should be borne in mind
that the protective measures taken by sub
stantial financial interests to prevent utter de-
nlcralizatiOn VIII be followed by sales of stocks
bought az the low level for their account an
operation which naturally viii work against an
immediate resumption Of great bull activity
According 10 the most experienced observers
in Wall Street, declines that may be recorded
before the end Of the year Will be recovered in
the market Of 1893, unless there should be some
radical adverse change in conditions affecting
the industrial and financial situation in this
country. At the moment there is no indication
Of any such development in the countrys bust
ness affairs. The prospects are bright and en-
couraging. and it is therefore unreasonable
for investors TO take fright over the operations
Of stock market manipu.ators.
In the last hour Of trading stocks continued
strong, closing figures being near the best of
the day, with q long list Of net advances. aver
aging over 1 per cent in the leading active
issues. Transactions, however. were not par
ticularly well distributed. as out Of the total
dealings. amounting 10 1851. % shares, six
stocks, namely. ANA gamated Copper. Baltimore
and Ohio Union Pacific United States Leather
and the United States Steel Issues, supplied over
one-half- The heaviest dealings were in United
States Leather common. which closed at a net
gam or i Per cent. buying Of the issue appar-
entity being based on the belief that the com
panys proposed financial readjustment plan
would be adopted by the stockholders United
States steel common was dealt in to the extent
OF over 10000 shares IT a net gain Of over !
point while Transactions in the preferred
amounted TO ever 10000 shares at a net gain
OF rs In Ana.gainated Copper total DEALINGS
amounted to upward of 1900 shares, the stotk
closing at net gain OF 27s. Southern .Pacjhc
preferred was actively dealt in, while elsewhere
In the active list the leading features were SIM
piled by Sugar Refining, Baltimore and Ohio
st Paul. Colorado Fuel. the International Pare-
Stocks Missouri Pacific and Norfolk ana West
ern- According TO the known movement Of
money II the week the local banks have lost
over 100000 in cash. due to gold exports and
sub-Treasury operations. The banks enjoved =
smau gain from the interior, and also q gain
from new gold. but these items were not beay,,
enough TO offset the gold exports and excess
payments by the banks 70 the Sub-Treasurv