New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-15
BONDS.
STOCK MARKET OPERATIONS.

me price movements IN Yesterdays STOCK
market presented great irregularity. decided
strength in the morning dealings being followed
by selling movement in the afternoon which
carried the quotations for the active Issues we'll
under their best prices of the day. resulting IN
, net declines at the close in a large number Of
securities. Opening prices showed advances as
compared with the final figures of the preceding
day. and in the forenoon operations the leading
active stocks enjoyed Improvement OF from /
to per cent. with the heaviest gains in Anal
gamated Copper. Baltimore and Ohio. Colorado
Fuel and Iron, Illinois Central. louisville and
Nashville. Mexican Central Missouri Pacific.
Norfolk and Western Reading and United
States Steel preferred. Morning transactions
were again heavy in volume buying apparently
being for the account of substantial interests
and for traders who sold short in Tuesdays
market in expectation of lower prices. this idea
being based on the theory that the Boston
operator would send forth another broadside in
yesterdays newspapers. While nothing in this
line was heard from Mr. Lawson in this country,
his Mondays advertisements appeared in the
London journals, and they exerted a moderately
adverse influence on American securities in the
British capital. Doubtless there will be further
| attacks by the Boston speculator in his cam
paign against values but unless he has most
powerful financial interests back of him 1t
would seem as If his frenzied manipulation
ought to exert further influence on sentt-
ment and values. In the outside market i'm
provement generally was recorded, especially in
the copper stocks and Interborough. the latter
advancing points on a small volume Of trad
ing. Amalgamated was extensively dealt in on
a rising level Of quotations in the morning. but
declined with the rest Of the list in the subSe-
quent dealings.
Heaviness in the afternoon in the general list
was helped by the liquidation in Atchison, which
declined three points under Tuesdays closing,
selling apparently being due to unfavorabie SEN
timent created by the announcement that the
directors would ask the stockholders for author
ization to increase the company's capitalization
Opening at 81, one point under the preceding
nights final quotation the common stock sold
down to 50, closing at net loss of 23s per cent
1t should be borne in mind that. while the circu-
lar announcing the proposed new financing asks
for authority to Issue $5OOO0OOO OF common
stock and S50OO0OOO of convertible bonds. no
part of the new issue of stock will be sold. its
creation being merely an incident to the issue of
convertible bonds Outside of the Atchison bond
issue and small Stock Exchange failure, there
were no news developments IN the day account
ing for the declines in the afternoon transac-
tons but traders apparently believed that the
factors named were of sufficient Importance TO
encourage a general selling movement Two
weeks ago new issues of bonds by railroads were
considered favorable developments. but since
that time Wall Street has undergone one of its
usual changes in sentiment.
The most important final price changes in the
day among the active issues were recorded by
Amalgamatad Copper. which lost rs; Atchison
common, 27s; St Paul. IS; Consolidated Gas, 2i:
PENNSYLVANIA a. and United States Steel. q. In
Baltimore and Ohio, Colorado Fuel and Iron,
Illinois Central Louisville and Nashville. Mex
lean Central Norfolk and Western, Reading and
the United States Leather issues a fractional
part of the early Improvement was shown at the
close although the final prices OF these issues
were a point or more under their best figures OF
the day. Money rates were easy, but foreign
exchange was again strong, sterling advancing
to a level that permitted the withdrawal OF gold
coin for export. Preparations are being made by
the foreign banks to meet engagements Incident
to the end of the year operations while local
bankers are renting in connection with loans
that mature in the course of a few weeks These
ia stors, together with the light supply Of grain
and cotton bills naturally encourage the engage
ment Of gold for export TO Europe.