New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-06
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
In the greater part of the day stock market
values moved toward a higher level, but de-
clines in the late dealings were effective In caus
Ing irregular closing. with more net losses
than gains in the active issues. In the early
trading there were good demand from commits
sion houses and further activity by the specula-
tive pools and syndicates that are exercising all
the tricks OF the Wall Street trade 10 prevent a
falling off in interest the part Of the out
slider Little reason exists. however. for ankle
ty among the larger spectators over the atti-
tude of the public in the current market, as
the latter element is buying stocks in the firm
belief that values will sell many points above
the present level, and that the greater number
Of securities are not dear at prevailing figures.
despite the great appreciation that has already
taken place in prices. Some observers continue
TO sing the parrotlike snog that the public is
not in the market. but never in the annals of
the Street have there been daily dealings of over
100000 shares for an extended period without
public support. Fortunately it is not a fnan-
cially weak public that is engaged in current
speculative operations. There is everything TO
create confidence the bull side of the &C
count and nothing at the moment TO encourage
people Of bearsh proclivities. except the posi-
biLity of occasional reactions, which strengthen
rather than weaken the bull position. IN yester-
days trading there was an excellent demand for
Reading. which even the basis Of
full stock was the most active feature
on the list, with the exception of United States
Leather, at a maximum advance of over per
cent while heavy dealings were also reported
in Baltimore and Ohio. the United States Leath-
shares, United States Steel preferred. Amer
lean Cotton Oil. Columbus and Hooking Coal
and Iron. Illinois Central Louisville and Nash
Wills
Texas issues Pennsylvania. Southern Railway
Union Pacific and Canadian Pacific Buy
ing Of the last named issue was helped by
the companys strong showing of earnings for
the last week in November. which were SOB
900 larger than they were in the same week n
year ago. making for the month an increase Of
S60l,0OO and from July l an increase OF
81 936 600
With the exception of the earnings Of one
road. the companies reporting yesterday for the
last week in November showed gains over the
corresponding period a year ago. many returns
amounting to large figures. in addition to Ca
madam Pacific, unusually heavy Increases being
presented by Wabash. Louisville and Nashville
Toledo and Ohio Central. Toledo. St Louis and
Western and Denver and Rio Grande of six
teen roads reporting. fifteen showed a total
gain Of STOOLS, while one road the Buffalo
Rochester and Pittsburg. showed a decrease OF
SII67 OF the monthly reports published in the
day, the most important was that Of the Union
Pacific. exhibiting increase in gross of $3.50
1913 and an increase in net Of S147, OS3 making
for the first four months of the fiscal year an
increase in net earnings Of ST21 SSj Sururna-
ries by traffic managers Of last weeks railway
business are most encouraging, indicating a
steady growth roads throughout the country
in all lines of traffic. Bearing in mind the i'm
provenent that is taking place in the countrys
general business. as reflected in railroad earn
ings and bank clearirgs. the relative ease in
money rates and the favorable outlook for leg
slation that will foster American industries. it
is easy TO appreciate the cheerful sentiment in
Wall Street circles and the reason for current
activity in securities. Money remained easy
yesterday and the engagement of $1,OOOOO0 in
gold for export failed 70 create uneasiness
among real bankers over the position OF the
money market Foreign exchange rates are
not at a level at which gold may be shipped
with any profit without special inducements
from the other side. while the prospects favor
q gradually declining sterling market owing 10
the probability Of increased offering OF cotton
bills, which will be brought about through the
decline in prices in the cotton market. On the
Cotton Exchange yesterday there was further
sharp break in the price Of the staple.
In the afternoon dealings reaCtiouary ten
dency developed throughout the list. and IN
many issues early improvement was lost clos
ing figures showing small ret declines in the
greater number OF issues. the heaviest losses
being recorded by Amalgamated Copper. Brook
lvn Rapid Transit, st. Paul. Consolidated Cas-
Louisville and Nashville. Metropolitan. PacHc
Mail. Union Pacific and United States Steel pre-
fsrreG. Traders professed TO be discouraged
over the engagement OF gold for export and the
reports that further shipments would be maze
and over manufactured Street ruuors that the
Presidents Message would make suggestions
which might have an unfavorable influence on
the securities market. In Pacific Mail there
was some selling. induced by the report tnAI
the company's contract with the Panama Kan
rad would not be renewed. in the event Oh
which the Pacific Mail company would be COM
PEELED 10 compete with other lines for part OF
the lucrative business which II handles.
The strongest features OF the day, which Were
Reading. the Southern Railway shares the
United States Leather issues American HIDE
and Leather. Baltimore and Ohio. Missouri, Kan
sas and Texas stocks. generally were able 10
II maintain much OF their early Improvement
especially Reading. which closed at net gam
OF ~ anu the leather shares. which enjoyed