New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-14
sEI dividend.
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
Opening prices in yesterdays stock market
We're well under the closing of the preceding
day but before the end Of the first hour i'm
provenlent developed. which carried the greater
number Of active issues well above Mondays
fir al figures, and fairly well maintained
throughout the day. Naturally. interest centred
in the copper and steel shares. owing 10 their
tremendous transactions ana heavy liquidation
the first day Of the week. and although the
steel issues failed record striking gains, Anal
gamated Copper enjoyed maximum advance
OF more than points. while on the curb Greene
Copper also enjoyed a material rise after an
early break. Regarding the last named stock.
current rurnor suggests the possibility OF con-
troll Of the company having passed 10 Anal
gamated interests. a result of the severe
break in the issue Monday. but there is no
official confirmation in Amalgamated sources
that such a development has taken place
While there was a certain amount OF nervous
ness and apprehension in Wall Street circles
over the speculative situation. there was no in
dication Of uneasiness in conservative banking
quarters. as the nature of the Generalization in
Mondays market was fully understood and as
the fact realized that declining values at
this period have absolutely nothing to do with
the intrinsic worth Of securities
The general outlook for a further extension
been changed in the least by the liquidation that
has taken place the Stock Exchange, and so
long underlying conditions remain in their
present sound position there will be no reason
for investors 10 take alarm at the speculative
gymnastics that being exhibited in Wall
Street, nor will there be occasion for pessinisn
because of the blasts from the Boston. operator
and his alleged fight against the frenzied fnan-
Gers and the system" Spectators Of mar
high prices nave in many cases lost their money
but their losses Will affect the great majority
Of people in the country the industries in
which the American people are actively inter
ested. If the weakness IN Mondays market
reflected an adverse change in the position of
business and money in this country there might
be reason for uneasiness the part of American
investors.
In the general list of active stocks recoveries
ran from substantial fractions to l per cent and
above. with the greatest improvement among
the railroad issues in Atchison. Southern Pacific
Baltimore and Ohio. Union Pacific St Paul
Norfolk and Western, Missouri Pacific, PennsyI-
wanna and Reading. In the industrial list the
leading feature. outside Of the copper shares.
was international Paper which enjoyed net
gain of ~ improvement IN the companv's
earnings and IN the general financial and phys
ical condition of the property encourages the
stock in the year. While there was a con-
traction in the volume of trading in the after
noon. prices continued 10 exhibit strength, last
hour quotations being at the best OF the day
with a long list of substantial net advances AT
the close The demand for stocks came from a
good class of buyers. Standard Oil and Morgan
brokers taking large blocks of various issues
while commission houses had moderate orders
from that class of customers that have the
good sense TO buy cheap and sell dear" In
view Of the fact that prices are materially under
the highest of q week ago. careful operators
consider stocks relatively cheap, for a turn al
least and in yesterdays operations no small
amount Of securities went into the hands OF
traders who appeared confident that highe,
values would be recorded before the end of the
month Although Mr.. Lawson doubtless vii
send forth further bearish statements there IS
no possible reason why any sober minded mar
should consider his screeds sound argument 70,
the sale Of well protected securities. OF course
there may be powerful speculative interests
working with Mt Lawson for lower prices. and
they may be able 10 bring about further liouida-
ton in the stock market The possibility that
this situation may develop doubtless will serve
10 restrict for time buying operations foI
public account.
The most important news development of the
day was announced after The close of business
when il became known that the direction of the
Atchison, Topeka and Santa Fe Railway Com.
pany would ask the stockholders for authorize
lion 10 increase the capital stock Of the COM
pany s3ooOo0Oo in common stock and to create
an Issue OF bonds not exceeding S5OOO0OOO "a
De converted into common stock at the option
Of the holder for term Of years. ACCORDING -
the views Of the directors, the best interests ~
The property demand an Increase in the captteI-
tzation In order to provide funds for construction
purposes, for the acquisition Of additional sscu-
tiles In order more fully 10 develop the earning
capacity OF the system and to meet the reo,,,re.
nents OF the increase in population and indus
tries in the territory through which the com.
panys lines run.
In their circular to the stockholders the d.
rectors say that they desire provide for f,,tue
capital requirements by creating an issue ~
oohos convertible into common stock. and that in