The San Francisco call., 1904-12-04
STOCKS STRONG
But IRREGULAR
Conditions in Cotton, Coal,
Copper and Iron and Steel
Trades Affect the Market
SOME PROFIT TAKING
November Proves a Banner
Month, the Sale of Bonds
Amounting to $216,853,OOO

-
NEW YORK, Dec. 3.-To-days stock
market was strong. but the strength
was uneven, and few of the most
prominent stocks closed the day at
fractional declines from last night. The
strength in the market grew out of
conditions in the cotton, coal, copper
and iron and steel trades. Even in the
groups affected by these trades there
was some profit-taking. as in Louis
vile and Nashville, which closed lower
after cratic fluctuations. United
States Steel touched another high rec
ord for this year on account Of rumors
of still further advances in prices of
steel products and the maintenance of
the present prices for steel rails. The
large dividend declaration on Boston
and Montana, a subsidiary stock, was
the motive for the buying of Amalga-
mated Copper. Outside of these quar-
tsrs of the market and of list of mis-
cellaneous specialties, the movement
was irregular, Western grain carriers
specially showing tagging tendency.
INCREASE IN SURPLUS.
The bank statement carried over av-
erages from last weeks gold shipments
to Cuba, so that the cash decrease ex-
ceeded the estimates, but the S11, ,000,-
900 loan contraction modified the ef-
fects so as to leave a nominal increase
in the surplus reserve. In view of the
weeks large operations, involving
heavy capital outlay, it is evident that
the trust companies activity in the
money market is taking over large ac-
counts from the banks.
Total sales of bonds, S3,040, 900.
The conspicuous points of strength
in this weeks stock market have been
sufficient to give tone to the whole
market and have sustained those Sc
curities in which realizing was in prog
ress, so that such declines as they have
suffered have been limited to small fig
ures. The volume of business has aver
aged rearly 100000 shares a day,
showing the sustained speculative in
terest in the market
Records of the November trans
actions at the Stock Exchange show
a total of nearly 100000 shares of
stocks which changed hands during
the month. which is more by one
third than for any previous Novem-
Der in the history of the Stock Ex-
change The sales of bonds also
amounted to S216,S5S, 500, made up in
large part of issues selling below par
and of more or less speculative
character by reason of convertible
privileges. contingent interest claims
or dependence on earnings of col
IL nf I,n oOv IL
The force of the tide of the market
is sufficiently shown by these figures.
GENERAL OUTLOOK.
The cheerful view of the general
outlook for Improvement in business,
the prospect for prosperous harvests
and the expanding demand for nearly
all classes of merchandise form the
broad, underlying basis of the mar
ket. as from the outset of the move
ment, and these influences have been
supplemented by reports, more or less
vague, of departments applying more
especially to individual properties.
The supplies of the money market
also have proved ample up to this
time to care for the needs of the large
speculation and the growing volume
of new capital issues offering for
absorption. These include an INSTALL
ment on the Cuban loan fioated in
this country, the final installment on
the new Southern Pacific preferred
stock, besides various railroad stock
and bond issues. the sale of which has
been announced during the week.
Unconfirmed reports that were an
influence in the weeks stock market
dealt with the supposed Northern
Securities settlement, the acquisition
of the Lehish Coal and Navigation
Company for consolidating the an
thracite situation, the conversion into
sinking fund bonds of the remaining
S5O,OOO,0O0 of United States Steel pre-
ferred available for that purpose and
plans for the absorption by larger sys-
TENS of various minor railroads.
The bond market has been active
and somewhat irregular. United
States new fours coupons have ad-
vanced a on call during the week