New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-24
SEX dividend.
BONDS.
STOCK MARKET OPERATIONS.

Trading was again light in volume. total sales
amounting TO only 2S9 So shares, Of which the
greater part was supplied by a few issues
notably Aralgamated Copper. Reading, Union
Pacific. Rock Island. Southern Pacific, Louis
willie and Nashville. and the United states steel
issues In these stocks and throughout the list
Price changes. as a rule were small, and in the
morning dealings favorable TO the bull side OF
the market In the afternoon transactions there
was no increase in activity, but prices were
generally firm maintaining good part OF their
early gains throughout the last two hours OF
business final quotations showing net advances
in the greater number OF issues, while specule-
tive sentiment appeared TO be buliish The up
ward movement in Reading merely refected
reaction from the preceding days decline, and
In other parts of the list the movement Of values
did not indicate anything new or novel in the
general news Of the day. Strength in the steer
shares was not accompanied by news develop
rnents affecting the property. but the known i'm
provement that has taken place In the steel trace
and the bright prospects for further expansion
an the new wear naturally served to discourage
hear operations in the issues. Already estimates
are being made Of the net earnings of the big
steel corporations in the first three months or
1895. and careful and intelligent followers or
The iron and steel industry place their figures
at not less than S26 O00oo0 this result being
based on the present conditions in the corpora
tons business. which almost duplicate those eX-
listing on January l, 1902, which were followed
by net earnings Of S26 1886 for the first quar-
ter OF that year. In the first three months OF
1903 net earnings were a triie more than S25,-
100000 while in the first three months of the
current year they were only trifie more than
sI3O10O0O; but since the first quarter of 1904
there has been vast and favorable change in
the position Of the iron and steel industry.
According the known movement Of money
IN the week the local banks have gained over
100000 in their cash holdings. and IT is gen
orally believed that loans have been reduced to
an extent that will bring about a further in
crease in reserve above legal requirements
Great satisfaction is felt in speculative circles
over the ease in money rates but among the
banks there Is enthusiasm over the low quo
tations. inasmuch profits on lending money
ere not large, and, unfortunately for the banks
the prospects do not favor an important upward
movement in the money market for many weeks
10 come. OF course, if the countrys industries
continue 10 expand the demand for money will
increase IN mercantile circles and higher rates
will rule in Wall Street. in the event OF which
bull operations in securities may be checked.
1t IS the general belief though. that money will
rule at an easy level for a period long enough
10 bring about bull market in the course Of
the high level OF the current year and above the
record prices of 1902. All of this optimism is
based the Indications that there will be no
adverse change in conditions affecting specula-
zion and the intrinsic value of securities. At the
moment there certainly IS nothing in view that
suggests the prediction of a bear market in the
early months of 1905. although the Boston oper-
etor continues to insist that his work of ham
1nertng values has only begun. a similar re-
mark was made by well known cotton oper-
ator last year, who insisted that he could ad-
vance prices irrespective OF speculative and
trade conditions in the cotton business. but a
short time after his boast he went the way of all
operators who believe that few successes in
the speculative markets insure permanent move
ments in the direction in which they predict
prices will tend. There is no doubt that Mr.
Lawson's recent attacks the market and his
constant bombardment of the Street" with his
revelations" on the system and the frenzied
fnanciers' have ruffied the tempers Of many of
the Standard OIL and other important interests
but & does not appear likely that sober minded
American investors intend 10 part with their
securities because Of Mr.. Lawson's campafsn