New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-31
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
In the early dealings in yesterdays stock
market prices were strong. while the volume OF
business was moderately heavy. the largest
transactions being supplied by Amalgamated
Copper. Union Pacific, Baltimore and Ohio
Missouri Pacific, Southern Pacific and the
United States Steel shares. In these securities
the demand came from excellent class or
buyers, and throughout the list the character
OF trading was such as to encourage the ex-
recitation Of further improvement In quotations
.n the new year. In the afternoon dealings now
ever. realizing sales and bear pressure in GER
tain stocks caused substantial reactions from
the best prices, and at the close quotations as
rule showed net losses throughout the list the
heaviest declines being recorded by Amalga-
mated Copper Anaconda, Brooklyn Rapid
Transit, St Paul, Colorado Fuel. Metropolitan
and United States Steel preferred In view Of
the advancing tendency in the last week. yester-
DAVIS weakness was not at all surprising, and
the fact that prices suffered a setback should
not be taken indication Of a change in
speculative sentiment.
Interests who identified with the largest
banking houses and railroad corporations are
decidedly bullish in their predictions for 1903
relative TO the stock market, while the purely
speculative element confidently believes that
there Will be little opportunity for bear cam
paign in the new year its opinion being based
the remarkably strong position OF the coun-
trys industries the large amount OF idle money
In the United States and the evidence of
growing demand In all parts Of the land for
stocks and bonds. In addition to the favorable
factors in the trade situation, the speculative
element includes in its list of bull factors the
tendency among the larger railroad interests
10 work for harmony in the railroad business.
In connection with this it may be well to note
the fact that Irrespective OF the character Of the
decision IN the Northern Securities case, there
VIII be further fighting between the Hill
and Hartman people. as. according to infor-
nation received from trustworthy sources
plans have already been developed by which a
settlement viii be made which will insure peace
and prosperity In the Western railroad situa-
ton It was reported yesterday that the de-
cision IN the Northern Securities case would
be favorable to the Hill interests. and that in
the final settlement of this long drawn out
case the Hin element will control Great North
ern' Northern Pacific and Burlington, with the
Hartman interests reverting to the position thew
held before the Northern Pacific panic in Nav.
1901
Union Pacific was extremely active through
out the day. and the early strength and active
buying In the Issue exerted sympathetic tnhu-
snoe on Southern Pacific while the demand for
the STOCK encouraged commission house pur-
chases in other parts OF the list buyers opera tin
on The theory that the movement In the Harri-
man issues indicated accumulation OF stocks HI,
powerful banking interests and foreshadoved
higher prices IN general Doubtless the South
trn Pacific refunding plan was an important in
huenoe IN Union Paci1c's activity. According
10 wan Street gossip, Union Pacific will sell
epoVe 10 on the current movement and as far
as other well known stocks are concerned II f.
predicted that United States Steel preferred will
Sell well above par. that Canadian Pacific will
90 above 100, that Pennsylvania will do as well.
ana mat al the copper shares, both on the Stock
Exchange and on the curb will move 10 ma
teri2ily higher quotations. There are yarions
good reasons why many securities ought IN inn,
prove IN value. but it may be just as well for tbe
ordinary trader TO exercise considerable cap+,or
N loading up with stocks at present rricas
unless tie is prepared 10 provide his broker with
e larger margin. Conditions are favorable 20
higher prices. and IT is quite likely that the year
ASOo viii witness a bull speculation in s+ooLs
pu1 ne pubic operator should bear in mind thar
accompanying all upward movements sbarn 70
sciols aeVelop-reactions that IN the past have
oeen large enough 10 wipe out In a few ninutas
tAe little mans" bank account. After the earIv
strength IN AnaIgamated Copper heavy nroe+
taxing sales caused q substantial reaction the
sS4es' however. being quickly absorbed by peon1a
VINO appeared anxious to accumulate the stock
Inc copper shares IN general or IL should ba
SAC ihe shares Of the solid companies, appeal
10 SPECTATORS and investors because of the ia
FoFaole position Of the copper trade and the CIV
ceieht outlook for the new year It is interest,"
ing TO record the fact that in the year 1904 d,vt
les p&-c oy copper companies amounted 70
e-o'4"'''Oo OF which the Lake Superior dtstr,ot
p2ld over 100000 and tho 49,.
over Sll.0O0O00 ~ "1"4laAa district
t-e IeLLaT kably favorable earnings nv III.
-es@C-As ana Erie companies among the cosI
-o@1s and large gains by Canadian Pscifc r.
soaGs IN the South and Southwest and 10 60
py me companies in all parts OF the conntrv
nal ot-4lIy encourage confidence IN the o,ItIocr
loF 1Soo. Reading, Cor instance shoUed g. 80
crease Tor tie month Of Noyembar ot -, -
10 per cent In gross and over 80 Der cent "a -.
iof tae railway company and an increase 80
over a per cent in gross and over 100 ner ceU -
in net for the coz! and iron company Mil en-
earnings or the entire system Increased ~
per cent and surplus 110 per cent comnartsoo
Dehg MADE with. the same period yea 60
Lr3e's earnings for November were heavier ~
gross than In any corresponding month In .ba
A.stoFy or the company, with the excenffo,, 90
ASVeInher, lsoz. when gross receipts were q bout