New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-11
BONDS.
STOCK MARKET OPERATIONS.

O4OOh UfEhAllUNS.
In the two hours of trading in yesterdays
stock market a large volume OF business was
transacted on movement of values that showed
net advances in the greater number of issues
at the close. Opening prices throughout the list
were strong. and In the first few minutes Of
trading decided gains were made over the closing
of the preceding day, the Improvement being
helped by a higher range OF values in London.
notably in Southern Pacific. which showed an
advance on the London Exchange of a full point
before the first quotations at this centre. An
excellent class of buying was reported in this
issue on the local board. purchases being accom-
panied by reports that dividend would be de-
clared before the end of the month. although
there no confirmation OF this idea in well
informed quarters Naturally the holders of
Southern Pacific stock are anxious to secure a
return on their investment. and. as the majority
Of the stock is owned by the Union Pacific COM
pany stockholders may rest assured that a
dividend announcement Will be made at the ear
lest possible moment.
Trading fairly we'll distributed among the
active issues, with the heaviest operations IN
Amalgamated Copper. American Mailing, Penn
sylvania, Rock Island, Reading. Southern Pa
cfc. Baltimore and Ohio, United States Leather,
International Paper and the United States Steel
issues. Amalgamated Copper opened g above
Fridays closing and advanced point IN
the first hour. bat subsequently developed great
irregularity, declining a point under its high
price and then regaining the loss. ending the
day at a net gain of 22s. At it's high price yes
terday AMalgamated Copper sold over u points
above its low price in Thursdays break. while
United States Steel common showed maximum
advance from Thursdays decline of over ia
points. Good buying was reported in Interna-
tional Paper. purchases coming from insiders
who believe IN the property and who are salts
fed that with the additional capital which will
be secured from the proposed bond issue the
company's earning capacity will be largely In
creased. and that time will come when IL will
be possible to resume dividends on the common
shares Chicago Great Western again developed
evidence of being accumulated by people who
well Informed regarding the future of the
property.
Following the publication of the bank state
ment. which made a decidedly favorable show
ing, increased strength developed throughout
the list. except in United States Leather and in
the last half hour the best prices of the day
were made for most issues, with Amalgamated
Copper. Reading and United States Steel leading
IN the upward movement. Notwithstanding a
decrease in cash of s.. 633, 600 the associated
banks We're able to increase their reserve above
legal requirements. owing to a further contrac-
ton IN loans. which caused a reduction in de-
the decrease in cash of 81. 633 900 accounted for
the falling off in deposits of 1888 100 which In
turn caused increase in reserve Of SS26 125 to
50, 500, 200 compared with SS.OT7,975 in the cor
responding period a year ago and $S.3S6.9O0 in
the time IN 1902. Compared with the rec
ord loans OF the year. which were recorded in
the week ended September Il. the current loan
item shows decrease OF S5S S69. 400 while de-
posits show reduction from the record figures
cash holdings have decreased SAC. 529. 600 but as
compared with this time year ago, they show
an increase of $7O.OS3, 300. At this time last
year loans amounted TO $3.50 S93, 500. which was
500, 195.600 lower than the figures reported In
yesterdays bank statement. At the moment
there appears to be little probability of high
rates for money in the rest OF the year; that is
q level materially above last weeks ruling rate
Of So per cent, except. possibly, IN the last
week, when preparations for the January dis
bursements may cause temporary stiffening OF
quotations.
In the last two days Of the week values moved
in a manner that encouraged the advocates of
higher prices to predict further strength
throughout the month. but in some circles the
theory was put forth that the upward move
ment in Fridays and Saturdays market merely
represented the natural recovery from the ex-
IRENE depression in Thursdays break and that
if the market followed precedent the recovery
would be succeeded by gradual decline TO the
level established in Thursdays slump. 1t may
be well FOR traders to bear in mind that the
market In the last two years has often failed to
pay any attention whatever 70 precedent, and
that the speculation OF the last six months has
been controlled by factors which are still IN ex-
istence and which may carry values higher in
the rest or the month. Irrespective OF speeula-
tive precedents. Fortunately there is nothing
In the general trade situation that warrants
pessimism on the part OF owners OF American
securities while there is nothing in the present
outlook IN the money market that warrants the
prediction that money market movements will
De against buil activity in securities. In the
oreak that took place In Thursdays market
stocks were accumulated by strong buyers. weak
accounts were eliminated, and. according to the
remarks that are heard in we'll Informed specu-
lative circles the way was paved for further
substantial Improvement I'm quotations As the
greater part of the loss recorded in Thursdays
demoralzed market has been recovered. IT may
be we'll for new buyers to provide large margins