New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-22
BONDS.
STOCK MARKET OPERATIONS.

Stock market values IN the greater part OF
the day reflected needless fright on the part Of
commission house traders over the recommended
lions in the report Of the Commissioner of Cor
Toratioas and silly fear over the report that the
federal authorities had decided 10 investigate
the Standard Oil Company and various other
corporations Whatever the government may do
n its desire 10 regulate the so-called trusts
VIII he in the interests Of the American people,
and consequence tho owners of American
railroad and Industrial securities will suffer.
There was nothing more drastic in the sugges-
lions Of Commissioner Garfield than there
81 the Presidents Message. And there
nothing IN the Presidents Message that
aimed al the welfare Of the countrys indus
tries. Attempts therefore of Wall Street trad
who are anxious to bring about lower
level Of values TO create the impression thai
the President Of the United States and the Com
missioner Of Corporations are working lines
that VIII be ininical TO the industrial growth Of
the country ought to exact no influence the
mind Of The sober minded American investor
i nay be wei for the people who are upset
over the reocmnlendations that companies doing
FL interstate business he compelled to afe out
a federal license or charter 10 bear the fact
IN mind ;1at in order to give companies such
l:cens- charter would require an amend
s0ent to The Constitution. according to the views
YESTERDAY
IS matter Of fact. the ordinary professional
trade! in Wall Street was not alarmed over the
'-eHs from Washington regarding the report of
the Commissioner Of Corporations but he took
advantage Of the opportunity to hammer
Values. and in the absence of active support the
market yielded easily. the downward movement
being accompanied by sales of nlargined ac-
counts in the greater number Of active issues
f~T 71- 3 hi
injured the speculative outlook for better quota
mons in the new year. Although transactions
were hea.ier than in Inc trading Of the proceed
ING DAYS Of the week, total operations were far
under the heavy daily average Of a week ago
sales IN all securities amounting to 858066
shares Of which the greater part was supplied
10y Analgamated Copper American Sugar Re
ming, Baltimore and Ohio. Consolidated Gas.
Missouri Pacific, Pennsylvania. Reading Rock
Island Southern Pacific, Union Pacific and the
United States Steel shares
In these stocks net declines were reported as
rule al the close, with the largest losses IN
Amalgamated Copper. which declined over .
points; ST Paul. Erie New-York Central Penn
sylyania. Reading, Union Pacific and United
States Steel preferred. In addition To the SELL
ing caused by the report of the Commissioner
Of Corporations there We're also sales based on
The reports Of damage to winter wheat in the
-a-'-'S 1til-S from me drouth now prevailing
IN that section Of the country IN the closing
transactions covering of room traders shorts
caused a slightly harder tone IL a few issues
but the market in general was duh and heavy
There was no material change in the money
market. but sterling exchange was decidedly
weak. the decline IN the latter market being
due 10 an absence of demand for remittance.
based on the fact that steamers sailing on Sat
urday viii not reach Inc other side until after
the first Of The year The weakness fn. sterling
should therefore, not be taken as an indica-
ton Of the position of the market 50 far as
future gold exports are concerned.
In the early dealings quotations were gener-
ally higher. with a good demand for the Unjrad
States Ss,el issues. The advance I'm prices IN
finished steel products and on other lines in the
iron and steel market and The excellent ont
look for an active volume OF business in the
now year encourages genuine holders of sacuri
ties 10 maintain firm position on the Ion,,
side Of the market, prosperity i'm The iron and
steel trade means Industrial growth in other
lines Of business. According to the people who
receive Information from inside sources II is
believed that United States Steel preferred will
sell as nlgh As American Sugar Refining while
II is thought that the common na+1lrailz, Win
ADVANCE ID sympathy. although there is no in
olcaloh that the comnoA stock will be re-
turned 10 the dividend column in the near
future
IL the commodity markets activity nrevailad
- wheat and cotton, the former being influenced
rY the Unlayorabe reports from the wiute-
neat section, the December and Nav options
advancing point while cotton declined under
the influence of speculative pressure 10 the
lowest point Of the year although in the last
hour covering Of shorts carried prices above
tie closing Of the preceding day