New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-23
SIX div11end
BONDS.
STOCK MARKET OPERATIONS.


Extreme dulness was reported IN the greater
number OF securities IN yesterdays stock market.
the only noteworthy activity being recorded by
Analgamated Copper. Reading, Pennsylvania,
Union Pacific, American Sugar Refining, Con-
solidated Gas and United States Steel preferred.
Elsewhere IN the list Of leading issues transac-
tons as q rule were confined 10 Unimportant
totals. dealings in all securities amounting to
only 422 100 shares. one of the smallest records
IN many weeks. Dulness was accompanied by
heaviness in prices which ran from substantial
fractions 10 over per cent. the chief weakness
being presented by Reading common. which suf-
fered maximum loss Of 2ls on a volume Of
business amounting 10 10000 shares, which, on
the basis Of full stock, constituted the heaviest
transactions reported in any one security. Sell
tng IN this issue reflected profit taking sales in
cident to the declaration Of a dividend on the
stock and pressure from the bear element on the
theory that the price was selling too high as a }
per cent investment. In some quarters ii was
believed that the directors would place the stock
on a per cent basis, and as a consequence
there was a certain amount Of disappointment in
speculative circles Opening quotations gen
orally were well under the closing Of the pre-
cedlng DAY, Union Pacific. for instance, being
quoted in the initial dealings at 1899. compared
with Wednesdays closing Of HOS. and Amalga-
mated Copper at 64lz against 63l2 in the pre-
ceding day The latter stock showed no I'M
portant pressure however, ending at net loss
Of only y per cent. American Sugar Refining
showed Z somewhat harder tendency, but there
was TO news development affecting the issue
either IN respect 10 trade conditions or dividend
poss Utilities. il IS believed in well Informed
quarters that the Sugar Refining Company will
rot make an extra dividend distribution in Jan
uary or in the near future despite reports to the
contrary. and despite the fact that the company
IS enjoying a profitable business, with an eX-
celIent outlook for the new year. The company
declared its regular January dividend in No
vernber. and action the next dividend will not
be taken until March.
In the absence of active public buying IN
securities the room traders VINO are associated
with certain uptown stock market interests are
working for lower prices. but there does not ap-
pear 10 be much stock for sale. while there is no
disposition on the part Of the substantial holders
Of securities TO part with their possessions In
deed. tho leading capitalists Of the country are
picking up securities on all declines. in the
pectation Of being able to sell at much higher
quotations 81 the year All present indica-
tions point toward a large volume Of stock mar
ket trading in 1903; the prospects encourage the
belief that values viii move toward a higher
level. and conditions affecting the intrinsic
worth Of securities suggest an actual increase
in the real worth Of American Investments. The
company on 2 dividend basis the advance in the
Louisville and Nashville dividend. the declara-
ton Of q dividend Of per cent on Lake Erie
and Western preferred. against per cent at the
last preceding dividend period. and the extra div
tdend payment on the Delaware Lackawanna
and Western stock are signs OF the times that
ought 10 impress investors and business men III
general with the substantial character of the
railroad business IN this country, and convince
the doubling Thomases that The business men Of
the United States have absolute confidence in
the outlook for stability in the countrys in
dustrles IN the new calendar year. The Boston
man who wishes to become a speculative giant
and the factors which he asserts are strong
enough 70 upset investment values sink into in
significance when arrayed against the healthfu
condition OF American Industries and the euor-
nous capital behind them. Wall Street received
yesterday from Boston the Information that Mr..
Lawson and his cohorts would send forth a
mighty blast next week. strong enough 10 de-
rnoralze the speculative situation, but Wall
Street received the news with derision. except
perhaps, in the case Of d few bears who are
trusting in Mr. Lawson's power &c bring about
another break IN securities values.
Eoaey market conditions showed no material
change. but sterling rates continued TO rule at
the god export level. over $4,000 in gold bars
vas taken for export, and it was reported that
z
70 Argentina tomorrow. The extreme ease in
money rates suggests further Improvement in
hank conditions this week while It apparently
eliminates The possibility OF even q furry IN
The noCey market IL the last week Of the year
Incident 10 The preparations for the January In
terest and dividend disbursements. The demand
for railroad notes and early maturing railroad
bonds continues good. and there is coasidera bic
buying cf these issues for international banking
houscs who arc selling sterling against such
purchases. The ease with which the market alb
EorLs new bond issues and the willingness Of
bankers 10 finance new railroad offerings are
further indications OF the great confidence In
high financial circles over th> future. Conserva-
tive bankers are not at all alarmed over the rec
concentrations Of the Commissioner Of Corpora
tons regarding charging the power Of the gov
ernmcat over corporations Going an interstate
business. ard they not looking forward 10
any falling on in the demand for higa grade
investment issues because OF the guggestions of
the Commissioner. They know that the Presi-
Dent viii not endeavor TO force legislation that
viii DO inirnical TO the interests OF American