New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-20
BONDS.
STOCK MARKET OPERATIONS.

Transactions In yesterdays stock market were
comparatively light in volume on a movement
Of values that generally tended in the direction
Of higher quotations. Commission houses We're
not important factors in the days operations,
while the more substantial speculative interests
apparently We're not disposed to trade actively
on either side of the account, except in a, few
securities, notably in United States Steel shares.
metropolitan, Union Pacific, Pennsylvania and
Amalgamated Copper. There appeared to be an
excellent buying demand in the steel issues, and
higher prices were predicted, expectation of
better quotations for these stocks being based
on the known Improvement that has taken place
in the iron and steel trade and the current
Indications which point toward further expan-
sion in the industry in the next twelve months.
The idea, however. that United States Steel
common win be placed dividend basis in
1895 IS not seriously entertained in well in
formed circles, although the belief is quite gem
eral that the common stock will advance in
sympathy with the preferred.
The falling off in speculative interest in the
stock market may be realized in comparing the
total operations in Yesterdays dealings of
$4,000 shares. with the business Of the same
day last week, amounting to two million
shares; also in the price changes. which, as
rule were confined to small fractions. as against
declines of from . TO points week ago. IN
tie afternoon dealings prices exhibited little
change although final records were slightly
under the best figures Of the day Amalgamated
Copper Atchisou and United States Leather
issues presenting the most important instances
Of reactionary tendency. In the bond market
there was a corresponding falling off in the total
Of dealings, transactions amounting In par value
TO a trife more than 100000. as compared
with nearly S60OOOOO on the corresponding day
last week.
Sterling exchange rates were strong and
further enga gements Of gold for export were
made. both in bars and coin one firm engaging
all the sold bars that the Assay Office viii be
able to turn out this week. Engagements of the
metal for shipment TO Europe failed 10 create
uneasiness in Wall Street circles owing to the
ease in money rates at this centre and the large
supply OF money in the country. Currency is
moving toward this centre in large volume from
the interior, and, Notwithstanding Withdrawals
Of gold for export, it is probable that the supply
OF funds in New-York viii continue to increase
for several weeks TO come. 1t is therefore, easy
20 see that the possibility Of disturbance in
money rates is extremely remote. Conditions I'm
The local money market ought TO encourage bull
sentiment in the stock market and it is more
than likely that in the new year stock market
values viii reflect in higher prices the easy posi-
ton Of money in the United States With
money al u low ltNtlt the ueIlUu nl&n grade
bonds will increase. There is a large supply Of
idle money in this country seeking investment.
and unless there should be some radically adj
verse change in the condition Of affairs in the
business and financial situation quotations win
move TO better range in 1905 under the influ-
ence Of legitimate investment inquiry for
stocks and bonds. The fact that there is a large
available supply of investment apitaI in this
country is reflected in the success of the Mexican
bond Offering which was made yesterday. In
two hours the issue was largely oversubscribed.
1t IS understood that the Boston operator will
send ont more of his characteristic broa dsides in
the course of the next few weeks. advising the
public to sell stocks, especially the United States
steel issues. but az the moment it does not APP
pear likely that the holders OF American securi-
ties viii be frightened into liquidation. The
Boston man is overriding his campaign against
values ard MS word pictures in the future ought
to fall fat far as influencing the stock mar
I--ri is