New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-26
THE WEEK IN WALL STREET.

the operations OF the recent preceding weeks,
trading reaching the proportions Of the small
rharkets that prevailed In the dull days in the
early summer before the wave Of bull specuia-
don developed. At times heaviness was report
Ga. but as a rule prices presented remarkable
frTaness with no indication OF sales by inlpor-
liant interests. Indeed whenever prices receded
Substantial market operators absorbed securi-
ties taking them the confident expectation
az higher figures in the new year. their belief in
better quotations being based the splendid
condition Of the country's industries. the out
Ibok for further material Improvement and the
rrospects Of easy money rates for long time
10 come. Following the publication of the re-
Port Of the Commissioner of Corporations
ssalues eased of On selling made up in great
Rart OF the operations Of the professional ele-
raent and liquidation by tirnid holders who be-
Ieved that the selling movement OF the bear
eIement represented actual fear on the part of
the banking community over the suggestions
contained in the Commissioners report. The
professional element in attacking values. re-
nected its own views only. and these views were
wholly based on the known tiraidity Of commits
sion house margin traders. The banking COM
Inunity was not at all disturbed over the recon-
inendations regarding the enlargement of the
power Of the government over corporations do
ing an interstate business. for the simple reason
that the banking community is made up of in
telhgent men, who appreciate the fact that in
Increasing the control of the government over
railways and other corporations no injury will
be done to vested capital. President Roosevelt
has no intention Of working lines ininical to
the industrial growth of this country, nor is
Ihare any disposition the part Of Congress
to enact legislation that will interfere with the
progress of American business enterprises. The
large growth of corporate business in this coun-
try has created new conditions that warrant IN
The interest Of the people change in the laws
involving the relation between the federal gov
srnnent and corporations.
The net result OF price changes in the week
was uninportant while the general course Of
trading was without particular significance.
The falling of In speculative interest is not at
al surprising, especially in view of the long
period OF activity and the expectation of re-
3 sumption of activity in the new year. Specula-
ton is enjoying a period of rest, bot the demand
for solid investment issues continues moderately
active, notably in the bond market, in which
the inquiry for first class mortgage issues is
larger than the available supply. An active de-
mand for bonds and the freedom with which
bankers are now financing railway bond
issues are encouraging indications of the conf
dence that prevails in investment circles over
the outlook for stability IN money and business
in the new year. And If further evidence is
desired of the growing confidence over the future
it is only necessary TO refer to the increased
orders that are now being received by the iron
and steel companies. by the railway equipment
companies by extra dividend distributions and
by the willingness on the part Of buyers in all
lines OF trade 10 deal actively for future re-
quirenents. The improvement that is taking
r,fa in ard ste dc fS cd IN
the large increase in the United States Steel
Corporations untitled orders for 1905 delivery
aggregating 100000 tons, compared with
3.027.436 tons on October l and 3,215.123 tons
this time year ago. Present untitled orders
compare favoraby with the record of December
g.. 1902. amounting to 5.347.253 tons
One of the few interesting movements in the
stock market in the week was supplied by New
York Central which in Wednesdays market
exhibited pronounced strength on buying that
came from substantial sources. Purchases of
this issue were based on the excellent condition
Of the company's finances and on the improve
n1ent in earnings. which for the quarter ending
this month. December partly estimated, show
an increase Of over 4 per cent in gross and over
per cent in net, with dividend surplus equiv
alent to about Ia per cent. against IL per
cent paid For the six months ending Deem
Der 81. partly estimated. gross earnings show
an increase of per cent and net earnings an
increase OF per cent, as compared with the
same period in 1903. the greater part Of the i'm
provennent being recorded in the last part of the
year. New-York Central, at its present price
yields about 35s per cent, as against over per
cent for Pennsylva MIA. the latter being 6 per
cent issue. while New-York Central pays only g.
There are 2 number of stocks of high invest
ment character paying the same dividend rate
stance. Chicago and Northwestern a per cent
issue, which sells at POS: St. Paul per cent
issue, selling at 1S4; Great Northern preferred
per cent issue selling at 241, and Minneap-
obs, ST. Paul and Sault Ste. Marie preferred
also e per cent issue. selling at 1861. Great
Northern preferred represents a capital of SPA
100000. while 500 preferred represents only
SIo00Ooo half OF which is owned by the Cana
dian Pacific. yet 800" preferred which is ran
idly becoming intrinsicaily as valuable as Great
Northern preferred ST. Paul preferred is
seihng ar the same level or under many stocks
that pay smaller dividends as for Instance
New-York Central 1t is quite probable that
increased interest viii be taken in fbe next
twelve months in Canadian Pacific and the
stocks Of the controlled companies. as the sreat
canadian Northwest is expanding rapidIy in in
dustrlal activity, reflection of which &c nre
scented IN the Canadian Pacihc's earnings since
July J. showing gain in gross Of over 50 600 :
Uy0 as compared with the corresponding neriod
In the preceding year One Of the reassurinp
features in last weeks market was the failure
o. the outpourings of Mr.. Lawson, Of Boston
10 exert further adverse influence on prices.
money market rates continued at an easy
'esei N the week, and there was no indication
o. materially higher quotations in the last week
q me year as result of the preparations for
The January interest and dividend disb,rse-