New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-22
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market trading was active throughout
the day on a movement of values that showed
sharp advances in many issues and a level of
values at the close that presented substantial
net gains in all parts OF the list. At times the
market had the appearance of a genuine bull
boom. and the presence in the Street Of the
speculative interests that such active
factors in the advance Of 1902 encouraged the
theory that men of means were willing to re-
sumo speculative operations OF large scale.
The eo-called Western crowd, which is made up
of some Of the richest men In the country, was
in evidence, but the extremely bullish predic-
tions Of this element and its general invitation
20 the public to come into the market suggested
10 rome minds that it had more stocks for sale
than il wanted TO buy. The best sign that
confidence in the market IS returning re-
hected in an increase in investment purchases,
both in stocks and bonds and better demand
from commission houses for the account Of the
speculative public
Transactions were larger than on any other
day this year, amounting TO 9S7061 shares. of
which a large proportion was supplied by Anal
gamated Copper Atchison, 81. Paul, Baltimore
and Ohio. Missouri Pacific, Pennsylvania Rock
Island issues Southern Pacific. United States
Steel preferred. Brooklyn Rapid Transit. Sugar
Refining and United States Realty preferred.
Covering Of shorts on a larger scale than has
was a feature. especially in stocks such as Penn
syivania. Rock Island preferred and Southern
Pacific, which few months ago bear traders
were convinced would decline far below the Oc-
t0ber low record before material improvement
could be brought about. Compared with that
time stocks are selling at an advance Of from
10 to 20 points, and in some cases more as for
instance in Brooklyn Rapid Transit. which has
enjoyed a gain from its low record Of 1908 Of 30
points. In yesterdays market there were
strength and variety throughout the list of ac-
tive and inactive issues while in the bond de-
partment money appeared 10 be pouring in 10
nearly every mortgage issue quoted. The Rock
Island Is and 5s. the United States Steel sink
ing fund Js and the St Louis Southwestern
consolidated as were specially strong and ac-
1--WE. There are many good reasons for the pur-
chase Of stocks and bonds. and the public is ap-
parently gradually opening its eyes TO the op-
portunities offered. After the big advance of
The last few weeks and the growing activity of
- 60 d III 10y HltA any 70
expected, but the best judges IN the Street look
for further material Improvement in the course
of the next six weeks.
Ease in the money market. favorable advices
regarding the situation IN the Far East and
unnlistakabe change in speculative circles
regarding the outlook for year Of rising mar
kets were most important factors in the day
advance. There were many gains Of over
point, in Sugar Refining. which advanced
~; ST Paul az; General Electric. 3@.: Nor
folk and Western, ~ Pennsylvania rs: Re
public Iron and Steel preferred. 27L: Rock Isl
and preferred. As; southern Railway preferred,
A; United States Realty preferred 2ll and
Westinghouse. "a. There were no particular
news developments affecting the various issues.
except the declaration Of the quarterly dividend
of one-haf OF ] per cent on ANA lgamated Cop
per. Some people foolishy thought that an ad-
vance IN the rate would be made, and for a
brief period after the dividend announcement
there was a slight sag IN the stock. Railroad
earnings were favorable, call and time money
was easy, and foreign exchange was heavy. IN
the foreign markets prices We're strong. The
Bank Of England made change in its mini
mum rate OF discount, and money rates showed
declining tendency. IN the local cotton mar
prices were lower. Stocks closed near the best
of the day.