New-York tribune., 1905-01-25
BONDS.
STOCK MARKET OPERATIONS.


Dealings in yesterdays stock market showed
e material contraction in volume as compared
with the operations of the preceding day. while
the movement Of values presented great irregu-
larity With early gains and late declines. the
Gov inward movement in the afternoon carrying
the majority OF issues under the last quotations
in Mondays market. In the morning there was
no evidence Of the uneasiness that dominated
the speculative community in the day before
relative 10 the St. Petersburg situation. while
IN the foreign markets the course of prices ap-
parently reflected confidence in financial circles
!n the belief that the uprising in Russia would
rot reach the proportions of a revolution. Fore
noon transactions were marked by covering Of
shorts and cautious buying by the commission
house element and, as a result OF these pur-
chsses prices advanced throughout the list, with
the chief improvement IN American Smelters.
800" preferred, Reading. Southern Pacific. st.
Paul. American Hide and Leather and Union
Pacific.
IL these issues, however, advances failed TO
run beyond / per cent. except in American
suelters while in the late trading the improve
nlent was lost There We're no developments
accounting for the weakness in the last hour,
but traders appeared TO believe that the latest
news from the Russian capital not reas-
suring. Although arbitrage houses were buyers
in the early market they had stock for sale in
the afternoon. and this fact doubtless was an
influence in attracting short sales among the
professional element. As a consequence of the
decline in the final dealings the greater num-
Der Of issues closed at small net losses.
A feature Of the financial situation 10 which
adequate consideration has not been given IS
the increase in the dividends previously paid, the
declaration OF extra dividends on various stocks
and the placing Of some non-dividend paying
issues Oh the dividend list. The directors Of
the concerns which have made these additional
disbursements have been compelled to take such
action. not alone by the existing prosperous
condition Of the companies, but by the highly
favorable outlook for the next year at least
and Il Is probable that an example has been set
that Viii be followed by many other corpora
lions. Increased dividends have recently been
paid by the Louisville and Nashville, the Nash
vile and Chattanooga. the Omaha end the Penn
sylvsnis Company controlling the Pennsylvania
lines west Of Pittsburg), while extra dividends
have been declared by the Illinois Central and
the Amalgamated Copper Company. a bonus
has been paid by the Delaware. Lackawanna
and Western, a special dividend has been paid
BY the Ontario and Western and dividends have
been begun on the common stocks Of the Read
ing and Lehigh Valley. This dividend tendency
reflects the Improvement that has taken place
tr the couptry's business position and the ex-
tremely promising prospects in the industrial
world FOR the current year IN tine these fac
ters VIII exert a greater influence on the stock
market than noted at present and in view Of
the substantial character Of these features Of
the Investment situation it is easy TO see why
50 many people are maintaining 2 strong posi-
;on On the long side OF the market
Foreign markets closed strong, even the Rus
sian issues showing strength In the final deal
ings in London ana Paris. japanese issues were
IN active demand. on the theory that the de-
velopments in Russia would be followed by
speedy termination Of the war I'm the Far East
While the buying Of the Russian bonds re-
hected feeling Of confidence among the Paris
and London bankers in the belief that the cur
rent disturbance I'm the Russian capital VIII be
followed by a settlement Of the grievances Of the
people or else a change in the government that
viii serve TO improve rather than weaken the
credit Of the Russian nation
Regarding opinion in the foreign markets, II
is interesting TO record the fact that ca bic dis
patches report that sentiment has been most
favora bly, affected by the establishment of a
practical American protectorate In Santo Do
ningo. Foreigners believe, and they have good
reason FOR their belief. that the santo Do
mingo development means that the Central
American republics IN the future will be COM
PEELED 10 behave themselves, or else be tslke,
under the protection and control of the United
States. There was change of importance
IN the local and foreign money markets. In the
foreign exchange market Indications pointed 70
further exports Of gold. sterling rates-bene very
strong.