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

transactions in yesterdays stock market were
moderately active in volume in the two hours
OF trading on an irregular movement OF values
that ended the day at net losses in the greater
number of issues. In the first hour OF tradtne.
prices generally were under the closing Of the
preceding day with the chief weakness in the
active stocks in Amalgamated Rock Island and
Union Pacific IN which net declines reached sub
stantial fractions, while in the case of ArnaIga-
mated the maximum loss amounted to over
per cent. Offerings appeared to be well taken
throughout the list. especially the steel and COP
per shares. and Notwithstanding the reaction IN
the day sentiment IN speculative circles was
bullish at the close over the outlook for better
prices IN the new year. In the last half hour of
trading partial recoveries from the low prices
were recorded in the greater number of issues
while in a few stocks notably Amalgamated
Copper and Baltimore and Ohio, final operations
showed rapid improvement from the low point
OF the day. Amalgamated closing UNCHANGED
from Friday and Baltimore and Ohio at a net
gain OF over 1 per cent In the United States
Steel issues transactions were heavy at the
expense Of values. but there appeared to be an
excellent character of buying of these stocks
on the downward movement, notably in the pre-
ferred. which. according 70 the opinion of well
Informed observers. will sell above par In the
new year. Speculative sentiment is extremely
optimistic in the copper and steel shares, and
in fact. in all of the Industrial securities owing
to the remarkable strength IN the countr5's in
dustrial position and the splendid outlook for
1905
Bank statement figures were considerably at
variance with the estimates made Friday, but
the changes from the preceding week were not
surprising in view of the preparations incident
to the January disbursements. For instance
loans increased over S9OOOOOO the first gain
IN this item for many weeks, while deposits in
creased nearly S10OOOOO0 and cash deceased
over 100000, against an estimated decrease In
loans and deposits and a much larger expansion
In cash than actually took place OF course
the increase in loans merely represented changes
brought about by the arrangements for the jan
uary fiscal operations. while the failure of the
banks to show a large increase in cash doubt
less represented local operations that were not
included in Fridays estimates OF the weeks
movement or money. AS result OF all changes
reserve above legal requirements decreased. 81.
563.S00 to S136S3, ,425. which compares with
$9,541.S75 in the same period a year ago and
S1O193,S5O in 1903 Compared with year ago
loans of the associated banks show an increase
OF S15S,130.7OO. while cash holdings show an
increase OF S0S,6O91OO. Bank conditions are
extremely sound. and the prospects favor a
large increase in cash and reserve holdings In
the new year, especially in the first two months
when the movement of currency will be In favor
OF New-York 1t is interesting to record the
fact that in the last week of 1904 receipts OF
currency from the interior were heavier than
in any corresponding week in the history Of Wall
Street. According to the opinions expressed in
Wall Street yesterday, the new year in the stock
market will be one Of activity and strength, this
forecast being based on the substantial charac-
ter Of the country's Industrial activities and on
the expected prolonged period Of ease in money
rates There certainly IS nothing at the moment
upon which the bear trader can base a legitimate
campaign for lower prices and even If the Bos-
ton operator sends forth further blasts against
the copper and steel stocks there will be no
reason for uneasiness in investment circles.