New-York tribune., 1905-01-05

STOCK MARKET OPERATIONS.

Stock market values moved IN an irregular
manner throughout the day on a moderately
sot,ve volume OF business. with the heaviest
transactions in AmRlgamated Copper. Colorado
Fuel and Iron, Erie New-York Central, Mex
.can Central. Reading, Rock Island. Chicago
Terminal, Southern Pacific. Pennsylvania, Union
Pacific and the United States Steel shares. In
these issues price changes as a rule. were small
.he largest maximum movements being supplied
BY New-York Central. Amalgamated, Chicago
Terminal Union Pacific, Mexican Central and
Reading, which IN the greater part Of the day
showed periods both OF strength and weakness.
Opening prices in the general list were above
tie anaI figures OF the preceding day. but n the
second hour heaviness developed in many secu-
rites owing 10 the falling OF n the commission
house demand. which attracted some selling by
the professional element There was. however.
10 important Liquidation and there was evi-
dence of selling for the account Of substantial
interests Indeed the latter were quiet buyers
Il various parts OF the list, particularly IN the
United States Steel shares. Erie Analgamated
Copper. Union Pacific and New-York Central
Leading banking houses reported z good demand
1o- bonds and high class stocks from investors.
but IN the purely speculative field there ap-
pssred TO be e disposition the part OF public
operators 70 wait for some sign as 70 the atti-
tude OF the big men" before taking positive
stand in the market According TO the express
sions OF opinion among the larger speculative
interests higher prices are expected IN the cur
rent year.
Many encouraging monthly railway reports
were received yesterday. notably those Of the
Southern Railway. the Pennsylvania, Union Pa
c!hc and ST Paul Pennsylvania showed an in
crease in gross on the lines east of Pittsburg
for the month OF November Of S653. 800 and an
Increase IN net Of 1927 800. and on the lines
west OF Ptttsburg an increase IN gross Of $685.
600 and az increase IN net Of S622 800. making
to- The Two divisions a total gain in gross OF
S1.6l320o and q total gain in net Of $3.50 400
Union PaciAc's gross earnings IN November in
creased $685.. .O09 and net earnings S291 600
while the Southern Railways gross earnings for
the same month showed q gain OF S462 939 in
gross and a gain Of S212963 IN net. comparison
being made with the corresponding period IN
1909 Results Of this sort show the substantial
character Of the Improvement that is going on
Il TIE country's industries. and furnish one Of
the reasons for the current optimism in Wall
Street over the future Of the stock market. With
large railroad earnings. heavy bank clearings.
big exports Of manufactures and easy money
Il Is difficult 70 understand why any should
not be cheerful over the outlook for year Of
active business on the Stock Exchange. In the
Gfternoon dealings prices moved within narrow
limits and little interest Was taken in specula-
ton. although sentiment was bullish in the
greater number OF brokerage offices. Reading
and Union Pacific were the leading features OF
the late dealings the former showing consid-
ersble strength. while the latter was heavy IN
der the influence OF profit taking sales Union
Pacific doubtless win be one Of the chief feat
ures IN the speculation IN the course OF the next
Few months. and the strong financial position Of
s-e
sue. Weakness IL the Chicago Terminal shares
was due 70 the announcement that the company
would be unable 10 meet the interest on its
bonds, while declines IN the general list IN the
hnsl operations merely represented the transac-
rons of the professional element which in the
Ebseuoe OF an ectfve demand worked on the
short side