New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-18
BONDS.
STOCK MARKET OPERATIONS.

7-ro,sac.ions I'm Yesterdays stock market
again reflected an increased Interest on the part
OF the advocates Of higher prices and slightly
better inquiry from the so-called public Quota
tions were strong in the greater part Of the day
on a volume Of business that amounted TO
So shares. with the heaviest dealings IN
Amalganated Copper. Atchison. Baltimore and
Ohio. Brooklyn Rapid Transit. 81. Paul. Penn
sylvania- Union Pacific and United States Steel
preferred. In these issues advances ran from
large fractions TO l per cent and above. Clos
ing figures were generally at the best OF the
day. while sentiment in most circles appeared
TO be buIlish. The Northern Securities decision
has been effective IN causing a wonderful
change I'm speculative ideas on the stock mar
ket; indeed the change has been 50 marked that
the shorts are much disturbed over their posi-
ton the movement Of values being contrary 10
their precouceived notions regarding the effect
on prices Of an adverse decision I'm the Northern
Securities case. A big drop In values was
looked for. hut instead Of a decline the market
has advanced every day since the decision
This movement Of course. IS not surprising 10
intelligent observers. for the simple reason that
the merger decision can IN no way he con-
sidered an adverse influence on the intrinsic
values Of securities The only possible source
Of danger. as mentioned IN The Tribune yester-
day, lies IN the remote possibility OF a renewal
OF the fight between the Hul-Norgan-H arri-
man interests. It hardly appears possible. how
ever. that IN bringing the companies forming
the Northern Securities Company back 10 their
original status dissension among the leading In
terests VIII be permitted 20 develop.
Pennsylvania stock was In good demand
throughout the day and inside buying was re-
ported This issue was The leading active feat
ure I'm the railroad list. and its advancing
tendency eNerted a favorable influence on all
railroad stocks. buyers assuming that activity
in Pennsylvania reflected confidence on tho part
Of the more important market interests IN the
ability Of this road 20 maintain its dividends.
desnlte its large increase I'm Capitalization 81
Paul was also actively bought. and at the close
its price was over points above the preceding
days last quotation. 50. Paul has many friends
and for many reasons the stock IS considered
the most attractive OF thc railroad sc~urities
Liquidation in the commodity markets and
more favorable weather in the winter wheat
belt added strength 20 the bull side OF stocks
while more favorable reports from trade centres
were not without effect on speculative sonfi-
nent. There was no change % importance in
the local money market. but sterling exchange
was again firm. bringing the market 20 within
a fraction Of the gold export basis There was
some talk of gold shipments 20 Europe within
the next ten days, but 10 caused no uneaslness
on the stock Exchange. owing 20 the strong
position Of the local banks. Foreign banks are
not IN need Of our gold. but We may soon find
shipments Of the metal the cheapest form OF re-
mittance.