New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-07
BONDS.
STOCK MARKET OPERATIONS.

There was good demand for stocks through
out the greater part OF the day on n movement
of values that was generally in the direction of
higher quotations. with the heaviest gains In
United States Steel preferred which closed at
net advance of per cent; Atchson preferred,
Canadian Pacific Colorado Fuel and Iron,
Iackawanna. Union Pacific and Erie. Commits
sion houses reported a fair demand for securi-
ties especially in bonds. in which transactions
were relatively more active than in stocks. The
fact that mortgage issues have been in better
demand in the last few days encourages the be-
lief that confidence Is revivlng among investors.
ana If is thought in well informed circles that
there will be gradual expansion in investment
business in the course Of the next few months.
1t Is pointed out that conditions governing the
actual value Of bonds ale growing stronger
every day. There is nothing intrinsically weak
in the situation affecting the railroad business
in the United States and there is little In the
state Of general business that suggests an I'M
portant reduction in the volume Of transactions
in the industrial world. Sound concerns are en-
joying excellent profits, and the reaction that
began last fall is now being followed by n re-
vyal OF activity I'm various lines, notably I'm the
iron and steel trade evidence OF which IS pre-
scented in the quarterly report Of the United
States Steel Corporation The Improvement in
earnings Of this concern IN the last month as
compared with the preceding month and with
January was responsible for the activity OF the
preferred stock I'm yesterdays market Dealings
in this issue were heavier than the operations In
any other stock on the list. amounting 10 over
III 600 shares. II the company continues TO en-
low Improvement in earnings as reportef in
March dividends will be fully earned IN the cur
rent quarter on the preferred stock.
In addition to the heavy trading Of the steel
,seues-the common was also active-thcre were
large transactions in Amalgamate1 Coppe-
AtchIson. St Paul Erie. Missouri Pacific Pen--
svIvania Southern Pacific and Union PaciaH
There was little inte~es- exhibited n the posi-
ton Of the so-caHsd merger companies ana tire
Street was free from reports regarding the
future Of the various properties Even ne"
suit brought in New-Jersey to prevent the car
rving cut OF the Morgan-HiI plan for the distr'-
b,,tio- Of the securities exchanged for Northern
SecurIte7 stock had no effect on speculative sen
tirr4n+ And the announcement Of gold ship
roents hv to-morrow's steamer Of more than
SO 600 600 and the publication Of the plans Of
the Chicago. Burlington and Quincy Railroad 70
increase its bonded debt by the issue of Sl4.'"l-
600 bonds 20 take M temporary notes were not
considered bear cards on the stock market. \
few months ago stocks would have declined on
this news. hut yesterday it was considered a hul
argument a sure indication that sentiment mas
undergone a wonderful change. The fact that
the Burlington company offered these bonds at
this time and the fact that they were all taken
by well known banking houses are pretty good
evidence that conditions are much better than
they Were several months go. Increased invest
raent buying was feature OF yesterdays mar
ket. operations Of this character being noticed
in the preferred shares Of various railroads, as.
Tor instance in Atchison preferred. which gained
over per cent. Foreign houses bought in the
local market and in the London market Aner-
can stocks were in good demand In the money
market rates yerc unchanged. while in sterling
exchange quotations were higher The outlook
for further gold exports is encouraging.