New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-08
BONDS.
STOCK MARKET OPERATIONS.

While stock market trading exhibited great
irregularity at times in yesterdays dealings the
general tendency Of prices was in the direction
OF higher figures last quotations showing many
substantial gains, notably in United States Steel
preferred. Amalgamated Copper. Anaconda,
American Car and Foundry preferred, Atchison
preferred Colorado Fuel and Iron. Missouri Pa
ciAc, Rock Island issues. Southern Railway pre-
ferred and United States Realty preferred. The
advance in the last named due TO an ag-
gressive movement against the shorts. based on
the settlement OF the building strike. In United
States Steel preferred transactions were again
heavier than in any other part Of the list.
amounting to over 100000 shares. while there
was also a moderate degree Of activity In the
common stock, which. however did not enjoy
an important change IN its price. While it is
generally recognized that Il viii be long time
before the company VIII be able to resume
dividends on its common stock. It is believed
that the payments on the preferred Will be main
tanned at the current rate. unless there should
be a long period Of extraordinary business de-
preston, OF which there is now no indication
Foreign houses were active purchasers OF Steel
pre,erred and nearly every local house had
buying orders I'm the stock Union Pacific con-
tfnued to be in good demand. but there was no
material change in It's price
Reports from various sources that the Hil
IN case The court decides that the Hartman IN
.erests are entitled to their original holdings In
Northern Pacific make efforts TO win their point
by encouraging proceedings against the Oregon
Short Line on the same basis as the suit that
disrupted the Northern Securities Company
have little influence on Wall Streets present
hsppv frame Of mind. The opinion Is growing
stronger every day that whatever legal steps
NAV be taken by either side they VIII be In the
interest OF all the parties affected by the recent
s,rrrerne Court decision. and that the negotia-
t,ons leading TO a settlement OF this much mixed
case Will not be accompanied by disturbance IN
the financial markets. When the various inter
ests were engaged in n warfare that threatened
10 bankrupt the whole financial community Il
way was found to adjust all differences. and
now rs the highest court IN the land has de-
cided that that way was not the right way II
IS absurd TO suppose that the great hnancleTs
connected with the Northern Securities Com
pany will not md way TO reach a salts
factory and legal settlement Of the questions
at issue There was a good demand for the Gould
shares in yesterdays market especially Mis-
souri, Pacific and Wabash preferred Missouri
Pacific as a 3 per cent stock must, Of course.
be classed as a cheap security Mt its present
market value but It would not be safe to believe
and operate on a belief that its quotation will
not reach a material higher level in the
OF time. This company has expended large
amount Of money its property, the effects Of
which are reflected in more efficient passenger
and freight service in its ability to handle more
traffic at n cheaper cost and in the general con-
dition of its road and equipment Earnings con-
tinue to show large gains over the correspond
ing time I'm the preceding year. and the pros
porous condition Of the Southwest encourages
the belief that there Will be falling off in
traffic receipts for many months to come. The
Missouri Pacific is doing heavy business be-
tween St. Louis and Kansas City, and its re-
ceipts viii largely increase this summer through
the Louisiana Purchase Exposition. Great i'm
provement has been made in the company's
passenger service between the two cities named.
Although there was much professional trad
ing in the days market, the demand for securi-
ties from the outside was active. especially from
actual investors. This was reflected in the
dealings in the attractive preferred railway is
sues as for instance, Atchison preferred and
Southern Railway preferred. both Of which adj
vanced over l per cent. There was, also, an
INQUIRY for some OF the solid industrials. such
as American Car and Foundry preferred and
the International Pump securities II the stock
market is to enjoy a period of stock market
tivity the chances are that the Industrial stocks
OF merit will be taken by careful buyers. There
was no change in the money foreign exchange
markets.