New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-16
BONDS.
STOCK MARKET OPERATIONS.

Trading in yesterdays stock market was large
in volume on a movement of values that gen
orally tended In the direction Of higher quota
tons Activity and strength especially
marked in the Hartman stocks. notably Union
Pacific. which enjoyed maximum advance of
more than points. and net gain OF 39s
points. Southern Pacific was up more than
point. while the railroad stocks in general pre-
scented decided frmness. final prices showing
advances in most issues, as compared with the
preceding days close. Activity in Union Pacific
helped by the announcement that the Har-
riman-Pierce petition against the distribution
of Great Northern and Northern Pacific stock,
held by the Northern Securities Company, on
a pro rata basis had been upheld by the New
Jersey courts. The idea that this decision.
which grants the injunction restraining the
Hill people in the Northern Securities Company
from making their proposed distribution Of the
assets OF the concern. may result in protracted
litigation in the courts failed 10 exert any
influence Wall Street sentiment. Possibly
this due to the general belief that the &C
ton OF the Hartman interests in-the Northern
Securities Company represents friendly move
ment their part 10 determine whether or
not the winding up of the Northern Securities
Company Is being conducted in manner which
will be for the best interests OF the stockholders
II may be recalled that the Hartman people
recently announced that they did not desire con-
troll OF the Northern Pacific company. and that
their actual holdings Of the stock did not give
them r majority ownership. 1t may readily be
seen. however that with n large amount OF
Northern Pa cifc stock held by the Union Pacific
system. the Hartman interests could easily
secure enough proxies TO make their control alb
soute
Commission houses moderately active
buyers OF stocks throughout the day, while the
more important speculative interests showed a
decided tendency TO operate the long side OF
the account. The so-caled Western crowd
bought Union Pacific. Brooklyn Rapid Transit,
ST Paul. Atchison and Ontario and Western
and reports from houses which operate for the
large Western plungers indicated a steady ac-
emulation OF various first class issues by. the
Western element. Mexican Central was &C
tive feature the movement IN the issue being
accompanied by the report that the floating debt
OF the company would be taken OF through
an issue OF notes. The fact that much Ameri-
can capital is going into Investment channels IN
the Mexican Republic naturally attracts atten-
ton to the securities OF the Mexican railroads.
These properties need large amount of money
TO place them on a basis where they will be able
TO handle their traffic al a cost which will leave
satisfactory net results. and the chances are
that they will be able to secure all the capital
they need for improvements and extensions.
while It is safe TO predict that eventually the
stockholders OF the Mexican Central and the
National Railroad of Mexico will receive fair
return on their investment. Ontario and West
ern was an active strong feature. and II was
reported that the stock was being absorbed on
inside information that the directors would soon
declare a small dividend. thus dissoIving the
voting trust. The heaviest transactions in the
day were I'm Amalgamated Copper Baltimore
and Ohio Atchison st. Paul. Erie. Mexican Cen
trail. Norfolk and Western. Ontario and West
ern Rock Island Reading. Union and Southern
Pacific and United States Steel preferred. Nor
folk and Western was strong at an advance Of
nearly points. while throughout the list the
low priced stocks in general were moderately
active and firm on good class of buying Many
careful buyers are accommodating the low priced
stocks such as Erie. Missouri. Kansas and
Texas issues. Texas and Pacific and Chesapeake
and Ohio to hold for higher quotations
Prices touched the high point in the after
noon Union Pacific selling above 81. against
p3% the closing of the preceding day Final
quotations were under the highest while spec
ulative sentiment appeared 10 be most bullishly
inclined Many good market judges advised
their friends yesterday to take the opportunity
of realizing their profits If there should be an
early advance In Mondays market Money
market conditions were unchanged. both call
and time funds ruling at low figures. Accord
ing 10 the known movement OF money In the
week the local banks have gained over 50 oOO =
900 In cash holdings made UP of receipts of cur
rency from the interior. new gold and gain on
regular Sub-Treasury operations with the Clear
ing House. 1t is probable that the loan account
has been largely expanded IN the week but II
is not likely that the increase in loans and de-
posits has been large enough to offset the gain
In cash. 1t may be we'll to bear in mind. how
ever that in the last two weeks the estimated
movement OF currency has shown large in
crease In cash by the local banks. while the
statement OF the Clearing House for the week
has reflected only insignificant amount of
this gain
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