New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-06
BONDS.
STOCK MARKET OPERATIONS.

Stock market values We're strong in the great
er part of the day on a volume of business that
amounted to 631,64T shares. Commission
houses reported better inquiry for the account
OF the so-called public while the general move
ment Of values created the impression that i'm
portant interests were accumulatng securities.
Activity in Southern Pacific and Union Pacific,
good demand for Atchison, st. Paul. Rock
Island. Wabash preferred and United States
Steel preferred. and an investment inquiry for
railroad bonds encouraged the belief in specu-
lative circles that a period Of stock market
buoyancy had developed. The fact that opinion.
expressed in the public prints. favored the
theory that the action by the Hartman inter
ests in seeking, through the courts to upset the
Morgan-Hiu plan for the settlement Of the
Northern Securities puzzle was not friendly, np-
parently exerted no influence on speculative
sentiment. as there was no attempt TO bear"
the market. The Street does not believe that
friendly relations exist between the Hartman
and Morgan Hill interests in the Northern Sc
cUrities Company, but on the other hand II IS
confident that the present situation will not de-
velop animosties which win lead to disturb
ances in the stock market. a few days agO-in-
deed. in Mondays market-there was covering
Of shorts, on the theory that buying Of Union
Pacific reflected operations for tho control OF
the idea was not seriously entertained in well
Informed quarters.
II IS possible that in addition 20 the buying
by the shorts in Union Pacific. there has been
an accumulation Of the stock by people con
neCted with the so-caIIed merger roads and ST.
Paul for the purpose Of establishing a commu-
nifty Of interest TO take place Of the North
ern Securities Company. II is 20 be hoped that
something OF this sort will be shown by future
developments. but at the moment the situation
is surrounded with darkness. save I'm respect
to the position OF the Union Pacific PEOPLE re-
Earding the company's ownership Of Northern
Pacific stock.
In considering the suit that the Union Pacific
has brought to upset the plan for the dstrlbu-
ton Of securities against which Northern Secu-
rites stocks were issued. II should be borne IN
mind that if for no other reason it was neces-
sary to bring the suit for the protection Of the
trustee under the mortgage by which the bonds
put out by the Oregon Short Line for the pur-
chase of the Northern Pacific stock are secured.
There some poorly advised people I'm Wall
Street, who are endeavoring TO brighten investors
by predicting a repetition OF the serious dis
turbances that upset the stock market in May,
1901 They fooishly argue that the advance
in Union Pacific forcshadows a movement sim
liar to that in Northern Pacific three years ago
but fortunately they unable to secure q
public following. Investors are not alarmed by
the Nominations Of alarnsts or by the un-
truths Of certain spectators. In view Of the
various developments Of the last few months
the stock market shows remarkable strength
rejecting strong ownership Of securities and
unusually sound conditions governing the actual
value of securities.
United States Steel preferred was strong
throughout the day. and at time there
any doubt regarding the dividend payment
Although the company failed TO earn its divl-
dend for the quarter. the regular quarterly rate
OF Is per cent was declared. this action doubt
less being based on the fact that the company's
earnings are picking up, the March figures
showing gain OF 81. 259337 over February and
a gain Of nearly 100000 over January. The
deficit after the dividend was 81 so, 100 against
a deficit Of S4.2J1 4Sj in the December quarter
and a surplus Of $S79.O46 q year ago, when
however. = dividend was paid on the common
stock. The total decrease in net earnings for
the quarter was ST, Sj9, S21 from the same
quarter last year. In the general railroad list
advances in the active issues generally averaged
point although final prices were at recessions
Union Pacific was irregular under the influ-
ence OF profit taking. and closed at small net
loss In the local traction group prices were
marked by decided strength, while Of the in
dustrials Amalgamated Copper and Peoples
Gas were leading features the first named adj
vancing over points and the latter declining
over I point Money rates were easy and ster-
ling exchange was lower.
THE DAYS OPERATIONS IN BONDS.