New-York tribune., 1905-01-21
BONDS.
STICK MARKET OPERATIONS.

TraDsa cSions in Yesterdays stock market were
heavy In volume on a movement OF values
that generally tended IN the direction OF
higher QUOTATIONS. There was a fair demand
from commission houses, despite the Boston
operators advice TO the public 10 sell its stocks
and bonds. while the more important specula-
tive Interests We're again active on the long side
especially in Erie, St Paul Sew-York Central,
Union Pacific, Reading. United states Steel pre-
ferred. the Chicago Terminal issues and Penn
rvlvaria- Chicago Terminal common and pre-
ferred made sensational advances, the dealings
an the shares apparently foreshadowins i'm
rortaut developments affecting the property in
connection with the financial reorganization Of
the company's affairs The chief exception 10
1he upward course OF values was presented by
AuaaIgauated Copper. which al one time sold a
point under its closing Of the preceding day,
selling doubtless representing disappointment in
speculative circles over the failure Of the direct
CTS 10 increase the dividend, the extra dividend
declared not being considered equivalent TO the
establishment Of the security on higher divi-
dend basis. All the first class stocks were taken
by good class of buyers Sentiment in the lead
sns banking circles was optimistic over the i'm
mediate future OF the market and, despite the ad-
vance that has already taken place in Stock Ex-
change values, a higher range of quotations was
predicted 1t is understood that certain de-
velopments are pending that are making for bet
Ter prices. particularly affecting Union Pa
cihc and other representative properties.
The recent large buying of Union Pacific is
understood 10 have been for the account Of J.
Pierpont Morgan and James J. Hill and the in
terests represented by these men, and il is nat
urally assumed that the Morgan-Hil interests
are seeking control of the property. Whether
they have yet acquired enough stock for control
Is not known, but their ownership is declared, at
ba Is
showing in earnings on its stock more than
1wice as much as New-York Central. and as
Nev-York Central IS selling many points higher
ihan Union Pacific. the latter issue. based on
the probable increase that viii be made in its
dividend in the not distant future, IS relatively
q cheap security. Il is said that the Morgan
J5n interest is willing to pay considerably more
than the present price for Union Pacific If more
of the stock is needed TO carry out its current
purpose Of securing absolute control of the prop
srty.
According 10 the Information that was re-
ceived yesterday. the interest that has hereto
gore dominated Union Pacific has actually been
deprived OF its control through a stock market
turn This idea naturally suggests the posi-
bilty Of a contest over Union Pacific, the out
come depending on whether or not the Morgan
Hill people can complete ;heir acquisition Of
stock. If more stock Is needed, before the old
interest can recover The stock which il Is said
10 have parted with on the recent advance in
the price Of the security. Irrespective Of the
present or future ownership Of the Union Pa
cfdc Company, the stock is attractive. owing 10
the marked increase in The value of its assets
and the improving traffic prospects in the terri
tory through which the conpany's lines run.
Many OF the cheap priced stocks We're in de-
snand. and the absorption OF these issues re-
Tected the Increasing confidence of the public
81 the financial situation. There are excellent
prospects for marked enhancement in the mar
bet values Of the low priced securities. and as
= matter Of fact the outlook favors higher quo
tations for about every stock on the list. The
monetary situation is extraordinarily favorable
for stock market operations. and according TO
the known movement OF currency in the week
the local banks have again added heavily 10
their cash holdings. and X IS therefore likely
that in tO-days bank statement material ex-
pansion viii be shown IN reserve above legal
requirements. An interesting feature Of the cur
rent stock market is the increase that has taken
place in the stock assets OF various railway com
panies that are large owners Of the securities Of
other railroads. This applies for instance. TO
the Canadian Pacific holdings Of. the 500
shares and OF the Duluth. South Shore and At
lanfic, which in the recent rise have increased
;n value over 100000.
IN the late trading decided strength was re-
ported In St Paul Northwest Reading and
New-York Central. The advance in Northwest
81 the last two days viii. II is said be followed
by a sharp upward move "a New-York Central.
big -Four" was also sn active strong feature