New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-05-12
BONDS.
STOCK MARKET OPERATIONS.

After dulness and irreguiarity in the morh-
ing dealings the stock market became strong
and active in the afternoon under the infu-
ence Of buying by substantial market interests
and covering by the shorts, the latter element
being frightened by the appearance Of tmpor-
tant traders who gave unmistakable evidence
of being firm believers in higher prices. In the
more active issues advances of per cent and
above were common. while in Northern Pacific
the gain TO above per cent, in Union
Pacific 10 nearly 4 per cent, and in St. Paul TO
. per cent. on the curb Northern Securities
advanced per cent. The fact that represen-
tative shares throughout the list were in de-
rnand the resumption Of activity in the So
called Hartman issues and the evidence of a
big short interest in the market attracted COM
mission house buying IL the last hour and as
a consequence the best prices of the day were
made in the final dealings, closing prices gen.
orally being at the highest Outside of the
solid factors that have been working for so long
a time in the interests Of the intrinsic worth of
investment securities, the Street naturally
found additional argument for tbs holding
Of good stocks and bonds in the government
crop report, which indicated the largest winter
wheat harvest in the history Of the country.
There are so many favorable features in the
general situation that Only the most pessimis-
tic people find reason for selling stocks at the
current level, and in view of the fact that the
recent speculative troubles have been elim-
mated market factors, there is much in favor
of the theory that prices will work to a better
quotation level, barring, of course, the devel-
opment of really adverse news
The rise IN the market started with pro-
nounced strength ir the shares associate with
the Northern Securities situation, and naturally
1t was assumed that important Developments
u were pending affecting the properties concerned
II There is good reason 10 believe that the actual
Vvalue Of the holdings Of the various stocks will
De materially increased in the current year.
evidence Of which is presented in the accumula-
ton OF the stocks by some Of the largest fnan-
clal interests in the country on the recent de-
cline and in yesterdays dealings. In the copper
shares' both on the exchange and on the curb
there was good demand from an excellent class
Of traders Amalganated being one Of the active
features OF the day. while Anaconda, on an in
Festment demand. advanced 21k to Ill II should
be remembered that the par value Of Anaconda
Is go The Anaconda company IS one Of the
biggest smelling companies in the world = fact
that does not appear to be generally appreciated
and based on its merits the Anaconda stock is
selling at price that ought to attract a larger
Inquiry. There are signs that the differences in
the Montana copper fields between the Heinza
and Amalgamated people will soon be settled a
reflection Of which is seen In the movement on
sent the Heinze properties. In the general rail-
road list the afternoon buying included good
sized blocks of Louisville and Nashville uljnots
Central. New-York Central Reading and Cana
dian Pacific. The fact that the last named stock
has held up so well under the forced liquidation
OF the issue in the London market has attracted
new buyers and has served TO increase the conf
dence Of the investment interests. who not only
have not sold the stock but who have added to
their holdings on all declines If the general mar
ket is 10 go higher Canadian Pacific will not
be laggard. especially as it will not be affected
by the silly talk that is heard in some quarters
regarding the wreck and ruin that VIII follow
possible railway rate legislation
Active buying developed IN the United States
Steel shares also in American Smelling Amer
lean Steel Foundries preferred, and Tennessee
Coal and Iron The only important weakness
was presented by the local traction issue and
Consolidated Gas. although in the case of Brook
lyn Rapid Transit the early loss was recovered
before the close Selling of Consolidated Gas
came from houses with Tammany connexions
Pressure on the traction shares appeared n he
based on the idea that the Supreme Court might
hand down decision against the cornoro+io,
IN the franchise tax case next Monday Pa
gaTding earnings Of the traction cornpanies -
is interesting to record the fact that desnite
the recent strike on the Interborougb lines 20
suits Tor the quarter ended March !, figures of
which were received yesterday make a mosr
favorable showing for the Manhattan and sub
way divisions. OF course, compared with lat
year, two companies report instead of one bu,
taking the Manhattan figures alone, a loss of
only S739,516 is shown in gross earnings and
decrease in surplus of only S1OSO4l With
the Subway's figures included there was gain
In surplus of S52ToS5. Gross earnings of the
elevated line were S1,62s, $50 larger than those
of the Subway in the last quarter the note
worthy feature Of the showing; being the fact
that the elevated surplus. as compared with the
corresponding quarter last year, has not bAep
anecteo materially by the labor disturbance.