New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-04-27
BONDS.
STOCK MARKET OPERATIONS.

Advancing values marked the course Of Stock
Exchange trading yesterday on a volume OF
business that amounted TO 1.191,45S shares AS
there were no unfavorable Developments affect
ing the actual worth OF investment securities
and as there was a strong tendency on the part
OF the substantial market interests 10 operate
for higher prices. the advocates Of the short SIDE
OF speculation were unable to make any head
way IN the direction Of lower quotations until
the last hour and as a consequence the greater
number OF boardroom traders were inclined TO
follow the general tendency, which was in the
direction OF better figures throughout the first
four hours Of business. Strength in Northern
Securities on the curb and heavy buying Of
Union Pacific created the impression that the
Northwestern railway situation would be set
tied in manner satisfactory TO all the interests
concerned and that agreement had been
reached between the Hill-AIorgan and Hartman
parties which would tend 10 promote harmony
among the men who are actively identified with
the Great Northern. the Northern Pacific and
the Union Pacific. This. Of course. is a mere
surnise. but # IS fact. nevertheless. that Mr.
Hartman, Mr.. Morgan, Mr.. HIN and other sub
stantial railroad men and fnanciers are most
anxious TO further the community OF control
theory. whidh means so much for the welfare
Of investors in American railroad securities.
Northern Pacific's strength contributed TO the
better feeling that prevailed on the Stock Ex-
change relative TO the Northern Securities set
tlement.
Ia the active list important advances We're
made by Amalgamated Copper. st. Paul. Metro
politan, Union Pacific, St. Louis Southwestern
preferred, Colorado Southern, Kansas City
Southern. American Sugar Refining. American
Locomotive. Illinois Central American Smelt-
ing and Louisville and Nashville. Northern Pa
cifc was dealt in 10 the extent Of nearly 5000
shares at a maximum advance Of u points and
a net gain Of I points In Canadian Pacific
there was accumulation by the same interests
who for SO long period have been buying the
stock, and the fact that IN the recent decline
this issue failed 10 suffer materially served to
attract other buyers, who apparently liked the
way the shares acted. The forces that gave
value 70 Chicago and Northwestern and Great
Northern have been operating for many years
IN the Canadian Pacifc's territory a reflection
OF which is seen IN the enormous earnings Of the
Canadian company and in the buying Of the
stock of the road by some OF the strongest men
in New-Yorl. Montreal and London. There has
been much talk about q pool in Canadian Pa
clio. but, as q matter OF fact there is no pool
az al. The movement IN the stock representing
the operations OF men who are not buying the
issue FOR q mere speculative turn. The mystery
OF the movement OF Louisville and Nashville in
the last fortnight, apparently, was explained
yesterday afternoon IN the report that the At
1antic Coast Line. which controls the Louisville
VIII guarantee Z per cent on the latters stock
This report was followed by profit taking sales
1n louisville and Atlantic Coast Line shares
the influence OF which was felt throughout the
entire list 70 degree that carried the majority
OF issues well under their high prices although
IN most cases final quotations showed net gains
Commission houses We're fair buyers for the
account OF public traders. and while on the ad-
vance there was a good sized volume OF profit
taking sales the days operations showed pur-
chases on balance. Many. ia fact most. OF the
weaker accounts were eliminated from the mar
ket IN the recent decline. and as a consequence
the technical position Of speculation favors
operations for the rise at this time. especially
as the liquidation in Mondays market was not
accompanied by unfavorable developments in
the world OF business and money. That period
OF sustained bear activity is long way off is
reflected IN the willingness OF substantial traders
70 accumulate securities at the current level, in
the active buying by rich public operators and
IN the bullish tone Of market advices which are
now being put out by the best and most con-
serVative banking houses in the Street Natu-
rally 10 one OF common sense believes that the
market viii continue 10 advance without further
setbaczs, but the greater number Of people in
the financial community expect TO see higher
prices than any recorded 50 far this year Il is
worth nodng that prices recover easily after all
declines ana thar advancing values are accom-
panied ~ aa expanding tendency IN dealings.
while bear attacks bring out only the holdings
OF weakly margned dealers.
BOND MARKET TRADING.