New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-03-28
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
Although prices for many active issues de-
clined in yesterdays stock market, there was
no indication of important selling. and no dis
position on the part Of the substantial interests
10 take the bear side of speculation. except Tor
a turn only. The fact that announcement was
made in Washington that there soon would be
another call national banks for considera-
bile amount of government money held on de-
post together with large transfer of currency
to the interior and sitter money rates in Paris.
induced the boardroom element to attack values.
and In the temporary absence of support from
the leading market interests, success attended
the efforts Of the operators for the decline.
Declining quotations caught number OF stop
loss orders and developed the fact that there
were still number of weak accounts IN the
market The elimination Of these accounts
ought TO improve the general position of specu-
3ztion- and If it should be found that the reac-
aion has not yet run its course the larger In
Gterests will not be at all alarmed. The very
fact that the market has reached point where
Frequent reactions occur is encouraging sign
leor the future Of bull speculation. While the
shares that have recently been extremely active
and strong showed decided weakness, espe-
staIIy in the last hour OF trading, there were
many instances Of pronounced strength, as,
Tor instance. the railway equipment shares,
United Cast Iron Pipe stocks and the Alis
Chalmers securities. the last named advancing
1H for the common and 61z for the preferred.
St Louis Southwestern preferred also was firm
on small volume of business that represent
ed accumulation by the same interests who
have been buying the stock in the last few
weeks At the close Union Pacific showed a
Joss " more than points, while losses of
] per cent and above were suffered by Atchi-
ton St Paul Northwest Colorado Fuel and
Iron. NeN-York Central, Pennsylvania, Read
ing Southern Pacific, Tennessee Coal and Iron,
United States Steel preferred and Wabash pre-
ferred The general market weak at the
close. last prices rule being at the lowest
of the day.
While the demand for stocks in yesterdays
market not particularly active for public
account, commission house brokers received
many inquiries from customers regarding the
advisability of making purchases at the current
level. and in the greater number of cases replies
suggested the wisdom Of taking a position on
The long side, owing TO the known presence in
The market of substantial speculative interests
and to the good sized reaction that prices
Gently enjoyed The 'bg men," called are
advocating the bull side for the next two months
at least. and they are backing their opinions
with large purchases in all of the leading securi-
ties. Powerful pools have been formed in many
attractive issues. and IL is therefore likely that
prices viii be carried to better figures in the i'm
mediate future In Canadian Pacific a strong
bull pool is working, the stock being taken on
its merits in the firm belief that it will work
higher attractive investment proposition
st. Louis Southwestern preferred is being accu-
mUlated for the same reason, while the same
thing may he said of the operations in the rail-
way equipment shares which ought to sell well
above current prices American Locomotive
common was an active, strong feature i'm yester-
days speculation. This stock has never re-
oeiyed dividend. and the conservatism of the
company's management i'm not making a dis
tribution to the common share holders soon after
The formation Of the company, as was the ca Use
among many other newly formed industrial
combinations. has given the common stock
greater intrinsic value than if dividend had
been declared at the start. 1t now appears
cutie possible however. that i'm the course of the
current year the issue will be placed on a divi-
dend basis
Detailed figures of the country's foreign COM
Inerce in the month of February and for the
eight months Of the fiscal year supply adequate
reason for the cheerfulness that prevails i'm bust
ness circles in the United States over the pres
ent condition of trade and the prospects for in
dustrial activity the rest of the year The state
Inent reflects ia increased imports the increa Sc
country, while the expansion i'm the shipments
OF manufactured articles shows that the mer-
chants and manufacturers of the United States
are sending their goods TO foreign markets in
addition to supplying enormous home de.
raand for consumption in the month of Feb.
ruary exports of manufactures showed an in.
crease In value to the amount of over 81 ,000a00
making for the eight months from July an in
crease in value of s53.s1s.572. comparison being
made with the corresponding period in the pre-
ceding year. Shipments of breadstuffs and cot
ton fell off I'm the eight months, owing to domes
tic crop conditions and this fact accounts TO
the recent heavy exports of gold from th
United States 20 Europe. Now that we hav,
paid our debts abroad, ii is likely that in tn
rest OF the calendar year the balance will run
IN our favor, as shipments OF cotton and bread
stuffs are increasing. while steady expansion
in exports Of manufactures is under way Tn
United States has paid it's debts abroad and
IS now in position TO draw gold from Europe
owing 10 the decline in money rates I'm tn
foreign capitals and the advance in quotation
for loans In New-York which make the loca
market attractive for the lending OF foreig
balances. Some people worrying about In
payment of these foreign loans later on i'm ia
season. Perhaps when the time comes il wi