New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-03-25
BONDS.
STOCK MARKET OPERATIONS.

AO4Ao@N
market. the buying power being heavy eaoueA
-, oro,,. material improvement in quota
.,o,s throughout the active list In many is
sz,ss .ba maximum rise was well Lbove per
cant -,hile at the close net advances senerailg
were as good, with some Of the heaviest gains
&, American Smelling Colorado Fuel ana Iron'
Missouri Pacific, Tennessee Coal. National Leao,
F7uther Goods New-York Central Texas anu
Pacific. Union Pacific. Peoria and Eastern ana
wabash preferred. In the last named STOCK
there was an inquiry for the account OF strong
market interests, and from the character OF
the buving il was thought that the issue would
soon move 10 a materially higher level, espe-
ciallv as in the bull market Of the last few
7ncntbs little attention has been given to the
stock There are various good reasons for the
expectatfon that before many months announce
rnents will be made that will improve the posi-
ton Of the Wabash debenture bonds and the
preferred stock. while in the company's earn
ings and its promising outlook for heavy traf-
fc receipts III the balance Of the year there is
adequate excuse for cheerful sentiment among
the holders Of the company's securities. For
the third week in March gross earnings Of the
Wabash company increased S20,25o, making
from July / total gain of 81, 7S0159, COMPARE
son being made with the same period for the
preceding year. The current character of buy
ing in the Gould shares suggests the wisdom of
holding these issues for higher prices 1t is
understood that st. Louis Southwestern pre-
ferred is being taken by powerful interests in
expectation of a material move in the security.
In the afternoon dealings there active
scramble among the shorts to cover their con-
tracts, and the demand from this source and
bidding up by the powerful pools caused many
sharp advances. especially in New-York Cen
trail Union Pacific, the coal and iron shares,
National Lead. Great Northern preferred and
Chicago and Northwestern. Buying Of the
Southern iron shares was accompanied by fur
Their reports intimating that announcement soon
would be made regarding the proposed iron and
coal merger involving the Tennessee Coal and
Iron Company. the Sloss- sheffield company and
the Republic Iron and Steel Company. The
strength in these issues extended to the United
States Steel shares, which ended the day at net
gains Of more than / per cent. The industrial
issues in general Were strong National Lead
sor instance advancing more than points while
Rubber Goods did we'll Buying appeared
to be based wholly the improving earnings
of the companies concerned and on the fact
that quotations have not shared to materia!
extent in the upward movement of the last fe-v
weeks. Canadian Pacific in good demand
end further accumulation was reported for the
account Of the powerful interests which have
been buying the stock for many months to hold
for higher prices. In comparison with most of
the high grade issues Canadian Pacific is cheap
and far more attractive at present figures than
Great Northern preferred or Northwest which
are selling at fancy prices Great Northern
sold at 302 yesterday and Northwest at 242az
the former returning TO the present buyer 81
per cent and the latter about % per cent, while
Canadian Pacific returns TO the investor at cur
arf. ri fha,o A
TWO years Great Northern has paid IA per cent
10 stockholders. against Sc per cent by Canadian
Pacific.
Advancing values in yesterdays market were
in line with the expectations of the best in
formed market interests. and. according to the
belief Of the same interests. further improve
sneat will be recorded in the course OF the next
few weeks. The decline that began over a week
ego apparently eliminated in Thursdays earlv
transactions. This decline has placed the mar
ket in a much stronger technical position and
unless there should be some radically adverse
development affecting the country's money and
business. Of which there is not the slightest
indication. quotations doubtless will continue 10
reflect the operations OF strong speculative pools
end investment buying Money market condi-
tons are satisfactory. despite the low position
tof the local bank reserves. ana although in the
current week the New-York banks have lost
more than 100000 in cash holdings. there is
no prospect Of disturbance in the money mar
ket. as conditions in the foreign exchange market
warrant the belief that gold will soon be moving
70 his country from Europe. Sterling suffered
another Decline yesterday, bringing rates to the
eelo importing level. and It would not be at all
surprising II shipments Of the precious metal for
New-Eork account should be negotiated next
week It is quite likely that the banks have
reduced their loans and deposits this week 70
an amount that will offset the decline In cash
as an influence on reserve above legal require
rnents In to-days statement of the Clea-tns
House Institutions