New-York tribune., 1905-06-01
GES6 dividend
BONDS.
STOCK MARKET OPERATIONS.

~-~, -n.->s- ,-snssctfons were moderately
saavy In volume IN the five hours OF ousii
q, q movement OF values that tended In the ol-
r~ction Of higher quotations. Coilil'is''oN
house. were more active on the long stde OF tue
account while the substantial u1arSel ihsefes"
were inclined TO work for better Prices 'iiet
,,,.s.,,. I, tho market naturally inducing bun
operations on the part Of the poaro room ea
rnent. especially in the case Of Union Pacihc,
7,.assr- canadian Pacific and number OF
c.nsr rr,orn,nent issues In board room circles
q. ,s NOT considered advisable to make important
,,ove. On the short side at present, owing TO
Tn. current technical position OF the market ana
To the absence from the general SITUATION o.
factors OF an unfavorable character an atti-
tuds which, in connection with the hla1icitN
strength OF the interests who are connnatteo "
the bull side of speculation for the long Fuh'
purbt to encourage the expectation Of gTadua4iy
advancing quotations. In the day the chleI I'M
movement was made by American Snle4uhs'
BROOKLYN Rapid Transit, Canadian Paclhc' Met
ropolitan Reading, Aulalgamated and Union Z ID
cifc In the active list, the heaviest gam oelns
recorded by Reading, which advanced over D
per cent on strong class Of buying. All the
anthracite issues were strong Reading aPpar-
entity was bought on the theory that the dlvl-
Hand would be increased-a theory that received
Endorsement IN we'll informed quarters Of the
Street The strong buying Of Canadian Pacific
that has marked the movement in this issue lor
many weeks again in evidence
In the afternoon stocks developed greater
strength on a slightly more active volume OF
business, the upward movement being led by
Reading and Union Pacific. There is well de-
fined belief in the Street that at no remote pc
Rod the directors of the Union Pacific Company
will make an announcement that will materially
benefit the holders of the common stock, while
in most circles It is thought that in the course
Of the next few months there will be increased
dividend payments by many companies. Some
OF the low priced issues were features. notably
Colorado and Southern common, which enjoyed
a gain Of over per cent While It may be many
years before this stock is placed in the dividend
column. the plans OF the people back Of the
property involve an extension in the conlpany's
lines that eventually will give great value to the
Colorado and Southern securities. There were
no changes Of great Importance In the local
money and foreign exchange markets. although
call loans were 1rnler. and. according to cable
dispatches, there significant movements
ct the foreign financial centres The settlement
fn the London market passed off successfully.
and prices e rule were firm. including Jap
enese bonds, which also were active features in
the Wall Street bond department Notwfth-
standing the fearful defeats that Russia has
sustained at the hands of the japanese since the
beginning of the war, there is no good reason
for the sale OF Russian bonds at present prices
Indeed, many careful buyers believe that the
Russian issues attractive speculative and
investment purchases at prevailing quotations
on the theory that Russia's credit eventually
VII be strengthened as result Of the lesson
the nation is learning.
Current stock market conditions indicate that
fhaft plo
extensive than realized when the movement was
under wgy There was at the time an enor-
nous outpouring OF securities for the account
OF speculative pools and syndicates and the
stock thus sold found its way into the hands
OF the richest interests In the country many
OF which were merely taking back stock that
they had sold at the high points Of the year
These holdings not coming on the market
st preTsnt quotations, for the good reason that
they have been accumulated on the confident
belief that in the course Of the current year
hal activity VIII be resumed on a scale greater
than that witnessed IN the first few months Of
1903. and that the upward movement will be
conducted on more healthful lines than those
that developed in recent weeks; that is It is
believed that the public rather than pool mani
puletion viii be the mainstay Of the market
The public was not an important factor in the
last bull market The public however, is well
provided with funds. and it is quite likely that
barring Diverse factors In the business world
the outside element viii soon be willing TO risk
its money in first class American stocks and
bonds The practical elimination Of the possi-
btity Of disturbance abroad as a result Of the
Far Eastern situation ought to mean much TO
the local securities market in the near future
q the lessening of unessiness IN the FOREIGN
capital VIII tend to increase the demand for in
vestrnents in this country as well as IN Eu-
rome