New-York tribune., 1905-05-24
BONDS.
STOCK MARKET OPERATIONS.

An active buying movement representing the
operations of the short side Of the market was
responsible for sharp recoveries in the early
transactions IN yesterdays stock dealings put
before the close realizing sales for the account
OF interests who bought securities at the low
prices IN the preceding day were effective IN
bringing about material reactions from the hlgn
figures recorded IN the first hour Of business. IN
a few stocks the entire Improvement OF the
mornings advance was lost as, for instance IN
the case Of Union Pacific, which closed at a
small fractional decline, as compared with a
maximum gain in the early dealings Of over
per cent. Brooklyn Rapid Transit, Colorado
Fuel and Iron. Erie and Canadian Pacific also
ended the day at net losses. Selling Of the last
named issue wholly for the account OF
weakly margined operators and traders who be-
ueyed that the stock was a good short sale, ow-
ing TO the recent advance in its price from below
1S0 TO above 100. Canadian Pacific at it's cur
rent quotation is one Of the cheapest investment
securities on the list The actual value Of the
stock IS not at 130 14O or 100. On its merits this
ISSUE Is worth above 175, and It is not unlikely
that In the course Of the present year its stock
market quotation win sell many points above the
figure named. And the same thing may be said
of many other railroad shares that at the mo-
rnent are moving under the influence of bear
manipulation Union Pacific, st. Paul Reading
and United States Steel preferred are worth
holding. despite the bear talk that is heard in
so many quarters Of the Street.
It is just well to bear in mind that when
sentiment IN Wall Streets speculative circles is
extremely bearish careful operators quietly buy
securities. Operators who trust TO small mar
gins may lose their money If they enter the
market at the current level but actual investors
who take stocks and bonds at current prices will
secure good bargains for the very good reason
that investment securities are now selling at
prices that yield conservative interest returns
Investment returns are satisfactory from the
conservative investors point of view, while there
Is nothing IN the situation governing the in
trtnsic worth Of stocks and bonds that Indicates
any change IN real values. At the end Of thu
day there were more net gains than losses. the
more important advances being recorded ~,
American Smelling, st. Paul, Great Northern
preferred, New-York Central and PeopIe,s Gas
OInted States Steel preferred closed UNCHANGED
from the final price Of the preceding day. ,rbra
me common stock was fractionally lower dasI-
ings In the latter. with the execution og TT.
Pacihc. being heavier than in anv other ,ss,o
Haoed In Operations in United States Steal
T--i'ioH ,+-- ana preferred and Union Pacific sun
curitles ''o''S IN al Sc
1s-olns Wan Street interests believe that
L.
1--WE extremely attractive to fnyastr,a,+
Te1S' This belief IS based on the Fact 49,
1Io oec4lne IN quotations has carris5 tho -
NUMBER OF issues many points below that -
"OTIl'' ana 10 the fact that the decline + -
zen accompanied by corresponding rea,o..
II 'ne industrial activities Of the ra+ior
Jumper OF weak spots IN the Wall s+raa+ t.
~''O'' nave peen eliminated as factors a+,so4,..
spscu-auon as, for instance, the CLOSING % =, ,
-A1eIonanIs Trust Company and the uoI,;5..to-
' He account OF overloaded bull pooIs IN - .
stock Exchange. while there has b,ar - t'-'
Ign n0oseeIeaning in speculative circles wbara
oo"olUons have been decidedly uDb.aItb,,,,
s'oeks nave passed into the hands OF s,,b.+a
'~~4 interests, and they viii not coma op -.
--alAet at the present range OF o,,o+a+t
Esih9ps there are more weak ecco,,,+s So
i-uS' De Aquidated. It is possible +bo+ :. 81
oiSe OF the readjustment thar i -
way prices will go 70 -,
0'ss put In the event Of 4rr+bau -
-e Il Is not likely that the common se,s. -
me american public VIII be affected - " -
tent mat viii lead to the concI,,.Io,. -, -
.--- 80 FS-ues OF American investment nro--
- e De-ng destroyed. In the last few so-,,
Ns@ Deeh much talk IN Wall Street o9,+
~ Co14o-tiohs' sentiment being irnb,,e6 80
70 -1e~ IA2t the agricultural cor,r,77r,. :.
i@c4ns crop disaster; but in the roverrra,s. 40
Icft or Il g crops which were reoei,,ad ,-a-.ae
mere was little upon which bear sept,..~. 1-S -
htochs and bull sentiment on WHEAT .,s - "a
could be based. "-iU corn