New-York tribune., 1905-04-19
BONDS.
STOCK MARKET OPERATIONS.

S1VCA MAHhEG UEEhA11UNS.
Without the development Of any change in
conditions affecting the actual value OF stocks
and bonds, prices for the greater number of is
sues went down in yesterdays trading, sharp
breaks being recorded in various parts OF the
list notably in the stocks OF the Northwestern
railways, which were adversely affected by a
sensational break on the curb in the quotation
OF Northern Securities. The merger stock de-
clined to 165. compared with it's closing of
the preceding day at 1904. the weakness nat
urally creating uneasiness for time on the
Stock Exchange on the theory that some unfa-
vorable factor had arisen in the Northern Sc
curities situation This theory, however, was
not borne out BY the news regarding the COM
pany, the distribution plan for the company's
assets proceeding smoothly, with no suggestion
on the part Of the Hartman interests Of fur
ther objection to tho methods approved by the
Morgan-Ein party for the winding up of the af-
fairs of the property. A number OF people
doubtless tried to sell their holdings of the stock
at the same time. and, as a consequence. were
compelled to accept whatever price buyers chose
to give them. The weakness in this issue fur
nished a good opportunity for manipulation on
the Stock Exchange stocks being offered down
for the purpose of accumulation at a lower level.
and Of course, the offering down process fright
ened weakly margined holders into selling. tho
result of which was the passing of many securi-
ties TO stronger hands. Various weak argu-
nlents for lower prices were advanced by the
leading advocates Of the decline. but there was
nevertheless. nothing in the general situation
that warranted uneasiness on the part of genu-
Inc holders Of securities.
Most OF the stocks that have been market
features in the last few weeks suffered maxi
mum declines of from 1 to per cent in the
early dealings. recovering part Of the loss in
the early afternoon and declining under the
mornings low prices in the last hour. Final
quotations were at or near the poorest of the
day. with the heaviest losses among the ac-
tive shares in the railway equipment issues.
Atchison. Brooklyn Rapid Transit. Canadian Pa
cifc. ST. Paul, Erie Missouri Pacific New
York Central. Illinois Central Pennsylvania.
Reading, Southern Pacific Tennessee Coal and
Iron Union Pacific and United States Steel pre-
ferred. Union Pacific lost over points, ST.
Paul lost 35k points ard Illinois Central 324
points these three issues Supplying the chief
weakness in the active list. There nothing
in the decline In Northern Securities that ere
ated alarm among the leading men in the
Street and the same thing may be said
CardIng the decline the Exchange. Indeed.
the substantial interests were more pleased
than sorry over the course taken by the general
IiQufdat ton OF weak accounts would tend to i'm
prove the markets chances OF a speedy resump
ton OF the upward movement 1t is a good
thing for the Wall Street and general railway
situation that the Northern Securities Company
will be nothing more than a Wall Street
memory: It IS a good thing that the assets OF
this concern will soon be handed over TO the
rghtful owners. and 1t is good thing that
these assets have increased greatly in value
since the merger OF the Northwestern railroads
few years ago.
The assets Of the Northern Securities Com
pany will go TO quarters where they will do the
greatest good. and the final dissolution Of the
company ought to prove bull card rather than
a bear card on the stock market Union Pacific
has valuable assets in It's share of the Northern
Securities Company; also in It's holdings Of the
Southern Pacific Company, 10 say nothing of the
assets il controls In the way OF a remarkable in
dustrial expansion that is under way I'm the ter
ritory through which the Union Pacific lines
run. Some people believe that the control of
the property has passed to new hands but even
il this is the case the value of the company's
securities will not be injured intrinsically.
Canadian Pacific declined over points and was
well taken on the decline. large purchases being
made for the account Of the interests who Cor
so long time have been active buyers of the
stock on its merits while United States Steel
preferred was also we'll bought at the low price.
There are many good reasons in the position IF
the steel trade and in the financial condition of
the United States Steel Corporation why the pre-
ferred stock should sell as high l25, at least
1t should be borne in mind that the concern has
proved its ability to pay per cent dividend
in times Of depression. and that with the ex-
pansion OF the country the demand for iron and
steel will become larger. adding intrinsic worth
TO all the iron and eteel securities Money rates
were unchanged, while demand sterling was 20
points above the preceding days closing.