New-York tribune., 1905-04-25
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
After carly weakness. in the course of which
The prominent issues declined from TO ,
points. prices became strong throughout the
list. recovering initial losses. although in the
last half hour the Improvement was Offset by
renewed selling that carried the majority OF
shares 10 figures well under The last quota
tions in Thursdays trading. Developments in
the wheat market, inluding the looting Of a big
bank IN Milwaukee for speculation in the cereal
were chiefly responsible for the late break in
prices May wheat declined more than seven
cents a bushel in the Chicago market and as
the heaviest selling in the mornings stock mar
ket was for the account Of houses representing
Western interests. il naturally was assumed
that speculators in wheat were parting with
their securities in order TO protect themselves
5n the Chicago Board Of Trade and a conse-
quence some Of the most powerful traders in the
Street hammered prices throughout the list Of
active securities. The Chicago wheat deal has
been most unfortunate affair. 1t has eXerted
an adverse effect on legitimate speculation in
stocks, and worst Of all. it has involved the
funds OF a large and prominent bank in the
West and besmirched the name of a man who for
many years has been well and favorably known
in financial circles in this country. But the
stock market will not run into a panic because
DDS are Of a type that would not be permitted
in an ordinary gambling house. have been ex-
erc;sing their talents both on the Produce and
Stock exchanges The country is still here; so
are the railroads and other industries the in
vestment value of securities is not depreciating
and stocks that are being sold are finding lodge
ment in the hands of strong financial interests.
The sharp decline in the first two hours of
business was not accompanied by developments
affecting the real merit Of securities the down
ward Increment merely being continuation Of
the reactionary tendency that marked the course
Of trading in last weeks market, as well as a
reelection Of another sharp break the curb in
the quotation for Northern Securities. The last
named declined 10 points Further active buy
ing Of Louisville and Nashville at advancing
prices subsequently exerted a favorable effect
Oh the entire list, especially the movement de-
ylOped at a time when the general market pre-
seuted an appearance that suggested that the
selling had been very much oyerdone. The ad-
vance in Louisville in the last ten days has
amounted TO il points. the operations for the
rise in the stock having been conducted without
announcements affecting the property, although
there have been various rumors about the road,
as, FOR instance. the weird report from Toledo
yesterday which said that the Louisville and
Nashville Company was 10 be taken over by in
and Dayton, and that a combination was 10 be
formed consisting Of about every road in the
Middle West Unfortunately for the story II
failed TO take into consideration the fact that the
Louisville and Nashville is controlled by the
Atlantic Coast Line the stock OF which was also
a strong feature in the days market, gaining
net over points. The heaviest losses in the
active list were made by ST. Paul Analgamated
Metropolitan. American Woolen, Missouri Pa
cifc Colorado Fuel NeW-York Central. Ma
tional Lead. North American. Reading. Southern
Pacific. Tennessee Coal and Union Pacific, which
lost from ! 10 > per cent net. The Steel shares
lost fractions.
An The leading investment securities were in
good demand at the low prices Of the day, and
the appearance Of substantial buyers in the
noon trading was responsible for active cover
ing 10y the shorts. such stocks as Canadian
Pacific New-York Central St. Paul. Southern
Pacific Union Pacific. United States Steel pre-
ferred and Amaigamated We're taken by strong
financial interests, who apparently believed that
The selling movement had run its course for the
time al least Canadian Pacific is so strongly
held that its price has not been largely affected
by the reaction compared with many Of the
other active stocks, and il is thought that the
small loss recorded viii be recovered in a Few
days, and that its high price Of the season at
stock gradually moving in the direction OF 200.
Canadian Pacific has line from ocean to ocean
and it is not mixed up in the tangles that beset
the Northwestern Railroad situation in this
country. For This reason the shares OF the
company ought. especially al this time 10 ap-
peal 10 investors and spectators. There has
been no regularly organized pool in the stock
the buying coming from q number Of sub
siantial interests in New York. London and
Montreal. who are well Informed regarding
the present position OF the property and its
prospects and who taking the security on
its merits. The copper shares are considered
attractive al current figures and il is likely
that all the copper stocks both on the exchange
and on the curb, viii move toward a higher
level just as soon as the general market i'm
proves.
An interesting incident OF the day was the
temperance Of Northern Pacific on the Stock
Exchange after an absence OF more than three
years Opening al los. its price advanced 10
40 then back 10 1b5 closing al l67. Dealings
amounted 800 shares