New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-03-09
BONDS.
STOCK MARKET OPERATIONS.

While the demand for stocks in yesterdays
Trading not particularly active there was
nevertheless absorption by substantial specula-
tive and investment interests on an advancing
scale Of values, which carried the quotations for
many issues well above the closing figures in
the final level of the preceding day. Strike con-
ditions on the local underground and elevated
systems failed to create uneasiness in specula-
tive circles and although Interborough stock
On the curb declined over per cent, the general
list moved independently of the traction shares
affected by the labor disturbance. OF course.
there is no reason why the stock market outside
OF the traction shares should be Influenced at
all by the I'll advised strike of the Interborough
employees, and doubtless it will prove useless for
bear traders TO attempt TO Brighten holders of
securities into parting with their possessions
because Of the conditions prevailing on the In
terborough lines.
The copper stocks were strong features es-
pecially Anaconda, which enjoyed maximum
gain of over points on a volume of business
heavier than before noted in many weeks. Ana
conda, it should be remembered is quoted on the
Stock Exchange on the basis of a par value of
500, while its actual par value is only SD
with a capitalization of S30O00000. Owing TO
the excellent condition Of the copper trade the
promising prospects for the industry in the
next twelve months and the relative cheapness
OF the stocks of the Amalgamated and Ana
conda companies. it may prove wise to accumu-
late the securities at current prces-prces that
do not fully measure the actual worth of the
Issues as investments. There has been a won
derful increase in activity in the copper in
dustry in the last few months and as all the
branches Of trade in which copper figures as
an active factor are expanding along healthful
lines. it is easy TO see why there should be a
oullish sentiment on the different copper securi-
tles on the curb. as well as on the Stock Ex-
change. there are attractive copper shares. and
II is likely that such securities as Arizona Con-
solidated and Douglass Copper will move toward
a materially higher level
Reading was in good demand from commits
sion houses. dealings in the issue amounting, on
the basis or full stock to over $780, 900 shares
on price movement that carried the security
TO Its highest quotation on record at 9S7s, a net
gain OF nearly 8 per cent. All the anthracite
coal shares were strong and active, even the
high priced Lackawanna stock being taken by
people who apparently believed that at price
Of 800 this issue is not dear. The upward move
ment in Canadian Pacific was resumed the
stock advancing for the day / per cent on a
class of buying similar to that of the last few
weeks. including purchases both for local and
European account. There are excellent reasons
for the prediction that this security will sell
above 100 in the near future, price that will
bring the stock 10 per cent basis. Earnings
Of the company have been so heavy. in the last
seven months that the years results doubtless
viii show upward of u per cent earned on the
stock Metropolitan enjoyed small fractional
advance. while Manhattan declined T. Union
Pacific, St. Paul, Atchison, Norfolk and West
erp. American Smelling, New-York Central
and Federal Mining and Smelling were among
the active strong features. Money rates were
easy. while sterling exchange was higher.