New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-03-17
BONDS,
STOCK MARKET OPERATIONS.

Irahsactions IN yesterdays stock market were
heavy IN volume on a movement Of values that
showed great irregularity, with small net losses
In the majority Of active issues the chief points
Of weakness being supplied by American Smelt-
Ing. Atchison, New-Yors Central. Ontario and
Western Pennsylvania and Union Pacific AS
rule sales represented the operations OF those
who desired TO convert paper profits into cash
and pressure by the professional element trans
actions OF the latter being based on the theory
that the market had reached a position that
warranted quick turns on the short side OF
speculation The declines were not accompan-
led by news developments affecting adversely
the actual value of investment securities. and
there was no indication in the operations Of
substantial interests that the "big men, had
abandoned the bull side of the market Indeed
the people who, for so many months, have been
the chief factors in the upward movement were
inclined TO believe that further improvement
would be recorded before a sustained decline
could be brought about. In view of the extent
of the selling in the day the declines were not
important, and the refusal Of the market to
run into Generalization ought to be carefully
considered by the sold out bulls. who at the
present time are the chief advocates of lower
prices
In number of issues decided strength was
shown. Notwithstanding the declines among
many OF the leading speculative shares, notably
in the local traction group. the railway equip
ment issues, Chesapeake and Ohio. Colorado
Fuel and Iron and Chicago Great Western In
these stocks the demand came from a good
class Of buyers. while in the general list the
buying on the decline represented purchases for
interests we'll supplied with money and with
confidence in the future of the market. Canadi-
Pacific was sold for profits and by people
who are opposing the advance in the issue. but
ha Of he
accumulation on the decline by the same inter
ests who have been behind the movement in the
stock for the last few weeks. There is no
legitimate reason for sales Of this stock at it's
present price, as it is among the few of the
high grade issues that is selling at level that
ought to prove attractive TO investors. It's float
ing supply is small and the danger OF selling IL
short ought TO be apparent to all speculative
operators. In regular dividends and in new
stock the owners OF Canadian Pacific have re-
ceived large returns in the last year. and It is
likely that in the next few years there will be
further attractive distributions to the stock
holders. In the last hour there was a general
recovery throughout the list. and at the close
sentiment favored the bull side OF the market
for to-day. Money for call loans ruled at 31a
per cent, while sterling exchange was weak,
declining 20 points under the influence OF heavy
offerings Of finance bills due 10 the irner level
OF money.
In the report Of the United States Steel Cor
poration for the year ended December 81 which
was received yesterday. will be found adequate
reason for the pessimism that prevailed in spec
ulative circles in 1904 over the condition of the
iron and steel industry in the United States.
but in studying the figures Of the report It
should be borne in mind that past rather than
present conditions are indicated. In the closing
months of the last year a marked revival in
this branch OF the country's business set in
reflection of which is presented in the compari-
son of the amount OF untitled orders on hand
on the books of the big steel company at the
close of December, showing a total Of $3.50 2O3
tons, against 3,215123 tons at the end of De-
cember. 1908. The iron and steel trade this
year promises to bring results 10 the United
States Steel Corporation that will compare IA
vorahy with the record breaking season OF 1908.
but in order TO realize what year of depression
means to the trade it may be well for follow
ers Of the iron and steel securities TO examine
the course OF the business last year. which af-
fected the United States Steel Corporation to
the extent OF a falling off IN gross earnings OF
500 167 AL. decline in net earnings OF S36526.-
163 and a reduction in the balance after pre-
ferred dividends OF S25,343.465. The surplus for
1904 amounted 10 S5O47S $751; against S12. 800. 917
in the preceding year and S34 253. 65T In 1902.
In 1904 no dividends paid the common
stock while in the year before per cent was
distributed and In 1902 per cent. 1t is Just
as we'll to bear in mind that since 1902 and
1908 certain changes have been made in the
bookkeeping system of the Steel Corporation
which make the results for 1904 appear poorer
than they actually are.