New-York tribune., 1905-04-13
BoMps.


Transactions in yesterdays STOCK market were
heavy IN volume a movement Of values that
generally tended IN the direction OF higher quo
sstions Commission houses were active factors
IN the days dealings. while the leading specu-
lative and investment interests were actively
Identified with the upward course OF prices, es-
peciaIly in the high grade railroad issues and
some OF the industrials. the latter group ap-
parently being taken on the theory that a boom
IS about 20 develop in the shares Of the indus
trial companies. In the early trading decided
strength was shown IN Canadian Pacific. Mis-
souri, Kansas and Texas preferred ana IN sew
eral OF the industrial securities that recently
have been active. Near the end OF the first
hour the market was inclined TO harden. and
FOR some stocks became decidedly strong Later
ahere was e moderate reaction and more or less
arregularity developed IN the active issues. In
the last hour, however. the list a whole
showed marked strength. with Union Pacific.
neN-York Central and St Paul as the chief
features The closing was strong az about the
best prices.
In the industrial list the biggest advance
was made by American Smelling and Refining
common, which gained five points or more. 10
l2Olk This is a new high record price for this
security and fractionally above the figure at
which the stock is recl1oned IN the consOlida-
tion plans that have been worked out. National
Lead and Federal Mining and Smelling stocks,
which also are to participate In the merger
were proportiOnately active and strong. In the
railway equipment group of securities American
Locomotive common was the feature. selling up
10 CO. The preferred stock advanced per cent
or more Further good buying OF Canadian
Pacific was reported throughout the day. In
fact. II is understood that buying orders Of
significant character were cabled to the London
market early yesterday morning. This company
has been extremely liberal with its stockholders
in the past, and in view OF its large and valu-
able assets and the tremendous development
that is certain TO come in the Canadian North
west. men who are familiar with that territory
expect that the Canadian Pacific management
will continue TO make liberal extra distributions
20 their stockholders. At $50 the stock yields
4 per cent. but it probably is only matter OF
a comparatively little time until the dividend
Is increased TO per cent. The local news de-
velopments Of the day, while not OF great Inn
portance, were uniformly favorable. Money is
stil the great factor in the securities markets
and there is nothing 20 indicate that rates will
be appreciably higher in the near future On
the contrary it looks as IL they would remain
approximately unchanged for many weeks 20
come, especially as gold will soon begin 10
arrive in fairly large amounts from the KIon-
oike. fact that appears TO be overlooked is
Anal lne relea6e OF DOnQS helQ as security 4OF
government deposits on May IS and a subse-
quent date. will enable the banks Immediately
10 re-employ them a basis for increased cir
culaton.
The weekly review OF the steel trade by
well known publication indicates that instead
OF a lessening in business. the volume is in
creasing at rapid rate. In the month Of March
the consumption OF pig iron reached the enor-
nous aggregate volume Of 100000 tons. The
demand for this product continues heavy, and
the indications are that it win not be necessary
70 import iron ana steel on a large scale as IL
was feared a short time ago would be necessary.
There is still excellent demand for all classes
OF iron and steel products. The representative
OF Stock Exchange house who has given con-
siderable attention TO the wheat and corn crops
took occasion yesterday 20 express the opinion
that the recent government estimate OF this
years wheat crop Is too large. Whether this
Is true or not # seems evident that the yield
viii be much larger than that OF last year.