New-York tribune., 1905-02-15
sgI div.6snd.
BONDS.
STOCK MARKET OPERATIONS.

Initial strength. midday dulness and pro-
uounced activity in the last hour constituted the
record Of yesterdays stock market. The early
frmness reflected the strength of the London
market. American Locomotive common was the
feature being bid UP in the first fifteen or
twenty minutes 10 421s. five points above its
closing price on Saturday. The other equip
ment companies stocks also were active. al
though in smaller degree the argument put
forth for their purchase being that the severity
OF the winter would obige the railway COM
panies 20 expend large sums for repair work
and for new equipment. Kansas city Southern
another conspicuous stock in the morning
trading, opening 1as points up, at 32sz, and
yuling firm at around 49, Toward the end Of
the day il rose to 81. closing 2% points above
Saturday. at 33sx. a gain which suggests that
the controversy over the right Of the voting
trustees TO elect fortnight before the dissolu-
ton OF the voting trust, the new board of direc-
tors who will pass upon the question of divi-
dend for the preferred stock, is not yet settled
The movement in Tennessee Coal and Iron seems
20 be over for the present, for the stock. al
though opening x per cent up. speedily reached
Saturdays level OF sos, and IN the last quarter
Of an hour suddenly dropped from that figure
20 7S% recovering TO S01z at the close. Sloss-
Sheffield, however, which has been mentioned
with Tennessee Coal and Iron In the current
rumors OF great combination of Southern coal.
iron and steel properties. was advanced 214
points small transactions, closing at the
highest Of the day. In the last hour Union Pa
cffc. which had sold around 122 during the day.
ran up 10 l241s, its highest figure for several
years. and simultaneously Northern Securities
on the curb, advanced to 153. new high level
The inevitable rumor was again launched that
settlement had been reached between the Harri
man and Hill-Morgan parties. but it not
taken very seriously. the probability being that
the rise in Union Pacific represented driving
tn Of the shorts. There was heavy trading in
ihe bond department in the Union Pacific
vertible IS, which advanced from 122 to 123a.
The unfavorab,e character Of Saturdays bank
statement had no effect upon yesterdays mar
ket. Nor was much weight attached TO the
differences between the President and the Sen
ate, which. according to the view of per-
sons In the Street, might be supposed TO make
It impossible to expect that the Senate would
at this session take affirmative action upon
the railway rate regulation measure, however
amended. which recently was passed by an over
whelrning majority In the House Of Represent
atives- The principal influence on the local
market was the strength OF the foreign stock
mark Is. which had developed IN response to
Turnor that negotiations looking to the conclu-
sion OF peace between Russia and Japan might
soon be initiated The bonds Of both govern.
rnents advanced in London, and the two Japan
ese issues listed here also rose slightly. An
other favorable factor. both in London and New
York, was the lowering of the discount rate OF
the Imperial Bank of Germany from to 31h
per cent, movement which. according to for
eign predictions, will soon be followed by the
Bank Of England. Money here is still in plenti-
1ul supply. the cali loan rate yesterday not ris-
ing above per cent, and the weaker tone of the
foreign exchange market ir
with the indications OF growing ease in the Eu-
ropean money markets, suggests that the ebb
tide Of the gold movement may have reached
its lowest point