New-York tribune., 1905-01-15
BONDS.
STOCK MARKET OPERATIONS.

In the two hours OF trading in yesterdays
stock market prices as q rule strong on
a light volume of business, with the heaviest
dealings IN Amalgamated Copper, Union Pa
cifc. Rock Island, Southern Pacific, st. Paul.
Pennsylvania, Reading, Erie Baltimore and
Ohio and United States Steel In these issues
the demand came from good class Of traders.
but there little important commission
house business. public operators not even be-
ing Influenced TO come into the market by the
remarkably favorable bank statement. The
showing OF the Clearing House institutions.
which was one Of the best ever published. Gre
ated bullish sentiment among commission
house brokers, and it confidently believed
that after the public had carefully digested the
significance of the exhibit there would be a
more active demand in the stock market for
so-calIed public account. Easy ssoney is a
powerful factor IN making bull markets. and
as all indications point toward long period
Of low rates in the loan market and business
expansion throughout the country, It is diff
cult to indorse the sentiment of a few people
who do not believe that the movement Of
values on the Stock Exchange in the next few
months viii be IN the direction Of higher quota
tons Although prices Of many issues are
selling at a level that probably fully measures
the intrinsic value Of the investment. this fact
does not preclude the possibility Of further i'm
provement in quotations. To many minds in
dications point toward an extraordinary year
in money and business, and it is not unlikely
that extraordinary prices win be reached
the Stock Exchange.
On the curb Northern Securities, after advanc-
ing to new high record price at 146, declined
to 143 on realizing sales. closing at net loss
Of B per cent. So many reports are going the
rounds on the Northern Securities situation that
Wall Street is somewhat mixed as to the exact
condition Of affairs and the relations between
the Hartman and the Morgan-HiI interests
but IN the best informed quarters there appears
to be a feeling of confidence in the theory that
all differences have been settled between the op-
posing elements IN the Northern Securities Com
Dany. and that an agreement has been reached
that VIII work for permanent harmony in the
Northwestern railroad field. A final settlement
Of this long drawn out case will be factor that
will encourage greater activity IN the Wall
Street markets, and it is not improbable that
the current movement IN Union Pacific repre-
sents the discounting process that generally
marks the course of values the Stock Ex-
change when some development of Importance
to securities is assured. In addition TO Union
Pacific. Of the high class issues that destined
to sell at higher level is Canadian Pacific.
which is being accumulated by strong London,
New-York and Montreal interests. Paying 6
per cent and returning TO the investor more
than AZ per cent, this issue is cheap in com
parison with Pennsylvania. for instance, which
also pays per cent and sells several points
higher. In rights" and increased dividends
the Canadian Pacific has paid out in the last
few years about % per cent, record that has
seldom if ever, been equaled by any road in
the United States. Canadian Pacific returns to
the investor at present prices more than the
leading high class investments of the American
railroads yield. and for this reason an advance
in the price Of the stock TO a level more in
keeping with its investment value may be looked
for.
Bank statement figures showed an increase
in cash Of more than $15000000, an increase in
deposits Of nearly $4,000 600. and a decrease in
loans of $5 405 800 AS result Of all changes,
reserve above legal requirements increased $12,-
S51. .025. to $24. .459,275, which compares with
S23 1Sl 75O in the same week year ago. and
S20217.12J in 1904