New-York tribune., 1905-02-21
BONDS.
STOCK MARKET OPERATIONS.

OF the total dealings in yesterdays stock
market the greater part was supplied by few
Of the prominent issues. as, for instance, Union
Pacific. the iron and steel securities, Erie, St
Paul, Arnalgamated Copper, Reading and Onta-
rio and western Elsewhere in the list transac-
tions. as a rule, were not heavy in volume.
while the movement of values was not particu-
larly encouraging TO the advocates of higher
quotations In the stocks named, however.
prices advanced substantially, making new
high record figures for the current movement
IN the case of Union Pacific, st. Paul, Ontario
and the steel issues on buying that apparently
came from a class of operators with large 1nan-
ciai resources. The upward movement in Union
Pacific was not due to news developments affect
ing the property. the advance representing buy
ing for both accounts and accumulation by in
terests who are now talking $50 for the stock,
this figure being based on the assumption that
the dividend eventually will be placed on %
per cent basis. and that the control of the COM
pany is now in the hands of people who are
working for harmony in the Western railroad
situation Competitive buying of Union PacInc
was reported in the Street, and at one time this
theory tended to encourage bear operations IN
various parts of the list Operations for the
decline however, were dismal failures, as no
stock was thrown on the market, and. in con-
sequence traders who risHed turn on the
short side generally covered at loss. United
States Steel common sold at its best price ID
the last three years advancing 10 oo14. While
all the iron and steel issues showed marked
strength. especially the Republic Iron and Steel
stocks the preferred enjoying net gain of IA.
The stock market appears 10 have reached
point where any stock finds buyers.
IN the afternoon dealings there was little in
dication Of selling pressure in the leading active
10
erations by people who took advantage of the
rise in values TO convert their paper profits into
cash. The upward movement in United States
Steel common apparently was considered one
OF the most encouraging features of the day, on
the theory that buying represented purchases
for the account Of interests well informed re-
garding the current earnings of the big Steel
corporation All the Southern iron stocks were
in good demand, the buying being accompanied
by a reiteration of the statements that were
heard last week concerning a Southern iron
merger. Trading. as a rule. was poorly dis
fributed, a reflection of which is presented in
the large proportion of dealings furnished by
few stocks, fourteen issues supplying 1874 400
shares. At the close the heaviest gains were
shown by Union Pacific. Amalgamated Copper
St Paul Erie, National Lead. Ontario and
Western Republic Iron and Steel, Sloss-Shef-
field and United States Steel common. Metro
politan and Manhattan were weak features; also
Interborough. which in the curb transactions
declined points. The advance in Union Pa
ciic was followed by a similar movement in
Northern Securities which went 10 a new high
record figure. General developments OF the day.
such as reports Of heavy declines in railroad
earnings for the second week in the current
month, the announcement Of a new Russian
loan. the decision by the Supreme Court uphold
ing the Kansas Antitrust law and the decision
by the same tribunal favorable to the State in
the Kentucky Corporation Tax law failed 10 in
fuence speculative sentiment in Wall Street. Of
twenty-six railroads reporting for the second
week In February, nineteen showed losses and
seven gains. the poor exhibits being due en-
tirely to adverse weather conditions. Money re-
Inained easy, while q further decline was re-
corded In the sterling exchange market. Gold
exports for the present, at least are not prob