New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-05-16
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BONDS.
STOCK MARKET Quotations.

Stock market trading light in volume
throughout the I'VE hours Of business on
movement Of values that generally tended In
the direction CT higher prices. The losses made
IN Saturdays market were more than recoV-
cred in the active issues. and although maj
quotations were under the best OF the day the
greater number OF securities showed substan-
4taI Improvement, notably In the case OF Anal
gamated Copper, the local traction shares 81
Paul. Consolidated Gas, Louisville and Nashs
Vile Northern Pacific, Peoples Gas. Southern
Pacific Union Pacific. Great Northern preferred
and Canadian Pacific. In the issues identified
with the Northwestern Railroad situation th'
dernand came from a good class OF Wall Street
tlryers but the evidence Of accumulation Of
ST. Paul Union Pacific. Great Northern pre-
ferred and the Burlington joint per cent
bonds failed to attract active outside inquiry
for securities, commission houses having rev
orders for so-calIed public account OF course
the market q whole was made up OF the
operations Of the professional elemeptr but
traders In this class were not willing TO make
new commitments on the short side Of specuIa-
ton, doubtless owing to the fact that COM
mission houses are practically bare Of stocks
and TO the lack OF enthusiasm among the sub
stantial market interests over the bear cam
paign for lower prices. There are so many
favorable factors in the situation that it Is not
surprising that che big" men are unwilling to
encourage operations for a decline. The market
is merely marking time
The local traction shares were helped by the
failure of the Supreme Court to hand down a
decision in the franchise tax case on the theory
that no decison would be made before the fall
sitting Of the court, while the stocks connected
with the Northern Securities situation were
taken on the evidence OF heavy accumulation Of
the Chicago Burlington and Quincy Joint As
buying Of the latter creating the impression that
the bonds would soon be retired through a
stock issue by the Northern Pacific and Great
Northern companies. II such an operation is
put through there viii be valuable rights to the
stockholders Of the Northern Pacific and Great
Northern, but it may be just well not to place
100 much confidence IN the current rumors re-
gardIng the cause OF the activity in the Bur
ington bopds. Northern Pacific gained for the
lay per cent, Union Pacific lost good part Of
It's early advance before the close, while in the
late dealings st. Paul showed its greatest
strength OF the day. ending at net improvement
Of per cent, as compared with the final figure
OF Saturdays market There was no new de-
affecting this stock outside of Sat
urday's announcement that the ST. Paul Com
pany would be extended to the Pacific Coast
buying Of the stock apparently being for the
account Of substantial operators whose tan
sactions led to active covering of short con-
tracts Anaconda on small sales lost TO l09
which on the par value Of the stock is equivalent
TO a price Of 27%, an extremely low price for
an issue that has great intrinsic merit. The
copper shares on the curb were active, espe-
cially United Copper, In which an excellent class
Of trading was reported. Ever since the decision
IN. the Minnie Healy case favorable to the
Hetnze interests there has been a steady alb
sorPton Of United Copper shares by people who
are well informed regarding the company and
the position OF affairs IN the Montana copper
fields
First class securities are being absorbed at
the current level by people who do not depend
on small margins for protection IN their Wall
Street operations, and If prices should go lower
the same kind OF buying VIII continue for the
very good reason that there are many rich and
careful dealers who are quite willing To take
American securities to hold for higher prices.
even II they are compelled to wait weeks and
months Tor their profits. Tho people who are
buying now and who bought IN the recent slump
bought stocks at this time last year and sold
them at the high figures Of the current wear
ana they are now willing TO repeat the opera-
ton. especially as factors governing the actual
worth OF American investment sacur4ties 90
resting on such solid foundations. Large blocks
Of Canadian Pacific st. Paul, Union Pacific
Louisville and Nashville, the 500 issues
Cnitea States Steel preferred and Reading have
been transferred from weak to strong hands
while the same thing may be said Of almost
every stock on the list. When stocks are in
strong hands the ultimate tendency is In the
direction OF better quotations.