New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-04-12
BONDS.
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
heavy 81 volume on a movement Of values that
showed great irregularity, with the prevailing
tendency IN the direction Of lower quotations
There was. however. little important liquidation,
sales representing. a rule. realizing and bear
pressure. the latter being encouraged by the an
nouncement that the leading interest in the
Union Pacific company had been dropped from
the directorate OF the Northern Securities Com
pany. The fact that Air. Hartman is no longer
a director OF the Northern Securities Company
can 81 no way be twisted into a bear argument
on stocks The Northern Securities Company
practically Is a defunct organization, and the
election OF HIN man in place Of Mr.. Hartman
- not indication of a renewal Of the recent
fight between the Hartman and Hill forces in
the Northwestern railway situation. Indeed, il
was announced in well informed quarters yes-
terday that the retirement OF Mr. Hartman from
the Northern Securities Company nothing
more than an incident of the winding up of the
affairs OF this tiresome corporation. The North
ern Securities Company has caused endless trou-
bic IN Wall Street, and its elimination as a fac
tor IN the situation as affecting the stock mar
ket win be welcomed by every one in the inan-
cial community.
On the decline there was a good demand from
substantial interests. notably in the case Of St
Paul. New-YOrk Central. Pennsylvania. United
States Steel preferred and Canadian Pacific. In
the last named stock the buying came from the
same sources as reported in recent weeks, and
the local and Canadian interests who are buy
ing the security on its merits appeared anxious
10 take al offerings The movement IN this
stock has cheated great interest in the Street,
owing 10 the character OF the men who are
buying it, 70 the remarkable expansion in the
.alUe Of the assets q the company and to the
lrHF4
in the last nine months gross earnings of the
Canadian Pacific have increased over Sd 700
00o. a record uneQualled 10y any railroad in the
world. The copper shares were exceptions to
the downward course Of values Amalgamated
ana Anaconda closing At net gains on an excel
lent class Of buying. There are many good
reasons for the strength in the copper stocks.
and the fact that conditions governing the ac-
tual worth Of these issues are so remarkably
strong is gradually being appreciated by the
dealers IN securities a sharp advance in IL
Enois Central WAS not explained by news de-
velopments affecting the company. The stock
OF course, has great intrinsic value. and no
further reason is necessary for IFS market ex-
pansion. Other strong features were Ontario
and Western. Rubber Goods preferred Louis
Vile and Nashville and the American Iocomo-
tive issues. At the close the majority OF active
securities showed small net losses as compared
with the closing Of the preceding day.
According 10 the belief Of the best informed
market interests the current bull speculation in
securities win continue for several months 10
come. 1t is believed that prices for the greater
number Of issues VIII reach materially higher
level, and thar such shares as New-York Cen
tral, Union Pacific Reading, the 800" secur-
tiles, Pennsylvania Erie first preferred St Paul
and Canadian Pacific viii be the leaders in the
upward movement. AT the moment there is no
reason TO make the suggestion that prices may
move in the direction OF lower quotations in the
near future and. although there are. some PEG
PIE (mostly sold out bulls) who are talking
about the probability Of the development Of a
sustained decline in the course Of the next few
weeks. the general position Of speculation and
Of factors affecting the actual value of invest
ments favors the idea that quotations for the
majority Of stocks viii sell well above present
prices in the market Of the i,rxt few months
There has been good sized reaction in the
stock market in the last fortnight. The decline
has attracted new buyers while il has encour-
aged the leading Wan Street interests to add
10 their holdings, and as a consequence secur-
ties are in the hands Of people Of large financial
resources rather than la the possession Of
operators Of limited bank accounts. The fact
hat stocks are so strongly held ought 10 serve
Is a warning 10 the traders VINO believe that
he time is lspe for a big bear campaign in the
securities markets Probably there never has
Deen time IN the history Of Wall Street when
speculative conditions have been as favorable
Tor the bull account as at present.