New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-04-05
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
Great irregularity marked the course of values
on the Stock Exchange in yesterdays trading,
with the tendency in the chief active railroad
shares IN the direction OF lower quotations. while
as a rule the industrial issues showed improve
ment There was a certain amount Of realizing
IN Atchison, Brooklyn Rapid Transit, Ontario
and Western. Reading. Southern Pacific and
Union Pacific that was not met by active sup
port from the leading interests. although on the
decline offerings were taken by good class Of
buyers. In the industrial list buying appeared
10 be for the account Of substantial operators,
purchases being made for the account Of some
OF the largest houses in the Street. especially in
Amalgamated Copper. in which transactions
amounted 10 over $4,000 shares. and United
States Steel preferred. trading in the latter
being heavier than IN any other issue dealt in
The only important weak feature among the
industrial shares was presented by Colorado Fuel
and Iron and Tennessee Coal and Iron. which de-
clined under the pressure Of heavy profit taking
sales. Colorado Fuel and Iron. Federal Mining
and Smelling. Railway Steel Spring and Amer
lean Car and Foundry issues were leading strong
features. the last named moving in a manner
that apparently foreshadowed better quotations.
both for the common and preferred The i'm
provement in the company's business and the
ability OF the concern TO pay dividends on the
preferred in times Of depression have created q
good investment demand for the latter issue
and as Il is a permanent : per cent investment
a higher price is warranted on merit. The gen
eral market closed near the lowest prices of the
day.
Sentiment in Wall Street circles was favora-
bly, affected by the excellent returns Of railway
earnings received in the day for the last week
in March and for the month. and by various de
velopments in the business world Of an encour-
aging character. Industrial activity is pro-
nounced in the United States. while in the Do
minion OF Canada similar improvement is be
ing recorded. a reflection of which is presented
IN the heavy increase in the earnings Of the
Canadian Pacific which showed for the fourth
week in March a gain Of more than 100000
and for the month gain Of more than 100000
a record not equalled by any road in the
States" In view Of the big improvement IN
the company's earnings and in view OF the in
creasng value Of its mineral. oil and agricult-
ural lands. it is not surprising that there is a
steady accumulation Of the stock in the local
and London markets. and predictions that its
price viii sell at S2O0 The stock is worth more
than its current price on its merits. It is in
teresting TO record the fact that the company has
over twenty thousand stockholders. representing
investment accounts that win not come on the
market IN the Southwest marked improvement
is reported by all the companies. especially St
Louis Southwestern. which returns an increase
for the last week in March Of S1O5.O3S, COM
parison being made with the same period in the
preceding year AS Their has been little activity
in the shares Of the company, il is not unlikely
that a more active buying movement soon will
develop. based on the Improvement IN the roads
traffic receipts and On the excellent prospects
for a heavy volume OF business throughout the
balance OF the year. II is also thought that
greater activity win be seen in the industrial
issues in the near future. the greater number
OF this group not selling at figures COM
mensurate with their actual value,
The monthly circulars Of the leading bond
houses in Wall Street contain attractive offer
lngs OF high grade bonds thar yield 4 per cent
and less, and IN some cases more than per
cent. as for instance. the Southern Railway lists.
the Wabash Pittsburg Terminal lists Atchison
adjustment Is ST Louis and San Francisco
general IS and Rock Island refunding As AS
q rule the offerings are OF the highest intrinsic
value. and It is not likely that the brokers viii
experiences any dif8culty in disposing OF them
90 investors, as the demand from all parts OF
the country for first class investment securities
IL extremely heavy. owing TO the large supply
OF available funds IN the hands Of the people
and 70 the confidence Of the people in the pres
ent and future condition Of money and business
Regarding The amount Of money in the country,
Il Is interesting 10 study the figures OF the gov
ernment's circulation statement for March
showing an increase in the last twelve months
outside Of federal treasury holdings. Of S42.-
253. Te0. the figures for the month presenting a
small decrease from February. In the last
twenty-five years the amount Of money in cir
culation in the United States has increased ST.
"a. 3s7,9 9l. There is an ample supply Of money
fn The country for the requirements OF rapidly
expanding tendency in business enterprises and
for the requirements OF the securities markets
and the close relation that now exists between
the New York Paris and London markets prac-
ideally prccluaes the chance OF disturbance T
leans at TINS centre. while the same thing may
be said OF tho London and Paris money markets