New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-04-08
BONDS.
STOCK MARKET OPERATIONS.

Il, view Of the marked Improvement that was
recorded in the stock market in the first Few
DAYS Of the week. the irreguarity that deYel-
oped in yesterdays transactions was not at al
surprising. This tendency, however, did not re-
suit in many net losses in the active shares as
the buying power was again heavy, and IN the
greater number Of securities the realizing sales
were so well taken that net gains were recorded
at the close. with the chief improvement in
Amalgamated Copper, American Smelling,
Brooklyn Rapid Transit Canadian Pacific, st.
Paul Federal Mining and Smelling preferred,
Reading. Rock Island and Southern Pacific
United States Steel preferred made a new high
record in the early trading. but sold off in the
subsequent dealings although ending the day at
g small fractional advance. Buying Of this issue
was for the account Of operators who believe
that general conditions in the business world
warrant material enhancement in the quotations
of the shares that represent the big industries
Of the country. United States Steel preferred
went through a long period Of depression in the
Iron and steel trade without losing or decreas-
ing its dividend and as a consequence The
value Of the issue as an investment has been
greatly strengthened in the eyes Of local and
foreign capitalists And the same thing is true
Of many other mepbers of the industrial list.
st. Paul was decidedly strong feature among
the railroad shares. while further good buying
was reported in Canadian Pacific and Rock Isl
and.
Buying OF the railroad shares was encouraged
by the tone Of the Presidents remarks in Texas,
in which he promised a square dear both TO
the railroads and the shippers. AS a matter of
fact no uneasiness ever has been felt in well
Informed circles regarding the Presidents atti-
tude on the rate question, but the fact that ne
has publicly announced that he is working for
the best interests Of the railroads as well as for
the people who pay the freight viii serve 10 re-
neve the minds Of the fidgety people who for
many months have been suffering from nervous
prostration over the idea that the government
wants 20 condscate American railroad prop
critics. Vigorous efforts were made by certain
operators TO bring about a decline in the issues
that have been market leaders in the last few
Gays, but their attempts were not crowned with
material success, especially in New-York Cen
tal, Union Pacific and Canadian Pacific. In the
last named issue buying WAS again for the ac-
eoHnt Of the substantial interests who for so
tong a period have been operating in the stock
d. the basis Of its intrinsic merit and the bear
leaders found il difficult work TO make any i'm
preston on its price. An advance in call money
10 ~ per cent caused some selling in the last
hour. but before The close the tendency was in
the direction Of higher prices Sterling ex-
According 10 the known movement Of money
In the week. the local banks have gained over
100000 in cash holdings, and it is therefore
quite probable that to-day's statement of the
Clearing House banks viii show an increase in
reserve above legal requirements. especially as
the tendency has been 10 transfer loans TO the
trust companies and foreign lenders. Bank re-
Serves are not large but there is nothing in the
current position Of the associated institutions
that warrants the prediction that period Of
disturbance in the loan market is about 10 de-
Felop. Many stock market bears are uneasy
Dyer the position of the local money situation.
Their fears however, are based on Imagination
formed FOR The specific purpose OF frightening
holders Of securities held on margin into liouida-
hon The stock market is not honeycombed
Eith weak accounts, and as consequence the
hn'e is not ripe for an aggressive campaign on
The short side OF speculation. There is nothing
b The business situation that calls for uneasi-
hess on the part Of investors. nor is there any
hing in the general position Of affairs affecting
he actuol value Of investment securities that
suggests anything more than the ordinary eau
non that ought 10 govern all speculative trans
actions The present market for stocks is one
81 tremendous proportions, and. of course, the
small trader ought 10 he careful in buying at
.he current level as passing declines of more
than ] per cent are apt to take place while
4 should be borne in mind that one Of these
lays a bear market Of the old fashioned kind
wiz develop. AT the moment. however, the big
sen in the Street are working on the bull side,
and until tLey change their position II viii be
sseless 10 talk about bear success.