New-York tribune., 1905-04-15
s&@vsamG
BONDS.
snoCK MARKEr OPERATIONS.

Stock market values were scronB ia NIo
greater part of the day On a heavy volume OF
hyussness, total transactions amounting TO over
1600OoO shares. Further marked improvement
"a Uraon Pacific was again leading feature
sAa stock ca large dealings selling at a new
Fse4a record prace without the accompaniment Of
ss~ws dsvelopments affecting the Union Pacific
rrupsr4y or the railroad situation in general.
Fr1t she upward movement created the idea OF
-zndfnZ announcements regarding the future
r-,zafaon OF the railroads IN the Northwest The
snauenoe OF the strength IN Union Pacific was
szdec4ed "a strength throughout the railway list
sruerisTy IN New York Central. which also
roaa aa SITS best quotation IN the history or the
cgupany Reading continued 10 be absorbed in
lo-Fe amounts by an excellent class OF buyers.
While there was a further good demand for
Canadian Pacific. St. Paul however became
ffo chief active issue before the close Of the
day, cts price gaining net over per cent on
heavy transactions that were participated in by
Gb0ut every commission house in the Street
The advance IN the stock not due TO any
news on the property. while the same thing
nay be said OF the upward course IN the gen
eral list. although buying was attracted by
report OF coming deals, including melon cut
ting by Che Great Northern Company in the
interests OF the Northern Securities Company.
Sentiment throughout the day was intensely
bullish and trading well distributed over
the list with increased buying IN many issues
that recently have been comparatively idle, as,
for instance American woollen shares. Railway
steel Spring. New York Air Brake and Illinois
Central While final prices were under the best
of the day. the greater part OF the Improvement
was shown in the last quotations.
According TO the known movement Of money
in the week the local banks have gained over
co. mn kH,,a -
days statement OF the Clearing House institu-
t.ons VIII show Improvement in the reserve
above legal requirements week ago the full
increase IN cash was not reflected in the aver
ages. but it is quite probable that this discre-
pancy VIII be made up in this weeks showing.
The monetary situation is extremely satisfac-
tory both 20 the lender and borrower and there
Is nothing IN view at the moment that suggests
disturbance IN rates. q fact that naturally in
creases the confidence Of the bull element on
the Stock Exchange in the probability Of higher
prices for the greater number Of securities. OF
course. the advance already recorded places the
majority Of Issues from % 20 90 points above
she low level OF last year. but IN 1904 prices
were unduly depressed. and the recovery IS not
80 enormous as appears on the surface. while
at present figures there il imitation. although
ln a few shares fancy prices have been reached.
Such stocks as Great Northern preferred North
western and Lackawanna are selling well above
the level at which sensible investor cares TO
buy yet in the present market it would not be
safe 20 say that these issues VIII not sell at
even better figures. Speculation and invest
ment buying. however. doubtless VIII continue
to run heavily IN the Union Pacific. St. Paul.
Reading, Erie, New-York Central ana Canadian
Pacific shares among the railroad list. carrying
quotations for the various stocks well above pre-
vaiiing prices, while OF the industrials activity
Sc Hksly TO increase IN the railway equipment
shares. the from and steel issues and the stocks
OF companies in trades allied TO the iron and
steel business.
II IS understood that developments OF the
utmost importance affecting the Union Pacific
company and number OF other roads IN the
East ana West viii be announced soon. and it
- hinted IN well informed circles that II viii be
found that large amount OF the Union Pacific
stock has passed to the hands Of Vanderbilt IN
ferests. Talk IN Wall Street circles that the
Hartman interests are ready to make active
warfare on the Hill-Morgan people continues to
be heard. but II fails to create uneasiness in
speculative and investment circles. for the good
reason that the majority OF operators do not
believe that there is any intention on the part
OF AR. Hartman and his friends 20 do anything
that might interfere with the legitimate expan-
sion OF the railroad business In the Northwest
IN the Canadian Northwest wonderful expansion
is under way IN the industries OF that part Of
the Dominion. reflection Of which Is presented
in the earnings OF the Canadian Pacific. which
have increased in gross since the first OF the
current Gscal year nearly 100000. These
earnings are particularly significant as they
compare with period IN the preceding year
when traffic was extremely heavy. The growth
Of Industrial activity in Canada has added great
value 20 the Canadian Pacihcs mineral. OIL and
agricultural lands. and tho great worth OF these
lands as an asset is becoming more generally
known, an indication of which is presented by
the Rotlvity ana advance IN the stock OF the
company under the influence OF a high class OF
buying.