New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-04-04

BONDS.
sock MARKFT OPERATIONs.

STOCK MARKET OPEhAI1UNS.
Stock market values moved in the direction OF
higher quotations in the greater part Of the five
hours OF trading with the chief Improvement in
the Southern iron and coal shares, Union Pacific,
the Erie issues, Eew-York Central, Canadian
Pacific and some of the specialties. In these Sc
curities advances ran above per cent on class
OF buying that represented accumulation for the
account Of some Of the strongest operators in
the financial district Commission houses were
good buyers. sentiment was bullish throughout
the Street and opinion favored the idea that
prices would continue 10 move toward better
level in the next few weeks. especially in the
high grade issues that are being handled by
powerful speculative pools There were no de-
vclopments in the day that had material bear
ins on the movement OF values. the opinion Of
the Supreme Court in the Northern Securities
case exciting little comment, as it was merely
a formal fling Of a decision that was rendered
81 veral weeks ago. The actual handing down
OF the mandate in this case was postponed until
April u. so that there can be no distribution of
the assets Of the company until that day. when
they viii be turned over 10 the various interests
IN The property under the Morgan-IIm plan Of
April 1904
The advance in Tennessee Coal ard Iron of over
seven points was due in great part to an active
ing prospects Of a Southern iron merger, while
81 many parts Of the list the material improve
meat recorded represented keen anxiety among
the shorts 10 reverse their position. doubtless
owing TO the well defined indications Of the pres
enoe in the market of a strong bull element and
to the failure Of the bear contingent 10 attract
important liquidation. The demand for Can
adam Pacific again active, both for local
and outside account, and tho advance in the is
sue Of over I per cent was accompanied by buy
ing for investors. who took the stock on its great
Intrinsic merits. Attention is often drawn 10
this issue, for the reason that IL is selling under
the level of other shares that are not worth a
cent more than il is and 10 the fact that some
OF The strongest American. Canadian and Lon
don interests are absorbing the shares There
was an increased demand for St. Louis South
western preferred. and the character Of the oper-
atoms in The issue suggested the probability Of
material Improvement in its price. The stock
is being accumulated by interests who are salts
fed that the condition Of the property and the
outlook for industrial activity in the territory
served by the oompany's lines warrant better
quotation for the security Traffic conditions in
the Southwest are becoming more satisfactory
every day. and earnings ought to be heavy in the
balance Of the year.
Reports received yesterday from the traffic
managers OF the Western railroads presented
much reason for encouragement over the future
OF the railroad business in the United States.
And the fact that the railroad men report large
gains in earnings and indications of further ex-
pansion in receipts ought TO prove Of interest to
every man who is interested in the material i'm
provement Of the country, inasmuch as a grow
Ing railroad business means general industrial
prosperity throughout the land. The receipts of
grain and merchandise at Chicago in the last
week for shipment east showed improvement
while the westbound tonnage also presented an
increase as compared with the recent past. Fac
tors Of this character apparently have not been
entirely discounted in the stock market. OF
course. there has been a big appreciation in val
ues as compared with the low figures Of 1904. but
II is contended by the best market observers that
further improvement viii be recorded. and that
even IN the high priced issues quotations will
gradually work TO better level. In expectation,
therefore that prices will sell higher. the greater
number OF holders are maintaining firm grip
on their securities possessions. especially Of the
shares Of un6cubted intrinsic merit. as. for in
stance Union Pacific. New-York Central. St
Paul, Pennsylvania. United States Steel pre-
ferred and Canadian Pacific. The small bull
Spectator. however. should keep his weather eye
open for the passing squalls that are apt 20 de-
AelOp DeLole q ltOAAeNAc0 EtLiO0 "a DcdE dGliNAAs
begins
Money rates undoubtedly viii remain at their
present hrmer level until the middle OF the month
at least but the current range Of loan quotations
IS not so high that il 6iscourages speculative &C
tivity on the Stock Exchange. The leading
banks IN New-York are closely allied with the
interests which are Identified with the big rail
roads and other corporations and with the cam
paign for higher prices in securities, and IL il
therefore not probable that any disturbance vii
be permitted 10 develop. an indication Of which
was presented in Saturdays bank statement
which showed an increase in reserve above lega
requirements. through the ability Of the loca
institutions connected with the Clearing Hous'
10 reduce their loan accounts a few bank,
practically make the bank statement. and thes'
banks have almost absolute control Of the none,
market. Why. therefore. long these con
Germs are IN favor OF a bul market for securities
should there be any uneasiness over the position
Ct the local loan maTket2