New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-04-07
BONDS
sToCK MARKET OBSERVATIONS.

Stock market values made for further progress
IN yesterdays trading toward a higher level.
There was an excellent demand from commits
sion houses. substantial speculative interests
were actively identified with the bull side. and
investors made liberal purchases of attractive
shares and mortgage issues. the transactions in
the bond department reaching large total.
with operations well distributed throughout the
list Industrial securities were again in active
demand and many new high prices were re-
corded for the yea Steel preferred, for in
stance, going above par for the first time since
1901. on a heavy volume OF business that came
from responsible market sources. some Of the
leading houses IN the Street being the largest
buyers. The most encouraging reports from the
iron and steel trade and the solid reasons for the
expectation that the entire metal industry will
enjoy e long period OF expansion have created
a better demand for the shares Of the iron and
steel companies and the issues OF companies in
allied trades, while it has also caused marked
increase in the inquiry for the entire Indus
trial list The railway equipment shares are
being absorbed by excellent class OF buyers,
and IL IS therefore not unlikely that prices for
this group VIII work TO higher level.
Among the railway list gains OF a point or
more were made by ST. Paul, Union Pacific.
Baltimore and Ohio. Canadian Pacific, Atchison
Atlantic Coast Line. Great Western. Missouri
the industrials the strongest features were pre-
scented by the American Locomotive shares,
Federal Mining and Smelling (the latter gain
ing fourteen points,, American Smelling United
States Steel preferred. Anaconda and ATnalga-
mated The copper market IS IN excellent
shape. while the prospects for an active business
for many months TO come are SO promising that
& would be surprising IL the copper shares did
not move TO a higher level in the current mar
ket. The heavy buying IN Atchison was not
explained by news affecting the property, but
many purchases doubtless were based on the
theory that the proposed issue Of preferred
stock Of the Union Pacific would be used to
purchase the absolute control OF the Atchison
system Canadian Pacific was again taken by
a good class of buyers and despite heavy realiz-
ing sales that were induced by the four point
advance in the issue in the market OF the pre-
ceding day. its final quotation showed a net
gain Of nearly ] per cent after having made
maximum gain Of over per cent. An interest
identified with the Canadian Pacific said yes
terday that the Improvement in the price OF the
security was due to investment buying rather
than 20 pool operations and that. as a matter
Of fact there had at no time been a speculative
pool IN the issue. Investors and leading Wall
Street operators are accommodating this security
on SITS merits and they feel confident that the
quotation VIII move much higher especially as
Il 80 now so many points under various high
grade shares Of no greater and in some cases
OF even less intrinsic va'ue. IT is estimated that
the assets Of the Canadian Pacific are far more
valuable than those Of the Great Northern. yet
Great Northern shares are selling in the neigh
bOrhood OF 300. against l54 for Canadian Pa
cife The general market retained its strength
until the close
There is a large public following in the cur
info 0affo
oeived from the leading commission house bro
kers, public accounts represent a strong class
OF traders and not a line of weakly margined
accounts. This fact is important, owing TO the
danger that might develop TO speculation N
general Il the market were filled with operators
whose bank deposits are measured by small
figures Individual and corporate wealth have
increased 10 a wonderful extent in the last few
years, q reelection Of which is presented in the
substantial character OF buying now under way
both IN the speculative and investment depart
rnents OF the securities market, especially in the
high grade railroad and industrial issues. which
already have enjoyed material price improve
Inent, as, for instance New-YOrk Central
Union Pacific, Pennsylvania, United States Steel
preferred and Canadian Pacific. That these
shares win sell higher appears 20 be the general
belief IN Wall Street circles, but. OF course, the
time VIII come when issues Of this character. as
well as the rest OF the list viii prove a good
short sale, for the reason that prices viii not
move IN one direction indefinitely. The best OBJ
servers IA the speculative community, however
see nothing in the current situation 10 warrant
the prediction that big decline viii develop in
the immediate future, except. perhaps, passing
sharp reaction although there are some people
who having sold their stocks. are unable 20 I'M
derstand why the bull market continues. One
GOOD reason Is that money continues easy. while
another one is that the powers that be in the
financial world are working on the long side Of
the market