New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-04-06
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
The announcement that the Union Pacific d.
roctors would ask authority OF the stockholders
Of the company to issue additional preferred
stock to the extent Of S1OOOOO.OOO. had a
fairly good reception in Wall Street. although
the stupendous character Of the proposed opera
ton that doubtless involves plans Of the great
est magnitude caused some uneasiness in circles
where conservatism is the watchword Of specu-
lative transactions. Various ideas were ad-
vanced regarding the probable use 70 which the
proceeds Of the issue would be put, but in the
absence Of official information on this point
Wall Street theories We're rather hazy and in
most instances doubtless far from the probable
intention Of the Hartman interests. The most
popular idea favored the theory Of a purchase
Of the New-York Central by the Union Pacific
snd the securing control Of the Chicago and
Northwest. but this mere guess. and not
altogether an acceptable one to the people who
believe that the control Of the Union Pacific
recently passed 10 the Vanderbilt interests.
Whatever is proposed undoubtedly will accrue
20 the benefit of the general railroad situation
IN the West. and as the country is growing rap
idly and as the Union Pacific manager are men
OF farseeing character, Of great ability and con-
servatisln, Vet men who believe in their property
keeping pace with the increase in the country's
population and industries there is no reason
for alarm over the decision Of the Union Pacific
Company 10 pay for securities Of other com
panies necessary for the rounding out Of the
Union Pacific system through the issue of addi-
tiOnal preferred stock.
Many stocks were strong and active in the
greater part Of the day, the majority of active
issues recording material Improvement in the
mornings operations. while at the close prices
v ere not far from the best figures, despite large
realizing sales and bear pressure IN Union Pa
cifc. Traders. Of course, considered the pro-
posed stock issue a bear argument, and at the
opening proceeded TO sell the security; but there
was little genuine liquidation, and on the decline
offerings were taken by an excellent class Of
buyers. The industrial list again furnished
many features Of strength, marked gains being
recorded by National Lead. American Shelters
and several other issues. OF the railroad shares
Canadian Pacific was taken in large sized
amounts by substantial interests while the
shorts appeared 10 be anxious to reverse their
position, owing TO the well defined indications
Of powerful support. 1t IS understood that ma
terial further Improvement will be recorded by
this ISSUE the people who are behind the move
ment being backed by large financial resources
while their operations are based on the merits
Of the security rather than on manipulation
London investors are active buyers Of Canadian
Pacific, and there is a similar demand in New
York and Montreal The stock is worth watch
ing, owing TO the tremendous increase in the
ccmpany's earnings in the last eight months
an increase larger than any recorded by the big
systems in the United states-to the remarkable
expansion that is going on in the industries and
population Of the Canadian territory served by
the company's lines. 20 the increasing value of
the company's oil. mineral and agricultural
lands, and to the benefits which the company
viii receive from the improving transpacifc
trade
Reading was in excellent demand. while other
features among the railroad list were St. Louis
Southwestern preferred. Atlantic Coast Line,
Louisville and Nashville. Pennsylvania, $500
common and Toledo, 81. Louis and Western. In
the last hour the whole list became strong under
the lead Of the industrials and Canadian Pa
cihc the last named on heavy transactions ad-
vancing to its highest price on record and clos
ing at a net gain OF over points. The move
nnent in the issue surprised no one who has been
watching its course in recent weeks. and unless
there should be some untoward development af-
fecting the general list it is thought likely that
the security viii go to the level Of the other high
grade shares that are selling well above the
Canadian investment. The final advances in
the industrial list included points in
Smelling common, over = points IN the preferred,
IL in Federal Mining. 81 in the preferred 2H
IN Sugar Refining. 2ss in National Lead. rs in
Steel preferred and ~ in International Paper
preferred. The last named stock is admittedly
quoted OF level well under its intrinsic worth,
and II the present upward tendency in the in
dustTials continues this issue doubtless VIII sell
many points higher Peoples Gas was adverse
~ affected by the result Of the municipal cleo
tion IN Chicago. while Chicago Union Traction
shares also sold down under the influence of
sales based on the idea that the local Chicago
stocks viii be adversely affected in intrinsic
value. owing 10 the victory OF the municipal
control candidate This is a silly assumption.
as the idea OF the people who are in favor Of
municipal control OF public utilities does not in
Volve the conhscation OF vested rights.
Money market rates remained easy, but in the
sterling market quotations advanced 20 points
The strength IN the latter. In connection with
the reported call by the Secretary Of the Treas
ury 70. 20 per cent % government deposits held
in national banks. caused no uneasiness in
banking circles. There is no probability Of dis
tnrbanoe in the money market as long as the big
financial interests working on the bun side
q the stock market