New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-05-25
BONDS.
STOCK MARKET OPERATIONS.

Stock market values were strong throughout
the day, the active issues closing at net gains
Of per cent and above. Buying represented the
operations of the short interest, and transac-
lions for the account of some Of the most power
full spectators in the Street especially IN the
case of the so called merger shares, in which
net advances ran from more than per cent in
Union Pacific to more than II per cent in Great
Northern preferred. although the dealings in the
latter issue amounted to only 700 shares Ac-
tivity in the stocks of railroads In the Northwest
was helped by the we'll founded reports of har
mony among the various financial and railroad
interests identified with the Union Pacific, Great
Northern and Northern Pacific companies and
by an active demand for the shares from foreign
houses, buying of European operators being one
OF the features of the days trading. In London
there a good demand for American securt-
ties, and, according to cable advices received In
Wall Street sentiment abroad was much more
favorably disposed toward American stocks and
bonds than reported a few weeks ago. owing to
the decline that has been recorded in the greater
number of securities in the last month, particu-
larly in the shares that have wide tnterna
tional market, as for instance, Union Pacific.
and to some extent United States Steel preferred.
Canadian Pacific also was taken by foreign buy
we'll by local traders, and as a con-
sequence of the buying movement in the issue
its price closed at net gain Of more than per
cent. Canadian Pacific is selling about 10 points
| under It's best price of the year, and this fact
| is attracting buying Of the issue by people who
well informed regarding the intrinsic value
of securities
Throughout the list the character of buying
suggested, recently predicted In this column
that stocks had reached level that was begin
ming to appeal to investors and spectators Of
large financial resources. There was no impor-
tant news in the day affecting values, but
buyers appeared to have impression that
stocks were cheap at ruling prices-an impress
sion that was based on the strongest sort of
facts-and in the greater number of securities
Of solid investment merit the demand was heavy
enough to bring about substantial price i'm
provement. OF course, much of the buying rep
resented the operations of the professional ele-
ment, which compelled to cover its con-
tracts a rising market, especially in Union
Pacific, in which transs tions amounted to over
10000 shares; but there was nevertheless a
marked Improvement in the commission house
demand. while there were signs OF increased in
terest on the bull side Of the market for the ac-
count of the more important market followers
that is, the of large financial means. who
generally buy when stocks are cheap and sell
when they are dear.
AT the close Analgamated Copper showed a
net gam or 3 per cent, American Car ana EOun-
dry a gain Of over per cent, American
Locomotive a net gain Of nearly per cent,
Canadian Pacific a net gain Of over 3 per cent,
St Paul a net gain Of 39s per cent. Erie a net
gain of over 2 per cent, New-York Central a net
gain Of 3 per cent, Ontario and Western a net
gain of 2k per cent Northern Pacific a net gain
Of G7s per cent. Beading net gain of "a per
cent, Southern Pacific net gain OF 2as per cent.
Tennessee Coal and Iron net gain of per
cent, Union Pacific a net gain Of AS per cent
and United States Steel preferred net gain of
212 per cent The United States Steel shares
were taken by an excellent class of buyers, pur-
chases OF these issues being helped by the
weekly reports from the iron and steel trade
which showed none Of the adverse conditions
that recently have been talked about in Wall
Street. Money easy, but sterling exchange
was again firm advancing 10 a point az which
gold exports were made TO Paris at this time
last year. Al present, however, the position of
the Paris market is different from what it was
in 1904, and long as the Paris check re-
mains at its current high level exchange at this
centre Will have TO advance point at least be-
fore gold may be shipped at a profit. While
this point doubtless will be reached, there is no
uneasness in local financial circles the
proba bty OF shipments Of the precious metal.
The bull activity in cotton, corn and wheat was
a factor In stock market trading.