New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-03-10
BONDS.
STOCK MARKET OPERATIONS.

Prices lot securities IN the local market were
helped by the strength in the London and Con-
tiQental exchanges. the advance in London being
due to a reduction in the minimum discount
rate of the Bank of England. while the general
markets abroad were favorably affected by the
success of the Japanese arms in the Far East.
Financiers the world over believe that it is a
matter of short time only when the Russians
will be compelled 10 sue for peace. reflection
of this belief being presented in the movement
of values in the stock markets of the European
capitals, in the active investment of foreign funds
IN attractive American issues and in the grow
ing ease in the monetary situation in London
and other centres Foreign houses were active
buyers in the local market yesterday. particu-
larry in the Pacific issues and Canadian Pacific.
The shares Of the Canadian Pacific alb
sorbed by the same interests that have been
such prominent factors in the speculation in the
stock in the last few months and. despite the
fact that the price advanced over 3 per cent,
predictions of higher quotations were freely
made. 1t is not at all unlikely that this stock
will move to level more in line with other
shares of similar merit, and it is therefore not
unreasonable to look forward to a quotation
above $50 in the of the current move
ment At 80 Canadian Pacific would be
per cent basis. Few of the high grade
curities yield as much as 1 per cent at present
movement In Canadian Pacific. solid 6 per
cent dividend paying ISSUE is not at all sur
prising. The shares of companies controlled by
the Canadian Pacific were also strong features
in yesterdays market. as. for instance, the
800" stocks and Duluth, South Shore and At
lantic
Speculation IN the copper shares active
at advancing prices, Amagamated Copper ris-
ing over 2 per cent while Anaconda enjoyed a
net gain Of 8 points. There is not over
abundant supply of Anaconda stock available
for speculative purposes, and as there appears
to be a growing demand for the security 1t IS
not unlikely that the price of the issue will sell
well above its current quotation Anaconda
is wonderfully rich in ore yet undeveloped. and
as constituent property of the big Amalga-
mated company it occupies a position that
ought to appeal TO operators in securities. And
the same may be said of some of the copper
companies. the shares of which are quoted on
the curb as for instance Arizona Consolidated.
whose stock made a high record price
in Yesterdays dealings. In the general indus
trial list marked strength was shown by thu
American Smelling issues, Federal Mining and
Smelling. the iron and steel securities and Con-
solidated Gas. The Hartman shares were
strong; also New-York Central, Rock Island,
the local traction. Pennsylvania, Atch-3on, St
Paul and Hooking Valley. Outside Of foreign
developments there were no new factors affect
ing the course of values on the Stock Exchange,
sentiment remaining bulIish because of the
generally favorable position of affairs affecting
the intrinsic worth of securities and the prom
Using outlook for many months of activity IN
all branches Of the company's business.
AS far as the stock market is concerned, little
attention has been paid so far to the improve
ment in the railway equipment industry, which
in the last few months has shown remarkable
progress without a corresponding movement IN
the car and locomotive building company shares.
Heavy orders for new are being received by
all the car building companies. and If one stops
for a moment to consider the significance OF
these orders one will realize that the railroads
are doing a big business. and that they are con-
fident Of a year of prosperity. Prosperity among
the railroads means that the industries of the
country are enjoying healthful expansion. and so
II readily NAV be seen that active buying Of
railroad equipment is an excellent barometer or
trade It is likely that before the current bull
movement comes to an end the shares OF the
American Car and Foundry Company will
ceive the attention to which their intrinsic merit
entities them, and as the preferred stock of the
company is per cent issue selling below par.
IT is reasona BILE to expect material appreciation
IN its market value. 1t is interesting TO note
that despite the falling off in the companys
business in the last year. earnings at all times
were above dividend requirements. The stock is
held by some of the most conservative investors
in the country. and the same thing may be said
Of American Locomotive preferred. According
TO good market judges the copper shares and
the railway equipment issue among the indus
trials will be market features in the of the
next few months