New-York tribune., 1905-01-04
BONDS.

Transactions in Yesterdays stock market were
moderately heavy in volume on a movement OF
values that tended IN the direction or ngher
prices in the greater part Of the day. Despite
the warning of the Boston operator to the pub
lie throughout the world TO let the "big men,
have its holdings. there was good demand
from commission houses for the account Of the
outsiders. while substantial market interests
were active factors on the long side Of specu-
lation especially IN st. Paul, Union Pacific,
Erie Naw-York Central and Arnalgamated
Copper. Advancing prices IN the London market
helped quotations at this centre In the opening
dealings while the decision in the Northern
Securities case and the fall Of Port Arthur also
served to attract an active interest in the days
operations the success Of the japanese being
considered the beginning OF the end OF the war
in the Far East. while the courts opinion in the
Northern Securities case was taken by some
final settlement Of the differences which have
prevailed for long time among the Harri-
man and Hill-Norgan interests in the North
western railroad situation. 1t Is too early, how
ever TO say that there will be immediate
harmonious arrangement of the difficulties that
developed after the Supreme Court decided last
year that the Northern Securities Company was
an organization existing IN restraint OF trade.
1t has been evident, however. for many months
that the relations between the interests con-
oerned In the Northern Securities litigation have
been much more pleasant than they were at the
time the Supreme Court made it's famous ruling.
In the early afternoon prices lost part OF their
initial advances and trading showed material
falling off from the active dealings Of the morn
ing, although there was no change In sentiment
regarding the future OF the market There are
so many reasons for the expectation of active
year in the stock market, accompanied by ad-
vancing values. that It is difficult for the careful
observer to express pessimtstic views regarding
the immediate future Of securities speculation
An irregular market has often marked the first
week Of the year. and If prices should not ad-
vance without interruption in the next few days
there should be no exhibition Of uneasiness in
Wall Street bull circles. and If the bear element
should preach lower prices and work accord
ingly, we'll protected holders Of securities would
not be warranted In parting with their posses
sions. Considering the OF money and the
outlook for low rates for long period. stocks in
the greater number of cases are not dear at cur
rent quotations. and the chances are that this
fact will become more apparent in the course OF
the next few months.
In the late dealings prices rallied from the low
points Of the afternoon. and at the close net
gains shown throughout the list of active
issues. with the chief advances in St. Paul. Erie
Union Pacific. Arnalgamated. Pacific Mail New
York Central and Southern Pacific. The report
that Union Pacific interests were in control OF
the NewYork Central and that the Erie would
receive q guaranteed IS per cent dividend on its
common stock were among the factors that en-
couraged strength in values especially in the
issues concerned. while the failure of call money
rates to advance above 34a per cent. with the
bulk of the business under that figure also made
a favorable impression on speculative senti-
ment
ia mar iaT1Ia ~, In, SI~
port that the interests identified with the Union
Pacific active factors in the New-York Cen
trail The so-called Standard Oil party grad
ually has been increasing it's holdings of the
Vanderbilt properties. and it Is probable that
the Vanderbilts do not own enough of New
York Central stock 10 insure absolute control
of the company by the Vanderbilt interests. as
represented by the Vanderbilt family. The
Rockefellers have purchased large amounts OF
New-York Central stock. but this fact does not
indicate that the Standard Oh. the Hartman in
terests and the Vanderbilts are not vorkinn, in
harmony.
Late buying in Canadian Pacific and BaIti-
more and Ohio came from excellent sources
purchases of both stocks being based on tba
known earning power OF the properties and
also. in the case of Canadian Pacific. on the
expectation OF an extra dividend distribution at
the next dividend period AT the close prices
were near the best OF the day. net gains In the
leading active issues. such as Amalgamated
Copper, st. Paul. Erie. Southern Pacific and
Union Pacific. running above per cent Anal
ganated Copper. after exhibiting weakness I'm
the early afternoon. became strong before the
close. ending the day at net gain OF 3 per
cent. The United States Steel shares were also
active features in the last hour. closing at sub
stanttal advances. Outside OF the Northern Sc
cuTities decision there was LITTLE pauvo IN H.
day bearing on securities values Sterling ex-
change was weak
No matter what the final settlement OF the
Northern Securities case may be. the fact re-
mains that the Union Pacific owns $50 OOOOOO
OF Northern Securities stock bought al a prica
representing an original investment at $50 a
share, while the stock is now quoted at mora
than S1S4 a share. or profit for the Union Pa
eiho Company OF upward OF S40OOOOOO In
TINS ths company has a tremendously valuahle
asset while in addition 1t has the prospectivs
asset OF the dividend on the Southern Paciac
Stock which will become an actual a.a,t a, -,