New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-03-14
BONDS.
STOCK MARKET OPERATIONS.

There was a good demand for securities
throughout the five hours Of business in yester-
days market q movement Of values that gen
orally tended in the direction Of higher quota
tions. Commission housess orders were heavy,
while the substantial speculative interests that
have been identified with the bull side for so
many weeks showed in their operations no dis
position to abandon the campaign for better
prices; especially in such issues Canadian
Pacific st. Paul, Pennsylvania, Union Pacific
and the iron and steel shares. Conservative
Wall Street opinion finds in the current position
of the stock market no reason for the predtc-
ton that is heard among sold out bulls that the
end Of the upward wave is near ar hand, al
though it suggests the wisdom OF caution among
lightly margined operators, owing TO the posi-
bilitv of sharp reactions that technical market
conditions may bring about. Great activity
marked the course of trading in the morning.
while in the afternoon dealing continued heavy,
with the largest transactions in Canadian Pa
cihc Chesapeake and Ohio, st. Paul, Colorado
Fuel and Iron, Louisville and Nashville, New
York Central Reading and Union Pacific.
Southern Railway shares were taken in fair
volume; also Chicago Great Western and New
York. Chicago and st. Louis, the last named is
sue advancing over 3 per cent. Advances Of
per cent and above were common in the active
list and at the close Of the day sentiment was
1UCllleO lONdIA the 1uSd llldI luSF advances
would be made in the current week. The indus
trial shares as a rule were strong features, in
addition 70 the iron and steel shares. American
Car and Foundry preferred, American Woollen
issues and Peoples Gas showing decided
strength.
In the late trading renswed strength in New
York Central that carried the price Of the issue
to 1861, further buying Of Canadian Pacific and
heavy profit taking in many parts Of the list
marked the course OF business. There were no
new developments accompanying the upward
movement in the Vanderbilt shares or She ad-
vance in the general list, but it was generally
believed that the rise in New-York Central fore
Swallowed important announcement regard
ing closer relations between the. New-Yorlr Cen
traI. the Union Pacific and the Chicago and
Northwestern, as recently outlined in this COL
umn. 1t is possible that an announcement of
this character may be made in the current
month The advance in Canadian Pacific to
1895, established a high quotation for the
stock. and the movement in the issue suggested
the wisdom of not being caught short, despite
the advance already recorded. AS a large
amount Of the security has been taken by in
vestors and strong speculative interests II IS
probable that its price will sell considerably
higher, the movement, however, being primarily
based on the actual investment value of the
the Great Northern, estimates the value of that
company's mineral lands at S5OO.OO0,O0O. and as
the mineral lands Of the Great Northern are not
as extensive or as valU4ble as those Of the Cana
dian Pacific. it readily may be realized how
great an asset the latter company has in its
coal and iron land possessions.
Reports received yesterday from the traffic
managers Of roads in various parts Of the
United States were extremely encouraging,
showing a large volume Of business on the
greater number of systems and a return in the
South to the favorable conditions that prevailed
before the February storms upset for g. brief
time the railroad business in that section of the
country. Earnings for the first week in March
show. as rule, large gains over the correspond
ing period year ago, when receipts were
heavy, and. according to the views of railroad
officers, the outlook for a continuation OF pres
ent excellent conditions affecting the transpor-
tation business in the United States and Canada
are unusually promising. In Canada traffic is
so heavy. rejecting the remarkable wave of
prosperity that is spreading over the Dominion
that it is wei worth while paying attention to
the course of the Canadian railway securities
and studying their prospects as solid and per-
Tnanent investment issues. immigration sta
tistics Of Canada show a large increase in the
character OF population that is best calculated
10 build up the countrys industries The sale of
farm lands is growing at rapid rate, the great
mineral territory is being more extensively de-
veloped every year and the increase in diversi-
fed industries indicates an important movement
OF capital into Canadian enterprises With the
United States prosperous it is not unnatural 70
look for business activity in Canada Salso in the
Mexican Republic. which is enjoying
period Of great business animation and expan-
sion. American capital is being employed in our
sister republic TO an extent that has attracted
the attention Of investors TO the Mexican rail-
road securities attractive propositions TO ac-
cumulate at current quotations