New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-05-03
BONDS.
Stock MARKET OPERATIONS.

transactions in yesterdays stock market were
heavy IN volume on q movement OF values 1Il'hI
GENERALLY tended 81 the direction Of higher quo
tattons. Commission houses were active buyers
for the account Of public operators. while the
more substantial speculative interests IN me
Street were actively identified with the upward
coDrse OF values. Naturally the advance at
tracted heavy realizing among specu4atoIS no
bought stocks at the low prices recorded in last
weeks market but the volume Of these sales
,ryps not heavy enough, IN the greater NUMBER
Of Eases. 10 Offset the demand for stocks as an
t-euance on rrices. OF the active shares Con-
eoIidated Gas presented the only important IN
stance Of weakness. The net decline IN TINS IS
she. Of course, was due TO factors that had no
hearing on the general list Of securities ana us
loss Of s points, therefore, caused no uneaslness
in speculative circles. At the moment ConsoA-
dated Gas IS beset with politics, and 1t Is not
unlikely that its market price will move toward
a lower level. but & cheaper quotation lot lhe
security will not upset the speculative or invest
rDent situation On its merits Consolidated Gas
IS selling for more than it is worth and puf-
chases Of the issue at the current level for IN
vest,nent account DO not appear advisable
As rule prices did not record the sharp ad-
vances reported in the preceding days market
while in q few Of the leading securities final
quotations showed net declines, as compared
with Mondays closing figures notably in the
case Of Anaconda St Paul, Erie Kansas and
Texas. PEOPLES Cas-, Southern Pacific and Wa
bash preferred OF the active shares. gains Of
over l per cent were made by Analgamated
Copper. American Smelling, Atlantic Coast
Line Illinois Central. Louisville and Nashville,
National Lead Northern Pacific, Reading, Ten
nessee Coal and Iron and United States Steel
preferred. There was a good demand for the
steel and iron issues and higher prices We're
predicted for the United States Steel Corpora
ton shares, owing TO the excellent character of
the days buying, both IN the common and pre-
ferred. The splendid condition Of the iron and
steel business IN the United States warrants bull
sentiment on the iron and steel securities, espe-
ctRIly n the case Of United States Steel pre-
ferred. which has shown its ability 10 remain in
the high grade investment class in a time of
serious depression IN the steel trade and which
according 10 the estimates Of the best informed
men IN the business. viii always remain on a
per cent dividend basis. Union Pacific was
taken by q good class OF traders. and the same
thing may be said Of all the solid investment
Issues, while among the cheaper priced secur-
tiles there was a fair demand, based on the
probability Of dividends at no remote period
In the latter class may be mentioned ST. I,o,,is
Southwestern preferred, Missouri. Kansas and
Texas preferred, Erie and Southern Pacific
Foreign houses were active buyers in the local
market. while in the London market there was
an excellent demand for American securities,
including Canadian Pacific. The stock Just
named IS among the few issues traded in on the
local and London Exchange that has not sold
at level measuring its actual worth, and for
MS reason many operators are buying the is
sue, to hold for price many points above the
fl,,
reason Tor uneasiness over the general railroad
situation IN the United States, despite the ru-
nors that were circulated last week. and. as
general conditions affecting the actual worth
Of investment securities are stronger than at
any preceding time IN the history Of the conn
Try there Is every warrant for the purchase of
irst class stocks and bonds at the current level
II Is quite likely that there win be a brief ne
Flod OF Fregularity, but the general tendency
ought TO be IN the direction Of higher prices
money remained easy yesterday, and there
were no indications in The general monetary
situation Of an important change in rates for
-Oa--s lot many weeks to come