New-York tribune., 1905-04-11
BONDS
sroCK MARKEr OPERATIONs.

Transactions in insyesterday's stock market were
heavy sn volume on an irregular movement OF
vsa1ss, without many striking net changes at
lthsacADse. although majority OF the active list
showed net gains. as compared with the final
figures IN Saturdays market The commission
house demand was heavy enough to prevent sub
stantisI reactions. while the buying by the lead
sng speculative and investment interests again
reelected the belief in well informed quarters
thai, the bull campaign has a considerable way to
run before a material setback viii be permitted.
Indeed, Il may be said the authority OF the
men who are Intimately concerned with the
banking, railway and industrial interests OF this
country, that they in control OF the jority
OF the stocks that are dealt In on the Stock
Exchange. and that they have no intention Of
parting with their holdings at present prices
Why, therefore. should operations for the de-
cline be indulged IN. except for quick turns?
There IS nothing in the position OF money or
business that warrants predictions OF the devel-
opment Of a sustained campaign for lower prices
and now that the winter wheat crop report has
been announced showing a percentage of condi-
tion better than usually recorded at this early
period Of the crop year there appears TO be lit
lie excuse for the slightest manifestation of
bearish sentiment. The break IN the Chicago
wheat market yesterday and the losses incident
10 the movement viii not upset the Iocar stock
market, for the good reason that the men who
are in control Of the New-York stock market
are not mixed up with the Chicago speculative
element.
Stock market conditions at this centre have
been measurably improved by the reactions that
have taken place in the last few weeks, and the
prospects for resumption Of the bull market on
even greater lines than any yet recorded appear
10 be extremely promising. In the early trading
yesterday prices as rule moved in the direction
Of higher quotations, and, despite the last hour
reaction. gains Of substantial proportions were
recorded by many issues. including Aualgamated
Copper, Anaconda, American Locomotive, Atchi-
son. Canadian Pacific, st. Paul, Northwest. Del
aware and Hudson. Reading. Union Pacific. St
Louis Southwestern preferred and Great North
ern preferred In the last named stock a net
gain Of u points was recorded on a volume OF
business amounting to less than 1900 shares
The closing price being at 800. OF course. such
a he7lre is absurd even for such a stock is Great
Northern, and the fact that the quotation Of this
issue has been carried TO this level ought to at
tract attention 10 The shares Of equal merit
which are selling many points under the Hin
stock Canadian Pacific, for instance, which has
assets much more valuable than those of the
Great Northern, IS selling in the neighborhood Of
l54, and. according TO the opinion Of well in
formed men in the financial community. the
Canadian security ought on its merits 10 be SELL
ing on a level with Great Northern and Chicago
and Northwestern, if the last named issues ara
20 remain at their present high figures. Doubt
less, in time, Canadian Pacific will sell at 200 a
reasonable price for the issue. while It is likely
that Great Northern win sink TO a figure more
in proportion
Buying OF the copper shares was a feature IN
yesterdays market, and the character Of the
dealings in these issues suggested the proba-
bility OF a much better quotation range for
Amalgamated. Anaconda and the copper shares
that are dealt in the curb The copper in 4
dustry. according TO the advices received from
trade authorities. IS in better condition than
ever before IN the history Of the copper busi-
ness in this country. while the same may be
said OF the iron ana steel trade. In fact all
lines OF trade are in excellent shape and unless
an the industrial and financial world earnings
an the current year among the industrial com
panies VIII be better than in any preceding year !
1n the annals OF the United States The reports
received yesterday from the Western railroad
managers regarding the condition OF traffic and
the volume Of freight handled IN the last week
make interesting reading for the people who
sre owners Of American railroad and industrial
securities. There no material change in (
the money or foreign exchange markets, and no /
indication OF stif rates. for loans In the i'm 4
mediate future.