New-York tribune., 1905-04-09
BONDS.
STOCK MARKET OPERATIONS.

Stock market trading active in the two
hours of business. with the movement OF values
f. the greater part Of the time in the direction
of lower prices. the declining tendency being due
10 realizing sales and bear pressure. which. in
the absence Of important support. were effective
IN carrying the majority Of issues under the
closing OF the preceding day. There was, how
ever, no important liquidation. and the attempts
Of traders 10 induce selling among the heavy
holders Of securities met with no success, the
only response 10 the manipulation for the decline
coming from weakly margined operators, who
sold their stocks on the theory that the bull
market had reached its limit. The idea that
prices viii not move 10 a better level is not en-
fertained IN the best informed quarters, for the
simple reason that the interests which are in
control Of the banking facilities of the country
and the men who control the big railways ard
industrial corporations Of the United States are
engaged in operations the success Of which de-
pends 10 a great measure, on a bull market in
wall Street. Many Of the issues that recently
have been market features were weak through
out the day. the chief losses being made by Ma
tional Lead, Union Pacific. Tennessee Coal and
Iron, ST. Paul United States Steel preferred.
American Car and Foundry. New-York Central,
Pennsylvania. Southern Pacific. Louisville and
Nashville ana Canadian Pacific.
On the decline offerings were we'll absorbed,
but there was no attempt 10 rally the market,
doubtless on the theory that the reaction would
help rather tban inj're the speculative position.
oEdon prices were weak perhaps on the posi-
bllity Of naval engagement between Japan ana
Russia, but this factor MAS not an influence in
the local market. Prices here were weak be-
cause the market was ripe for a reaction. and
10 further excuse need be looked for. The
largest declines were recorded in the last half
H9ll Ttr he pTi0 81 as nil
c.fc. New-York Central. Southern Pacific,
United States Steel preferred and Canadian
Pacific were taken by cn excellent class Of buy
ers, ard the character OF the dealings in these
shares suggested The probability Of better quo
Iations in the current week. Canadian Pacific
was especially well bought, and the people who
have been accumulating the stock for the last
few months were among the chief buyers. The
chances Of higher prices for Canadian Pacific
are extremely bright. owing TO the fact that the
issue is being taken by the best kind Of people
simply on its merits There is little Of the stock
available for speculative purposes. and this fact
alone ought 10 discourage operations on the
short side. The industries of Canada are grow
ing al rapid rate and il is therefore interesting
10 watch the progress Of the Canadian securities
OF the local and London Stock exchanges. At
ihc c3ose Of the market sentiment was by no
means depressed. The only important eXcep-
fions 10 the downward tendency were the cop
per shares. which were decidedly strong. Anal
ear,ated advancing / point and Anaconda
points The copper trade IS in such good condi-
ton that many people are buying the copper
stocks. II is thought that Anaconda will sell
materially higher. as it is now many points be
low its intrinsic worth
The weekly statement Of the associated banks
showed z loss in cash Of over S2OO00O0, but
loaD md de-
rosrs the reserve above legal requirements pre-
tented q slight increase, bringing this item 10
q. .6S2 90. compared with S22,916400 in the
tane time a year ago. and Sc, 741 800 in 1893.
The decrease in cash was totally at variance
with he preliminary estimates which showed
gain Of over S20O0O0O on the known movement
n money in the week. The loss doubtless being
sue 10 The aEtiqUated average system which
seldom presents bank conditions as they actu-
ally exist. The local monetary situation is
sound, and, according 10 the opinion OF the best
Informed bankers. there is no prospect OF dis
turbance in the loan market in the Immediate
future or. as a matter OF fact. in the balance
pf the year. Rates for call loans may rule al
the present level. and possibly higher for a brief
period, but il is difficult 10 figure any basis
Tie possibility Of disturbance al any time in the
current year. People who are worrying over the
money market viii not make a fortune by sell
Ing stocks short. The decline that was recorded
IN values yesterday cid not create uneasiness
among the men who believe that prices viii
gradually work 10 better level. the setback
being considered as nothing more than an Incl
dent OF a period OF bull activity in securities.
Bull markets always are accompanied by sharp
reactions and these reactions supply the tonic
lbat preserves the health OF bull speculation.