New-York tribune., 1905-02-19
BONDS.
STOCK MARKET OPERATIONS.

Stock market values were strong In the greaIef
number Of issues in the two hours OF traolhs' the
advance in Union Pacific being the chief feature
or the day, the stock rising to new high RECORD
for the year at above 12S large volume OF
business. The idea that an harmonious settle
,nArt will be made IN the Northern Securities
case after the decision in the stock distTlpu'ioH
r.lan hy- the Supreme Court is growing stronger
every day while in we'll Informed circles no Sc
c.ret is made Of the belief that the entire Nor'i
western railroad situation will be arranged IN
manner satisfactory 10 all interests concelheu
tgf course, as per cent stock Union Facill'
s. selling too high, but the issue is not MOVING
on its present dividend basis. its advance anu
activity being due 10 considerations afectns lhe
future intrinsic value of the security. with TIE
except:on og some OF the Southwestern shares
aud \ few Of the industrlals, strength was ~
,,orted in most parts OF the railroad nst' es-
,.aiall, in come OF the low priced issues. as for
tns.ance Chicago Great Western, which was
,alon -bv an excellent class Of buyers incluolhG
zople who are apt to know something ABOUT
he r,ars affecting the future control OF inc
,s.ouerty. Il IS evident that the Great western
,,iH uo1 remain Independent road for any
rcat length OF. time. Missouri Paclnc anu tile
Kansas and Texas stocks were heavy on selilns
s,Guccd ty the poor earnings of the companies
f4,r tae second week in the current month. Al
though The bank statement showed q luFller
falling off IN cash and reserve holdings STOCKS
remained strong until the close The only en-
l,,u-azine feature of the exhibit was decrease
q Iosnx Reserve above legal requirements now
stands at 50, ,204, ,425. compared with s2i'0Vo.ooo
,r the sarre week year ago and sS,V4l'o'o III
1902. on the curb Northern Securities made
rev high record at 16o.
transactions in tbs stock market IN the laSt
week presented no indication Of the development
~ bearish' sentiment on the part Of the suostan-
rial market interests and no disposition among
investors 10 keep their idle capital IN hlolhg'
The demand from investors for hrst class suochs
and bonds was active, bond houses reporting
larger inquiry for mortgage issues than the
available supply. AS far ras the high priced
stocks are concerned. many brokers are advising
their. customers TO wait for reaction before
buying but they do not make the suggestion
that there will be material decline in values.
There are various factors in the general situa-
sion that may bring about a temporary lower
level Of quotations as, for instance, higher
money. market rates and the general technical
position Of speculation, but there is little in the
outlook affecting the intrinsic worth Of invest
ynent securities that encourages the belief that
the bear element. IL there is such thing, will
be able TO institute q successful campaign OF
the short side OF the market at present A few
the somewhat unsatisfactory trade reports for
rhe last week, but these reports based on
weather conditions that are not permanent in
character It IS not likely that any man will sell
his Securities for this reason alone The busi-
ness OF the country has been affected tempo
rarily by the severe weather in many parts OF
the United States.
Bank statement figures suggest higher, rates
for money il the near future, as reserve above
legal requirements is at a low Jewel at a time
when demand for currency from the interior
IS about to begin in volume. but there is no in
dication OF uneasiness in the Wall Street COM
rnunity the outlook; indeed, bankers are
we'll pleased with the situation, as the prospects
encourage them 10 believe that q period OF more
profitable business in the loan market is draw
fng near. Among the unfavorable railroad earn
fngs received yesterday were those Of the Mis-
souri, Pacif1c showing loss of $1s3,0o0 for the
second week in February. comparison being
made with the same period a year ago The
most favorable report received was that Of the
Canadian Pacific for the same week, showing a
gain OF S1S3. 900. making an increase since July
Of S2.SS4, 900. This company has enjoyed long
period OF advancing earnings. and there ap-
pears 10 be every reason 10 believe that traffic
receipts will continue make excellent show
ings throu ghout the year, as the Country served
by the Canadian Pacific is progressing rapidly
IN isdustriai activity There has been a. big
accumulation OF Canadian Pacific stock IN the
last few months, and It's believed that tbs
price OF The issue will move to- a level more ir
line with the market quotations Of other stock.
of similar merit