New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-03-24
BONDS.
STOCK MARKET OPERATIONS.

That the bull element is not yet ready to
abandon its campaign made quite clear in
yesterdays stock market, when despite further
heavy selling, prices showed decided resistance
to the efforts of traders to bring about a ma
terial decline Recessions were not easily
oomplished and in the greater part of the list
the early declines when made were recovered in
most instances before the close. Buying by sub
stantial interests was a feature of the business
that exerted a favorable impression commits
sion house operators reflection Of which was
seen in an increased demand and hrn1er quota
tons in the last hours dealings. The reaction
Of the last few days has brought an excellent
class Of buyers to the market, IL has eliminated
weak holdings and placed the bull element In a
much stronger position than it was a week ago.
As money shows no sign OF going to pro-
hibitive level, and conditions governing the
actual worth Of securities are improving every
day, there is no reason why the upward move
ment in stocks should not be resumed with all
the aggressiveness that marked the market for
so many weeks until the early part Of week
ago Money remained at an easy level yester-
day. while sterling exchange declined to the
lowest quotation recorded at this period Of the
year since 1900, the weakness carrying the de-
mand rate to 1866. a figure near the point at
which gold can be brought to this country from
Europe at a profit. This condition of the ex-
change market ought TO dispel any uneasiness
that may exist over the local money market
situation. Money is cheaper abroad than it is
in this city. and whenever the demand arises
gold imports viii be easy to negotiate.
There were few exceptions to the upward
movement that developed in the afternoon
dealings, strength amounting to advances of
point or more above Wednesdays final figures
being common throughout the active list. the
most noteworthy gains being recorded by the
iron and steel shares including a 4 point net
gain in Colorado Fuel and Iron, Baltimore and
Ohio ST. Paul. Metropolitan Securities and
Canadian Pacific the last named closing at Il
net gain of Ia per cent. The strong local and
Canadian bull pool in this issue has inten-
ton of ending it's campaign at the current
level and it may be said on the authority of
insiders that the objective point IS at a
terially higher range. The actual value of the
stock rather than manipulation is the basis
of the current operations in this security.
And the same thing may be said Of many
other shares that are on the way to better
quotations. Strength in Colorado Fuel and
Iron was not accompanied by Developments
favorably affecting the property, the rise ap-
parently being due to the operations of a pool
that has powerful financial backing. Tennessee
Coal and Iron also was a strong feature, and
il was reported that further efforts would be
made TO bring about a merger of the Southern
iron and coal properties, although there was no
confirmation in official quarters. It is quite
certain that if any combination should be made
including the Tennessee Coal and Iron Com
pany it viii have to be with the consent Of
the so-called Hanover Bank element. which is
in control of the property named Early selling
pressure in Union Pacific and New York Cen
trail was removed In the afternoon. both stocks
closing point above their lowest quotations.