New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-04-29
'EK dividend
BONDS.
STOCK MARKET OPERATIONS.

Transactions IN yesterdays stock market were
heavy in volume on a movement Of values that
showed great irregularity. with final prices at
net losses among the active issues. There were,
Of course exceptions to the downward
tendency. as for instance. in the case OF
certain issues that moved under the infiu-
ence Of urgent buying for traders short
OF the market. but as a rule operations
represented activity on the part Of spectators
who believed that the time was ripe for mate
rial reduction IN the general level Of Stock Ex-
change quotations While there were no adverse
developments affecting the actual value Of Sc
curities. and while the operations on the bear
side OF the market admitted that the general Sit
uation presented no encouragement for the advo-
Gates of a sustained decline in values. the fact
that there were few features working tempo
rarily in favor OF the bears induced activity on
the short side Of speculation. Rumors regarding
various properties again were circulated in the
Street, but up to the close OF business there
were no actual adverse developments affecting
the intrinsic value of American investment
securities. There were many disturbing rumors
but they had no tangible foundation. In the
commodity markets the course Of prices reflected
an easier position among the speculative inter
ests that recently have had serious trouble on
the short side CT the stock market, and. accord
ing to the opinion Of the best informed market
observers, disturbance in stocks. far as
the cereal markets are concerned, should at once
cease TO be a factor in securities speculation.
On the decline offerings were taken by an ex-
cellent class Of buyers. especially in the Of
Canadian Pacific, Baltimore and Ohio. st. Paul,
Erie, Illinois Central. Northern Pacific. Southern
Pacific and Union Pacific. Union Pacific has
been under heavy selling pressure in the last
few weeks, and its present price, compared with
its high quotation Of tho year. shows a loss OF
over 15 per cent, decline that more than dis
counts the socalled unfavorable developments in
the Northwestern railway situation, and pur-
chases Of the Issue at it's current stock market
value may therefore be made with every con-
1dence that IN the future the quotation for
the stock will move toward a higher level,
barring. Of course. developments Of an adverse
character in the world of money and business.
As rule. the industrial shares closed under the
final figures Of the preceding day, the chief losses
being recorded by Colorado Fuel and Iron.
American Locomotive. Anaconda, Car and
Foundry and Tennessee Coal and Iron, in which
net losses ran from to per cent, American
Locomotive common suffering the heaviest de-
cline pool liquidation. There is 10 particular
reason why the industrial shares should become
objects of bear attack; indeed in the greater
number OF cases the industrial issues are selling
below their actual worth as investments. but
this fact will not appeal 10 stock market specu-
lators at a time when speculative conditions ap-
pear to favor the bear side of the market.
That substantial interests were inclined TO
support the market in order to prevent demoraIi-
cation was reflected In the strength in
Northern Pacific in the gradual recovery
in Union Pacific. St. Paul Southern Pa
cifc. United States Steel common and Con-
solidated Gas. In the last hour bear pressure
was reported in various parts Of the list and I'm
the absence of activity on the part Of the bull
element, prices were inclined to sag. There was
however. no uneasiness in well informed circles
over the course of the market, while the best
informed market observers were inclined to pre-
dict a material rally in the near future. The
actual value of securities is not being adversely
affected by the current decline on the Stock
Exchange. and there is no good reason for the
sale of well protected holdings