New-York tribune., 1905-02-22
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
Total transactions in yesterdays stock market
amounted TO 17S7044 shares on movement OF
values that showed many striking advances the
upward wave being accompanied by dealings in
large share lots for the account Of substantial
speculative interests; also large purchases for
the account of the ordinary commission house
following. While there were few developments
sn the day of sufficient Importance to warrant
The furious pace of trading, the speculative ele-
Inent apparently believed that the time ripe
for aggressive operations on the bull side of the
market despite the fact that prices selling
many points above the best figures made in the
bull speculation of the last fall Perhaps the
announcement from Washington that there will
be no rate legislation at the current session Of
the present Congress encouraged activity in Sc
curities, but the chances are that this factor
played little part in the days market, for the
very good reason that Wall Street has been
convinced ever since the agitation this ques-
tion started that no DILL increasing the govern
ment's supervision of the countrys transporta-
tion business could become d law until the
meeting Of the next Congress AT least. And then
Wall Street never has been alarmed over the
administrators ideas on the rate situation.
Speculation started the day in manner some
thing akin 10 a boom, under the lead Of the
sron and steel shares, Reading, Union Pacific,
Southern Pacific and Ontario and Western. In
the first few minutes of trading Sloss-Sheffield
made a sensa tional advance. the movement be-
ing followed by a repetition of Mondays reports
regarding d merger of the Southern iron. steel
and coal properties. and despite a subsequent
official denial 10y the directors Of the Tennessee
Coal and Iron Company that negotiations were
under way for an anal Igamation Of that COM
pauy with other Southern companies, the Street
continued TO believe that the ticker foreshad-
pwed a combination of all the companies in
This line OF business in the South Union Pacific
crossed its high record of 13. made in May
1901 and friends Of the company predicted that
the quotation would go 10 100 before a ma
terial setback developed. OF course, in a market
such as the Street is now witnessing, all sorts
Of predictions are heard regarding the prices at
which stocks viii sell. and at the moment ap-
parentIy there is not a commission house trader
IN the Street who is not willing to back his
opinion by buying securities securities which
he would not touch when they were selling from
90 to 80 points under the present level In the
present case various forces are making for high
er prices but it is quite likely that before long
small margins may he wiped out by sharp
epeculative reaction. decline of several points.
however will not indicate that the bull move
,nent OF 1903 is at end
OF the total dealings over one-half was sup
piled by Amagamated Copper, Union Pacific,
United States Steel. Erie. Ontario and Western,
Reading and Tennessee Coal and Iron. In Sloss-
Sheffield the net gain for the day was more
rnan 19 per cent on transactions amounting to
upward Of $1,000 shares, the closing price being
QSlz. while the preferred closed at ia, net
gain of per cent. The latter stock pays divi-
Cends Of Z per cent while the common pays
nothing, but as there is only $7,500000 of the
common outstanding il is not difficult matter
70 move the stock up especially as so much of
the total is held by a few people. Reading
common. which sold high 963s is prac-
1ically ) per cent stock; Union Pacific which
sold al 134 is a ! per cent stock. returning just
3 per cent and United States Steel common.
which sold at 337s pays nothing. To the ordi-
nary mind the prices of the issues named may
appear altogether out of proportion 10 the in
Irinsic investment worth of the securities. hut
the people who are interested in the stock pre-
sent the argument that present prices represent
future rather than present value In the case
- Of United States Steel common if is asserted
that the stock viii be returned to the dividend
class in the current year while it is naturally
believed that Union Pacific viii be placed on
either > or per cent basis, and that Reading
viii be advanced to the per cent column The
bulls are ready with many good arguments for
nearly every stock on the list
In regard TO Canadian Pacific. for instance
the buyers of the stock assert-and their asser-
ton is backed by substantial facts-thar in com.
parison with other high grade issues. such AS
Ne"-Hork Central Pennsylvania Great North
ern preferred and Chicago and Northwestern IFS
price is entirely too low and that the earning.
of the company ana the marked Improvement il
the industries Of Canada make the Canada
taclhc stock one OF the gilt edged investr1enr
shares or the current market. At lis present
price THIS stock returns more 10 the inyeetn,
Z than any of the other securities of the sam,
class ~ SaHi
strength in the anthracite shares was heI,a,
by the report OF the Delaware. Lackavanua an,
Western for the last year. showing a surnIu
after charges equivalent 10 26 per cent on IA,
stock. All the coal roads are selling a lsrp
. amount of coal at profitable prices and theT
appears 10 be chance 0f any let-up in m
3 demand for 4 long time TO come, and the sam
. thing may be said OF the bituminous trade j
+ which current business is pTobab bly, heavier tha
ever before on record. The soft coal roads ar
returning splendid earnings, and according 7
= reports heard IN the St-eet yesterday there ,yi
COON be further upward movement in all tn
soft coal shares Chesapeake and Ohio appear
10 be the particular faYorite al the moment
Among the low priced shares of merit that en-
1oyed Improvement in yesterdays market wa
international steam Pump common, which re
corded "A gain of per cent. The earnings q
the company are officially stated 10 be heavie
sbau eyer before in the history Of the concern