New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-02-03
BONDS.
STOCK MARKET OPERATIONS.

a
IN yesterdays market. and despite heavy real
izing sales and bear pressure in the Steel shares
the greater number of issues closed at net
gains. as compared with the final figures Of the
nrecedjng day. Commission houses were more
in evidence than in the markets of recent days,
while leading speculative interests made no eff
fort to conceal the fact that they We're large
operators on the long side of speculation in all
parts Of the list. except, perhaps. in the United
States Steel shares. in which certain traders OF
considerable financial backing were at work for
lower prices Their efforts, however, We're not
successful the chief effect Of the bearish DEM
onstration being a cessation of activity in the
issues Canadian Pacific and Reading We're
among the strongest features in the active hst'
both stocks moving TO new high records for
this wear. while Reading sold above its best
quotations of the preceding year Canadian Pa
C,Ac.s advance may he explained by the grow
ing appreciation among investors of the great
intrinsic value Of the security and the realiza-
zion of the fact that i'm comparison with other
high grade issues of the same dividend class
fits market value is too low. This stock returns
TO the investor at current prices much more
than the other 6 End even : per cent shares
quoted on the Stock Exchange, and it is likely
that its quotation will soon move toward a level
more in line with that Of other stocks OF SIM
aar merit. The advance in Canadian Feclhc
attracted buying Of the 500" stocks botn me
common and preferred moving to a higher level
The. Canadian Pacific controls the 500 COM
psny and as a consequence there is little of the
stock of the road available for market purposes,
sons, earnings have been most encouraging
IN the last twelve months and in the present
wear they ought to be very much heavier. owing
70 the increase in traffic through the opening Of
the conlpany's Winnipeg extension.
In the forenoon dealings advances Of per cent
and above were made by Canadian Pacific St
Paul Northwest. Kansas City Southern pre-
ferred 500" common and preferred. Union Pa
ctAc Missouri. Kansas and Texas preferred
Nerr- York Central. Pacific Coast and Reading.
These gains were Eell maintained throughout
the afternoon while in the general list the
greater part of the mornings advance was
shown in the closing prices. The demand for
pennsylvania helped by the companys
favorable report Of earnings for the month of
December, showing on the lines east of Pitts
burg an increase in gross OF SSG9.501 and in
crease in net Of 1893 900. comparison being made
with the same month . year ago. Total gross
earnings the lines cast and west Of Pittsburg
showed a gain Of 81 ,G3G.70c and a gain in net Of
81 500 For the twelve months gross earn
ings on both divisions decreased 1925 100
while net earnings decreased 50, T51, 800. The re-
turns Of the Pennsylvania Railroad in the clos
ing months of the last year supply trustworthy
evidence of the trade revival that began in the
second half of 1904 revival that is still under
way and which promises to throughout the
year. In addition to the evidence furnished by
the Pennsylvania earnings Of the changed condi-
tions in the country's Industrial activities. we
have the report of the United States Steel Cor
poration for the last quarter Of the last year.
showing 4 marked improvement in a branch Of
trade which is considered the Countrys business
barometer. There were a few unfavorable re-
turns of earnings in December, but they were
not reflection of the position of general bust
ness in the United States. Of the reports re-
ceived yesterday, that Of the Southern Pacific
for the month of December made poor compar-
ison with the corresponding period in the pre-
ceding year, gross earnings decreasing 1923, 251
and net earnings decreasing $3.50 $50
Many of the low priced stocks were active.
strong features IN yesterdays market as, for IN
stance. Colorado Southern, Missouri, Kansas and
Texas shares, Chicago Great Western and Chi
go Union Traction preferred. There are vari-
Gus good reasons for purchases Of stocks Of this
character. especially as outside Of possible COM
ing developments affecting the properties their
actual value is improving through larger earn
inss and dividend prospects. There were no
particular news developments in the day Of sufi-
cient Importance 10 influence stocks in either
direction, the activity and upward movement
being due 10 operations by people who are con-
hdent that current conditions affecting money
and business in this country warrant higher
prices for securities OF course many stocks
fully measure from the investment point OF
view. past and prospective improvement in the
business situation. It is difficult. however, to
keep stocks down with money at the present low
level. Rates for loans were unchanged and there
were no further engagements OF gold for export.
The outward movement of the metal, however is
rot yet at erd.