New-York tribune., 1905-04-20
BONDS.
sTOcK MARKET OPERATIONS.

The selling movement that developed IN Tues
days market was resumed at the opening yes
.erday. while throughout the first hour weak
ness WAS general n the active list On the de-
cline buying increased in volume in all parts
os the roou. with support from prominent Wall
Street interests. especially in Union Pacific and
ST. Paul. and before the end Of the second hour
the entire market began 10 move toward
higher level. this tendency continuing until the
close Shorts were active buyers. Despite the
weakness in Mondays market. Wall Street SEN
tinlent was not particularly bearish. Indeed, in
ths pest informed quarters the idea prevailed
that prices would enjoy further improvement
before the development OF sustained decline
this theory being based on the fact that there
has been been no change in the situation af-
fecting the intrinsic value Of securities and on
The belief that the substantial banking and
railroad interests win not permit extended weak
ness in the market until various plans in which
they are interested have been brought TO a sue
cessful conclusion. OF course. in the last few
days a certain element in the Street has taken
advantage of The Northern Securities situation,
the disclosures in The Equitable Life affair, the
talk Of lack Of harmony among the interests
identified with the railways in the Northwest,
the possibility Of trouble in the Chicago wheat
market. and the uneasiness in the foreign mar
kets over the coming naval battle in the Far
East, to hammer prices. and, as in many in
stances stocks have been ia weak hands, it has
Tot been a difficult matter to bring about de-
clines IN values. It is. hard. however, TO find in
the factors named any reason for the sale Of
GOOD American securities
il was reported yesterday that the Union
Pacific Company had been a heavy seller Of
Northern Securities stock held ia its treasury,
hut this if so, in no way lessons the value Of
the Union Pacific shares. evidence Of which was
presented in the course of the stock. which on
enormous dealings enjoyed net gain Of over
per cent. As the Union Pacific is not the ma
i0rity interest in the Northern Securities Com
pany and as AT the prices that recently have
prevailed for Northern Securities stock there
has been a handsome profit for the Union Pacific
Company on its Northern Securities holdings, It
would not be surprising If Northern Securities
certificates bearing the names Of interests iden-
titled with the Union Pacific Company should
appear in the Street. Part Of the days general
strength WAS due 10 the large advances in the
stocks. Of the Southern roads, Atlantic Coast
Lire gaining over s points, Louisville and Nash
vile over + points and Southern Railway over |
point. There was no news accompanying the
upward movement in these issues, but the ex-
tent OF the advance created the idea that some
thing more than manipulation was responsible
for the improvement It would not surprise
many close observers Of the railroad situation
IN the South II important developments affecting
the various companies should soon occur. Other
strong features in the railroad list were Atchi-
son, Baltimore and Ohio. St Paul Erie Illinois
Central, Reading and Canadian Pacific, the last
named stock gaining l8s per cent for the day.
nearly a fun recovery of its loss Of the preced-
ing day. Great Northern preferred lost for the
day 49, per cent. TO 800. price that more than
measures its intrinsic worth. Canadian Pacific
is making as much money as Great Northern
is making and its assets are more valuable vet
its stock is selling much under its real value
as Great Northern preferred IS selling above It's
true worth.
Among the Industrial shares marked improve
ment was enjoyed by the railway equipment
issues. American Woollen. Colorado Fuel and
Iron, Consolidated Gas and National Lead
American Locomotive common advanced net
nearly points. and IN well Informed quarters
il was thought that the stock would eniov
further Improvement in to-day's market. which
VIII wind up the Wall Street week as the Stock
Exchange win be closed tomorrow and. Satur-
day. Il is interesting TO note that in the first
year Of the American Locomotive Cornpanv
ended June 30 1902. gross earnings amounted
70 over S26000000, while in the last fiscal wear
they rose 10 over S33000O0O willie the surpIus
n the same time increased from S224OOO 10 So
G75000 Money and sterling rates were un-
changed.