New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-03-15
BONDS.
STOCK MARKET OPERATIONS.

While the stock market showed great activity
In yesterdays operations, the movement or val
ues presented decided irregularity, final quota
tons in the leading issues exhibiting more net
losses than gains. Under cover Of strength IN
certain parts Of the list heavy sales were maze
in other sections of the market, but there was
nevertheless no disposition among the SUD-
stantial speculative interests TO encourage the
idea that they were ready TO liquidate their
holdings The fact that such stocks as Cana
dian Pacific. Atchison Louisville and Nashville
New-Yorlk Central Pennsylvania and Reading
ended the day at net declines was not consid-
cred an Indication that the bull movement III
these securities had run its course, the selling
merely representing a desire on the part OF
many traders 70 take profits and willingness
among the market leaders to let the bull spec
uIation III the stocks named enjoy breathing
spell In the earaly dealings the greater number
If issues were strong, and it was only in the
last hour that the selling became heavy enough
80 bring about important recessions from the
best prices-recessions that amounted to point
and more in many of the chief shares that
have been active, strong features in the last
few weeks. For instance. New-York Central,
which in the morning sold two points
above its closing of the preceding day, suf-
rer9d 3 reaction in The afternoon that carried
1e price nearly l per cent under Mondays
nal figure while similar movements were
rleienced in many other parts of the active list.
a number of shares that recently have been
relatively idle were bid UP by operators who
believe that the whole list is entitled to dearer
level while a few high grade securities that are
,lassed as gilt edged investments were taken
at figures that only rich could pay. In
this group may be mentioned Delaware. Lacka-
wanna and Western, which on purchases Of 400
shares ended the day at a net gain of Is points
after a maximum sain of % points, selling at
4f1 the highest price ever recorded by this is
sue. This is probably the highest quotation ever
made by any railroad stock, except in a time of
a corner, as in the case of Northern Pacific in
1901. Ontario and Western also reached new
high record price, selling at 597s. while Ameri-
can Smelling on a heavy volume of business,
crossed par for tne first time in the history of
the company. ST. Paul and Union Pacific ended
at small fractional gains, but elsewhere in the
active railroad list last quotations a rule
were at small net losses. In the foreign mar
kets securities were weak and foreign houses
were sellers in the local Exchange, the liquida-
ton abroad being ascribed to the Uneasiness in
the French capital over the Russian situation
regarding the future demands. OF St. Peters,
burg for funds in connection with financing the
According TO cable dispatches from Paris
ure may be brought to bear on Russia with
the idea of ending the conflict IN the Far East
Nothing better could happen to Russia at the
present time than refusal by foreign bankers
Of further financial assistance for war pur-
poses. Reading between the lines one may
judge from the tone of the French papers that
France is willing TO finance further Russian
loans 10 enable the Russians to recover from
the effects OF their war misfortunes. but not for
The purpose OF continuing hopeless contest
against the great japanese fighters and strate-
gsts.
At the close Of business sentiment, as a rule
bullish III speculative circles, and further
advances We're predicted The various move
nents IN the day were not accompanied by
Developments affecting the actual value of the
properties represented, sales when made being
due entirely TO speculative considerati ton. while
purchases were. III the recent past based
on the theory that the general condition of af-
fairs in the business and financial world and
the probability of important announcements in
connection with number of railroad COMPANIES
warrant buying at the current level There
was excellent buying in the shares OF the car
building companies American Car and Foundry
preferred, for instance. advancing to 30 There
arc many good reasons for higher price for
this per cent stock. and it is likely that the
great revival in the building trade and the
dividend record Of The company in times of
business depression as well as in times of pros
peritv viii attract a better investment for the
security Money remained easy, while there
vas no important change in the foreign ex-
change market