New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-03-30
BON DIS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
Higher prices in the London market exerted
favorable influence on the local exchange In the
opening dealings, while in the subsequent opera
lions buying for the account of prominent specu-
lative interests induced an active commission
house demand throughout the list that carried
prices to better level IN the greater number
of securities. Advances OF per cent and above
were recorded among the leading issues. with
the heaviest gains in Colorado Fuel and Iron,
Reading. St Louis Southwestern preferred.
Union Pacific, st. Paul, Canadian Pacific, the
$500" shares. New-York Central. Brooklyn
Rapid Transit. Pennsylvania, Southern Pacific,
Erie, Atchison and Duluth. South Shore and At
lantio preferred. Canadian Pacific and the
shares Of the companies controlled by the Cana
dian Pacific road were active strong features
on excellent class of buying, while in the
general list there was an inquiry from an i'm
portant class of traders. Union Pacific
again the leading active feature. with volume
of business amounting to over. $4,000 shares
price movement that resulted in a net gain
OF 22s per cent At the close sentiment was
oullish in most quarters OF the Street. and it
was thought that prices in to-day's market
would continue to show improvement. especially
in the issues that exhibited much activity In
yesterdays dealings.
The current position OF the stock market ap-
pears TO be quite satisfactory to the leading
speculative interests which are conducting oper-
atoms that have for their object higher quota
tions for securities. The reactions that have
taken place in tho last fortnight have served
to strengthen the technical speculative situation.
and a consequence the bull element is pre-
Earring to resume its campaign for better prices
lis the confident belief that success will attend
its efforts. There is good reason why the
az M rfS rLef hoTrId ba
pointed. Conditions affecting speculation and
the intrinsic worth of securities are IN favor OF
advancing course of values. while the fact
hat the leading banking and corporate inter
esls have plans and deals under way the sue
cess Of which depends on an active strong mar
ket for securities practically insures the Street
against the danger Of a protracted downward
movement. The manner in which the Japanese
bonds were taken by the public in all parts Of
the Union the eagerness exhibited by investors
to take part in railroad bond offerings and the
enxiety of the sold out bulls in the
stock market to bring about lower prices in
der to accumulate a new line on the long ac-
count are factors in the current situation that
ought not to be disregarded by people who may
have disposition to trade the short side.
with the idea that the bull market has its
course. From all parts of the country heavy
demand has developed for attractive investment
securities. and just as long people have idle
money on their hands and confidence In the
future of money and business there will be no
protracted decline In stock market values.
Money market rates for time may check the
advancing tendency on the Stock Exchange. but
there is absolutely nothing IN the general posi-
ton of money in this country and abroad that
warrants the prediction that Is now being made
In certain quarters that there will be enough
disturbance in money rates TO make impossible
an active resumption OF the bull speculation IN
securities. At this particular period OF the year
an irregular and hesitating market for stocks
is not unusual. With money temporarily higher,
as is customary IN the spring. the bear element
naturally becomes moro aggressive. while the
commission house trader considers 1t wise 10 sell
his stocks or else is forced to do through
the exhaustion of his margin, but at the same
time the substantial interests who go into specu-
lation for something more than a turn accumu-
late securities which they eventually sell at
handsome profits. AS the outlook IN the finan-
ciaI and business world is SO extremely prom
Using this year 1t IS therefore likely that after
any further passing reactionary tendency In
stocks and temporarily sitter rates for money,
quotations for most securities will move toward
a much better level than any recorded far
notwithstanding the fact that many issues
are already selling for all that they
intrinsically worth Northwest common and pre-
ferred, which yield at current prices less than
per cent; Lackawanna, which yields less than
2 per cent; Great Northern preferred. which
yields triie more than per cent: New-York
Central, which yields per cent, and Union Pa
ciic common. which yields only fraction above
per cent, of course. selling at figures that
more than measure their investment return.
Union Pacific, however. doubtless will be adj
vanced 70 a higher dividend level In the cur
rent year, and its price therefore is not unduly
high Canadian Pacific is among the few OF
the high grade issues that have not advanced to
a point that returns TO the investor less than
per cent and for this reason the stock may be
included among the shares that are entitled to
further price Improvement merit, especially
as In the last two years the stockholders have
received IN dividends and rights 80 per cent,
as against IA per cent for Great Northern pre-
ferred, for Instance
QnAn MARKET rRAnfN0