New-York tribune., 1905-04-26
BONDS.
STOCK MARKET OPERATIONS.

1,eooveries from the preceding days decline
we're recorded throughout the list In yester
7az-s trading on a heavy volume Of dealings that
wave made I'D Of the operations OF substantial
market interests, including covering OF shoI's
contracts that were put out IN MONDAY > speo"
1a-ion tv powerful Wall Street traders AiI~'
the more important financial interests nao ue
c,ded TO support prices was renecIeu IA lA
strength in the London market before the OPe"
ing of business at this centre. QuotauohS OA ''e
English Exchange for American secu'4'ie0 80
ing in strong under the influence OF ne"'S
inc, orders from this side. and as consequence
-,-e -, ,,arI,e, onened above Mondays closing.
continuing 10 exhibit an advancing tendency III
the Greater part Of the day. The wheat market
oI~o ,acovered its equilibrium. According 10 tne
i.u-s ~ the best informed market followers
Iio,,i5ation both in the produce and STOCK mar
l,ats has run its course for the present at Ieose
and unless there should be some ne" ueNeiop
n7ent of particularly adverse chaFacUeI 1t -
Thought that prices will move to nguFes OetIeT
than those recorded before the beginning OF tne
recent downward movement. The collapse IN
the wheat speculation and the decline in stocks
have improved the situation and sentiment IN
conservative circles IS much more oullish than
# was few days ago. The chief advances were
made bv Amalgamated Copper. American Smelt-
Nashville. New-York Central. Ontario and
Western North American. Northern Pacific
Tynion Pacific, Pennsylvania and the United
States Steel shares. Net gains in these issues
ran above ! per cent. Copper, st. Paul. Louis
vile North American, American Smelling ana
Union Pacific rising more than points. Al the
close II was predicted that the advance would
continue in to-day's market
Declines which have taken place In the stock
market in the last seven days have not upset
the business interests Of the United States, nor
have they induced genuine holders Of American
investment securities TO sacrifice their possess
sions The decline has been wholly the result
Of speculative conditions that rapidly be-
coming adjusted in a direction that ought to be
reflected in a resumption Of the bull movement
on the Stock Exchange, but even II prices
should not at once so back to the level reached
before the current declining tendency developed
there would be no uneRsiness in we'll informed
quarters over the future OF the market. Fac
tors in the general situation affecting the actual
worth Of stocks and bonds do not, at the mo-
nlent. warrant the prediction that a protracted
season Of successful bear activity has begun.
while there is no reason TO believe that in the
near future there Will be change in conditions
sufficiently adverse to decrease the real value OF
securities on the early small setback in yes
are convinced that American securities, even at
present quotations, are good bargains and the
fact that foreigners were active in taking stocks
encouraged the belief that Europe is still firm
believer in the theory that large speculative and
investment profits are TO be made in the local
stock market The elimination Of weak and
overloaded bull pools VIII serve to strengthen
the markets general health. Speculation has
needed tonic of this character for long time.
and, while it means heavy losses to many opera
tors who recently believed that prices must
continue to advance without a setback, has
frightened the chances Of further appreciation
in market quotations.
Earnings Of the United States Steel Corpora
tion for the first quarter Of the current year fur
nish adequate reason for bull sentiment on the
iron and steel securities and the securities OF
companies in trades allied TO the iron and steel
business. And they also furnish good reason for
optimism on the whole list OF securities. mas
much as big earnings among the iron and steel
companies reflect general business prosperity
Compared with the same quarter a year ago net
receipts OF the United States Steel Corporation
showed a gain of S9S16,41O. and with the
responding period in 1903 a loss Of $2O43, ,41O.
the total for the quarter amounting to $23.025,
296 For the three months the corporation broke
all records for untitled orders its books.
amounting TO 5.597 $50 tons. against 4136961
tons at the same time year ago. and $40 119
in 1903 In the month OF March new high
record was established for pig iron consumption,
the increase, as compared with March last year,
amounting TO 4SOJOO tons. The actual con-
sumption in March was 100000 tons, as against
747 800 tons in December. 1903. the lowest point
attained IN the recent depression in the iron
business