New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-05-02
BONDS.
STOCK MARKET OPERATIONS.
SEX interest.

Aeon carly weakness the stock market raj
lied under the influence Of an excellent class oL
buying, including large purchases for the &C
count Of the strongest banking houses IN the
Street. Traders who were inclined 10 put OUT
short contracts IN the initial dealings maze
haste TO reverse their position on the appear
anoe of substantial interests. and as a conse-
Quence Of the turn in the course Of values com
mission firms received buying orders from puonc
onerators-the kind Of public traders that gen.
eraTI,, NAV be counted on TO take stocks AFTER
q reriod Of liquidation. The fact that many
Of the leading active securities were selilhs
at prices Of from Is to 20 points under the hlsn
level Of q few weeks ago naturally atuacteu
strong buyers to the market. Bearing IN mlna
that the recent liquidation was not accom-
panied by the development Of adverse FACTORS
affecting the intrinsic worth Of investment Sc
curities Il readily may be seen that stocks are
not dear at the current level. and any further
declines that may take place will only serve
10 eltrench the market more strongly in a posi-
ton that must of necessity eventually be fol-
lowed by prices as high if not higher. than the
best figures Of the year. The over enthusiastic
bull pools Of limited financial resources have
been eliminated as factors Of danger, stocks
have passed to the hands Of men who have IN
limited credit, and the causes responsible for the
weakness in prices last week have practically
spent their force as adverse speculative inf1u-
ences.
An important factor making for improvement
IL prices the heavy purchases by foreign
houses estimated at over 125. 900 shares, de-
spite the fact that the London market
closed. Several Of our leading hnanciers are in
Europe. and II Is more than likely that they
have advised the purchase Of American stocks
on their merits, just as bankers who were in
the Street yesterday advised their friends here
that solid securities Were safe purchases at ex-
listing quotations. Union Pacific, St. Paul, Can
adam Pacific the United States Steel shares,
and. in fact the entire list of active issues en-
joyed net gains Of from l TO ) per cent while
at the close predictions We're made that the
market would go higher in to-day's operations.
After period Of sharp declines, followed by q
quick turn on the other side of the market,
prices are apt TO develop considerable irregu-
larity, although in the present case it is not
thought that there viii be any prolonged time
Of small price changes or speculative dulness.
There are too many people who are firm be-
levers in the long SIDE OF the market to en-
courage the idea that there will not be a re-
sumption Of the bull campaign, but it is not
likely that the market viii be pushed up after
the manner Of recent weeks, as the movement
OF values doubtless will be based on the real
merit of the securities rather than on fantastic
stories and harmful manipulation. In connec-
ton with the latter consideration il is interest
ing TO note that the highly favorable railroad
earnings, including those Of the Union Pacific
and St Paul companies. which were received
yesterday We're effective factors in stimulating
genuine bull sentiment.
The best strength OF the day was recorded in
the last hour, when prices sold from to
points above the lowest figures made in Satur
nj al he
best Of the day, with the heaviest gains in
Amalgamated Copper, Anaconda. Atchison, At
lantic Coast Line, Canadian Pacific, 500 com
mon. st. PAM. Erie. illinois Central. Kansas
City Southern Issues, Louisville and Nashville.
Metropolitan, Northern Pacific, Peoples Gas.
Iron. Union Pacific and United States Steel pre-
ferred On the curb Northern Securities ad-
vanced points. Missouri Pacific and New
York Central were laggards compared with
the rest Of the active list, ending the day at
only fractional net gains. although showing
morning. The 500" shares were in excellent
demand; also Canadian Pacific, the latter gain
ing nearly points On the recent decline the
sales Of CANADIAN Pacific were relatively light
and did not represent liquidation by the large
interests that have been accommodating the
stock for the last few months Money rates
remained easy and there important
chage IN sterling.