New-York tribune., 1905-01-17
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
Transactions in yesterdays stock market were
heavy in volume on a movement OF values that
generally tended in the direction Of higher quo
tat,ons. the largest dealings being supplied by
Union Pacific. Reading and Amalgamated Cop
per. In Union Pacific a new high record price
On the current movement was recorded. While
on the curb further Improvement was reported
IN Northern Securities in the morning trading
tbe strength in the latter naturally helping
Union Pacific which represents company that
holds an enormous amount Of the Northern Sc
c1rities shares. showing a profit Of upward OF
S4O0O00OO Union Pacific it Is said, is slated
for q price Of 125 in the current week, and
higher quotations are predicted for Ainalsa-
,,,s+od Corner. the copper shares on the curb. ST.
Paul Southern Pacific, and, as matter OF 1ac''
all the active issues although this prediction
is based on the assumption that there viii be
no developments that may have an adverse in
huence on conditions affecting the speculative
and investment position Of American securities.
Brooklyn Rapid Transit St. Paul. United States
Steel preferred Baltimore and Ohio, Colorado
Fuel and Iron. Tennessee Coal. Missouri Pa
ciAc Chicago Great Western and Canadian Pa
.ihc were in good demand, and, a rule, were
taken at advancing prices. There was also an
excellent inquiry for the 500" shares. buying
issues
madam as well as local connections In the after
noon trading dealings became more active
throughout the list, hut the volume of profit
taking sales was heavy enough 10 cause reac-
fious in most issues while in few of the active
stocks last prices We're under the closing in Sat
urday's market, notably Union Pacific, Balti-
more and Ohio. ST. Paul and Southern Pacific.
The steel shares Amalganated Copper. Brook
lyn Rapid Transit. Missouri Pacific and Read
ing ended the day at net gains. There was no
change in the local money market, but sterling
exchange was again strong, and further with
drswals OF gold for export were made.
Conditions affecting the actual value Of securi-
ties are such as TO encourage cheerfuness
among investors. and as far as the speculative
outlook is concerned there certainly is every
reason for the bun sentiment that is now so
, pronounced in the Wall Street community. The
u great ease in money. with the prospect of low
rates for many weeks TO come naturally create
enthusiasm in speculative circles, as cheap
money works for higher stock market values,
and cautious warnings by the conservative
element in the Street fail TO change the opinion
OF the greater number Of people I'm financial
circles that the current year viii witness ex-
traordinary activity in the stock market on an
advancing level of values. OF course the larger
financial interests have good supply of securi-
ties that they wish sell TO the public at profit
able figures. but there is no indication at the
moment OF a disposition their part 10 sell
their holdings at present prices. the idea that
quotations will go 10 q materially better range
IN the course of the next few months apparently
being sufficiently strong TO prevent important
sales at current figures. The bull element is
made up OF some of the strongest interests IN
the country. and as IL has almost unlimited
capital at its disposal Il is difficult 10 indorse
he of ba u-ho do of be1 hat
The market will move to q higher level in the
first months Of the present calendar year. The
possibility OF legislation affecting the railroad
rate situation is worrying some spectators. but
it does not appear likely that anything will be
done by Congress that viii upset the earning
power or dividend prospects Of the American
railroads especially as The recommendations OF
the President are on lines that propose a square
deal" for the transportation companies and the
shippers
Perhaps the big SPECTATORS believe. however
that II Congress should enact laws which would
enlarge the power OF the Interstate Commerce
Commission there would be heavy selling a
securities and that the present time is therefore
one in which stocks should be advanced in order
10 make good market for the sale of holdings
that have been accumulated at lower figures
The outsider knows nothing Of the plans OF the
insider, and il may therefore he wise for The
outsider 10 follow the market People who
make practice OF fighting the market cener-
ally lose their money. u Wall Street il is best
move with the current. regardless Of theories
and conditions: and at the moment il NAV
be well 10 bear in mind that the larger interests
ere large holders OF stocks, and that they be-
leve that they VIII make more money by wait
ing while before parting with their security
possessions. The large Increase in bank re-
serves. as indicated by Saturdays statement OF
the associated banks, IS considered by some OBJ
servers an evidence that the industries Of the
country are not prosperous as currently re-
ported, this idea being based the theory that
the great accumulation Of funds ~ this centre
represents lack Of demand IN mercantile quar-.
ters; but The proof thar business throughout Tho
United States is active and expanding Is pre-
scented in the large Increase in railroad earnings
and in bank clearings TO say nothing OF tho
reports received from the managers Of industria
concerns in ali parts Of the country The mer-
camille anG general commercial interests
throughout the land are in better financial con-
Alton Than ever before IN tller history. Their