New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-05-13
SEX diTLdGd.
BONDS
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
Stock market values were strong in the greater
part Of the Eve hours of trading on volume OF
business that showed a material increase IN
dealings as compared with the operations Of the
last few days, especially IN such issues as Union
PACIFIC. St Paul, Reading. United States Steel
zreSerred, Canadian Pacific. Baltimore and Ohio
and ST. Louis southwestern preferred In the
last named stock a maximum advance Of over
{ points was recorded. while at the close net
gain OF per cent was shown, the upward move
uent IN the security being due TO buying OF the
best kind. including investment purchases for
the account OF people who well informed re-
sarding the present financial position OF the St
Louis Southwestern property and the prospects
for earnings In the current year. At the present
ratio Of increase IN traffic receipts 1t will not be
long before the directors OF the company will
feel justified IN placing the preferred stock on
O. dividend basis, and IN well informed quarters
st Is said that a dividend VIII be declared at no
remote period. The Industrial activities in the
territory served by the Cotton Belt" are ex-
panding at rapid pace, reflection of which is
presented in the earnings OF the company since
last July. showing e large gain over the CORE
spending period IN The preceding year. The
whole Gould group Of railroad stocks showed
more strength and better buying than noted in
many weeLs and the fact that this department
OF the market had at last exhibited evidence Of
inside support created a most favorable i'm
preston in speculative circles.
The course of the days market suggested that
it would be a matter of short time only when
the recent losses in quotations would be fully
recovered. There was demand for stocks from
sources that have ample financial backing. and
he fTa
actively identified with the trading encouraged
a very respectable commission house following
in all the active issues, with the result that at
the close sentiment was intensely buIIish over
the outlook for the movement Of quotations in
to-day's and next weeks market. A1nalgamated
Copper. St Paul. Reading. Union Pacific Amer
lean Shelters, the iron and steel shares Cana
dian Pacific and many other issues were active
throughout the day at advancing prices, the
dealings IN the last named stock rejecting the
further absorption OF the security by strong
local interests-the same interests which have
been taking the stock for the last few months
II is generally believed that Canadian Pacific
VIII sell many points above its current level
owing TO the great intrinsic value OF the stock.
TO the growing realization the part of in
vestors OF the merits Of the issue and to the
great expansion that Is under way in the in
dustries Of the Dominion OF Canada The COM
pleuon OF the London fortnightly settlement
without serious trouble among operators in
Canadian Pacific stock naturally created in
creased speculative interest IN the security in
yesterdays market but it should be borne in
mind that the movement IN the stock was based
primarily on its investment value The same
thing may be said OF the Minneapolis St Paul
and Sault Ste. Marie issues representing a COM
pany that Is controlled by the Canadian Pacihc)
ubfcb bayD 4oIya
buyers who are accustomed to investigate the
value Of property before investing In its secur-
tiles. It is interesting TO note that since the
beginning Of the current fiscal year gross earn
ings Of the Canadian Pacific have increased So
SS8.OOO. while in the same time the gross earn
ings Of the 500" company have increased ST.
4O7, 1872.
AT the close prices were not far from the best
Of the day. with the heaviest gains In Amalga-
mated Copper, American Locomotive American
Smelling, Baltimore and Ohio, st. Paul National
Lead and st Louis Southwestern preferred in
which net improvement amounted TO 2 per cent
ano above. Union Pacific ended at a net gain
Of u. although closing 15s above its lowest
There were few weak features Consolidated
Gas declined S12 net on the announcement Of a
reduction in the dividend rate. while BROOKLYN
Union Gas. on a sale OF 100 shares lost 10 points
the dividend on this stock also being reduced
The action Of the gas directors In deciding to
pay lighter dividends has nothing to do with
the general situation. being nothing more than
tardy recognition Of the fact that there never
has been legitimate reason for 10 per cent
rate either on Consolidated or Brooklyn Union
Gas Based on earnings. these two stocks
ought 10 be placed on a per cent basis
Northern Pacific. which IN Thursdays market
showed marked Improvement, closed fraction
a t1rFa fI,a ara q -.
also Northern Securities on the curb Money
and sterling rates showed no important changes.
According TO the known movement OF money in
the week the local banks have lost small
amount In cash holdings IN the last six days