New-York tribune., 1905-04-18
BONDS.
STOCK MARKET OPERATIONS.

zz-,,f,a +bere were a number OF sharp price
movements in yesterdays stock market the
rreater number Of issues moved within a mar
row range showing irregularity, with ulilii-
y,orrant changes OF the close. Opening nrih'
quotations in the general list held the improve
Enent in the first hour, but before noon a re-
dictionary tendency developed. which in the
case Of some Of the more active shares resuIteo
IN declines OF a point or more. These losses
however. were recovered before the last hour,
and as q rule net gains were recorded in the
active shares as compared with the final figures
sn Saturdays market. In st. Paul, United
States Steel preferred, Louisville and NASHVILLE
Colorado Fuel, Atlantic Coast Line and Amerl-
can WooIlen the Improvement amounted to /
per cent and above, St Paul, for instance,
closing rs per cent higher than in saturday 5
speculation, the advance being accompanied by
heavy dealings. but without news developments
affecting the property. Wall Street believes
that ST. Paul viii sell above 200, while material
further Improvement is predicted for Union
Pacific although the last named stock has been
heavily sold in the last few days, and in yes
terday's market failed TO enjoy price better
rnent The so-caled Western crowd was an
active seller Of the issue, and good selling came
from other quarters yet on the decline the Sc
curity was well taken, a factor that encouraged
the bulls on the stock 70 remain confident in
the belief that its price eventually will sell
higher. Many stories are in circulation regard
ing the Union Pacific property, and the one
that receives the greatest belief is that the
Vanderbilt and allied interests are now exten-
aive holders OF the Union Pacific stock.
Strength in the United States Steel shares
and in the iron and steel stocks in general was
based on buying that came from excellent
souices and on the strong position Of the iron
snd steel trade; also, perhaps. IN the Of the
United States steel shares on the harmonious
annual meeting Of the corporation There ap-
pears 20 be an idea in well informed quarters
that the common stock OF the Steel Corporation
viii work 10 a materially higher level on the
expectation that the issue will be returned to
the dividend class in the course Of the current
year, this expectation being based on the large
gain in the earnings Of the concern in the last
quarter and the prospects Of growing earnings
throughout the year The preferred stock, how
ever. Is the favorite with conservative buyers,
and according to the talk heard yesterday in
well informed quarters its price viii speedily
move 10 10. Stocks Of trades allied TO the iron
and steel business. including the railway equip
ment shares, were in good demand, and in most
cases the character Of buying suggested accu-
mutation by strong pools this being particularly
pronounced in American Locomotive. which for
many weeks has been speculative favorite
Genuine investment buying has also been heavy
IN this issue, as the condition of the property
and the outlook for further heavy earnings war
rant the belief that at remote period the
stock VIII be placed on a dividend basis Pres
sure against Union Pacific New-York Central
end Pennsylvania was marked in the late deal
ings. but declines were confined to small frac-
uons Absorption Of Canadian Pacific contin-
ueo' the stock ending the day al a net gain
no Nlolehi eiorts are being made 10 push this
stock up, the buying representing interests
which are taking the security on its merits, with
the confident belief that as an investment II win
soon sen as high as 81. Paul and some day cross
poe There were no important changes in the
money or foreign exchange markets.