New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-05-26
BONDS
STOCK MARKET OPERATIONS

Early strength IN the stock market was fol-
prices under the final figures Of the preceding
day, while at the close the greater number OF
issues showed small net declines. There was an
active demand for the account Of representative
interests, especially for the so-caIled merger
shares, but the volume Of profit taking sales
that developed after the initial advances was
effective in offsetting the buying as an influence
on quotations. Naturally after the sharp ad-
vance from the low points made early in the
week heavy realizing operations became factors
in the speculation, and the fact that prices
failed to maintain the Improvement that marked
the course Of trading at the opening should
therefore not be taken as an Indication Of sig
nifcant weakness in the speculative situation.
AS matter OF fact that technical position Of the
current stock market is stronger than It has
been for many weeks. Stocks are not IN weak
hands, large accounts that for many weeks
have rnenaced the market have been nQuidated
and number OF factors bearing on the specu-
lative and investment value Of securities have
been moving in a direction making for stability
IN the Wall Street markets. Reports from the
West that the crops had suffered further dam
age (these reports came by the way Of Chicago,
and therefore were untrustworthy) encouraged
bear activity among the Western railroad
shares, while the announcement of the failure
of prominent Cincinnati firm, a member of the
New-York Stock Exchange, also served to create
enthusiasm in the camp Of the operators for
lower prices.
The failure of an overloaded Stock Exchange
firm. speculative fairy tales about conditions in
the general business world and exaggerated
crop damage reports do not mean stagnation in
the country's industrial activities or deprecia-
ton in the actual value Of American investment
securities. Factors Of this sort serve the pur-
pose Of creating uneasiness in commission house
circles-that is, among the operators who carry
stocks on small margins-but they fail to upset
the investment situation, very good evidence OF
the latter being furnished by the absence Of SELL
ing for the account Of solid American investors
and the appearance Of an active demand for IN
vestment account on ell speculative declines.
While no particular efforts were made to rally
the market after the declines IN yesterdays
trading, stocks were taken by good buyers at
the low level, and at the close quotations N the
majority Of issues were above the lowest Of the
day. The development Of weakness was not
accompanied by expansion in the volume of
business and after the first selling movement
had run its course there were no further impor-
tant operations either side Of the market
the bear or bull account were concerned. In the
early trading Union Pacific sold a point above
its close Of the preceding day; Northern Pacific
advanced over 2 points Great Northern pre-
ferred nearly points and Ontario and Western
over points, The subsequent decline affected
Union Pacific to an extent that carried the price
to a point that showed net loss Of rs per cent
The heaviest net losses were recorded by Anal
gamatsd Copper. American Locomotive, Ameri-
can srnelttng Atchison, St Paul. Louisville and
Nashville, New-York Central Reading and
Union Pacific. The only important advance
shown at the close among the active issues was
in Ontario and western which ended the day
III per cent higher.
There now appears to be little doubt that an
anicable settlement of the differences in the
Northwestern Railroad situation has been
made by the Hartman and Morgan-Tiu inter-
ests and, as a consequence, there ought to be
no further uneasiness IN speculative circles
over the position Of railroad affairs in the ter
rttory served by the roads identified with the
Northern Securities Company and the Union
Pacific Indeed. the elimination Of the North
ern Securities fight as a factor in the trans
portation business of the Northwest ought to
create bull enthusiasm IN the stock market
especially in the case Of the shares of the roads
mixed I'D in the recent unlawful merger. It is
understood In well informed quarters that in
tho current year the Union Pacific directors
will declare increased dividend on the COM
mon stock Of the company. while 1t Is believed
that number Of other railroad companies will
make larger distributions to their stockholders
as. for instance Norfolk and Western and Bal
timore and Ohio. such action depending OF
course, the continuation Of the present ia
vorable condition Of business in the United
States According TO the reports received from
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indication OF adverse change in the indus
trial activities OF the nation. although in many
lines healthful reactions are under way.
BOND MARKET TRADING.