New-York tribune., 1905-02-25
STOCK MARKET OPERATIONS.


STOCK MARKET OPERATIONS.
Strength and activity marked the course Of
the stock market in the greater part of the
five hours of business. The Southern iron and
coal shares were again important features Of
;he trading. but in point of activity Union Pa
cifc and other railroad securities were the
leaders while speculative interest was much
better distributed than in the preceding days
operations. larger transactions being reported
IN many issues which in way connected
with the proposed Southern iron merger. The
prospects Of a deal among the big iron and
steel companies in the South however. attracted
attention to the stock of the Virginia Iron. Coal
and Coke Company, which made sharp ad-
vance on moderate purchases. on the theory
that the concern would be included In any COM
bination that might be made among the COM
panies in the Alabama district. The company
Just named has q small capitalization and is
controlled by well known fnanciers. who doubt
less would be willing to part with their interest
in the concern for a price well above the cur
rent market quotations There We're def
inite news announcements regarding the nego-
tia:ions that are under way for an amalgama-
ton Of the Southern iron priperties, but the
Street appeared to be convinced that the deal
would go through without A hitch and. de-
spite the official denials OF the directors of the
Tennessee Coal and Iron Company that this
company would be secured by the Hoadey in
terests. it was believed that this property would
he one Of the chief factors In the proposed con-
soidation. If. however, the Tennessee Coal
and Iron Company becomes a party to a merger
plan. the chances are that the Hanover Bank
people will not lose their interest in the con-
Germ
Strength was shown by the railway equip
nIent shares an excellent class of buying
and Street opinion favored the idea that the
time ripe for advance in this class of
securities. owing to the improvement In the
business Of the various companies, such as the
American Car and Foundry Company. the
Pressed Steel Car Company and the American
Locomotive Company According to trade au-
thorities. large orders are being received by the
car and locomotive builders. and 1t is said that
the railroads are placing the heaviest orders for
equipment reported in years. Last year the
railroads We're light buyers of equipment but
they apparently making up for lost
time. In the Canadian Pacific shares and the
stocks of controlled companies, as, for instance
the minneapolis ST. Paul and Sault Ste. Marie
active buying developed in the afternoon in
TIE course of which 500" common advanced
over points to high record for the year
The earnings OF the 800" company have shown
marked improvement in the last six months
and now that the company's Winnipeg exten-
sion is in active operation results are so salts
factory that at no remote period the company
viii increase the dividend on the common stock.
II is not likely, however that such action will
be taken at the forthcoming dividend meeting
AS there is little Of the stock available for mar
ket purposes, its advance Of points in one dav
is not surprising. and it is not at all unlikely
that in the course of the current year much
better quotation will be recorded. And the
same thing may be said Of Canadian Pacific
which also is in light supply. This stock sold
at its highest figure Of the year, at 40 en-
Toying net gain of over points. the character
OF :he operations in the issue suggesting still
further improvement. Canadian Pacific is GER
tainly not dear in comparison with other high
grade issues. at its present price it returns
more than most Of the first class dividend pay
ing securities
New-York Central made new high price for
the year at 1551z. closing at this price. a net
gain for the day Of ~ per cent Buying was
encouraged by the report that the comrany had
secured control Of the Boston and Maine AS
the latter road taps a profitable section Of the
New-England territory, its acquisition by the
NewYork Central would be a deveIonn,ent of
the utmost importance to the Vanderbilt line
particularly as the Central already has a large
loolhoid IN Ne"-England through its owner
ship Of the Boston and Albany Elsewhere in
the active railroad list noteworthy strength was
shown by Pennsylvania, Atohson, ST. Paul
Soulhern Railway and Union Pacific the last
named being the most actively dealt in issue
on the list on price movement that estab-
hshed another new high quotation for the Sc
curlty at l3G. The talk that this stock will
SCH at l'o now appears reasonable The after
noon trading was distinctly bulIish in charac
Ter In all parts of the list sentiment being
'dF"fa2iy aHected BY the preliminary estimates
OF to-days bank statement showing a moderate
gain In cash holdings Money was in gooa
supply while sterling exchange was weak and
Ever demand declining 20 points A signih
cant incident OF the day. showing the trend or
o8Pi'a ahd rejecting the confidence of in
festors in the present position of business and
financial affairs in this country was Tho eras,
success of the Missouri Pacific bond Offering for
S250to.ooo, which ten times oversub-
Ecribed In less than an hour