New-York tribune., 1905-01-27
H divid@d.
BONDS.
STOCK MARKET OPERATIONS.

There was a fair demand for stocks in yes
.srdav's trading. and as a consequence of the
buying the greater number Of issues moved
toward e higher level In the FIVE hours OF ousi-
ness In many securities advances ran above
4 ner cent. notably Consolidated Gas. st. Paul.
nsnois Central Erie, Union Pacific. the 800
shares end Amalgamated Copper, while
throughout the list substantial gains were re-
norted. Although the commission house de-
snsno was light buying for the account OF the
shorts was large enough IN volume TO cause
material rise in quotations. especially in the is
sues that were heavily sold IN the market OF the
r-eoeding day as for instance. St Paul. Mis-
eoura Pacific, Reading and Union Pacihc. Wnlle
there were few news developments Affecting the
actual value Of securities. traders appeared 10
be bullish. and the evident presence in the mar
ket OF strong financial interests encouraged the
Relief that there was no intention on the part
~ the more substantial operators to permit the
1sussian developulents and operations by local
hears TO interfere with their programme. which
involves higher quotations for stocks and bonds
The current market shows wonderful recuper-
ative power after every decline ana short sales
for more than a turn are not considered wise Dy
the hest market judges. There is so little pear
ammunition in the present situation that it
would be foolhsrdy man. indeed. who would
attempt TO fight the markets present upward
tendency.
Noteworthy Improvement was recorded by the
minneapolis St Paul and Sault Ste Marie
shares. the common advancing over 3 per cent
and the preferred over 3 per cent on volume
of business larger than recorded in many days
The company which these issues represent Is
controlled by the Canadian Pacific, and as the
latter road holds IN its treasury more than
majority OF the common and preferred stocks
of the 500" there is little of the stock avail
nd
the least demand causes marked appreciation
an the quotations The total stock capitaliZa-
ton OF the company amounts TO only $1,000
OOO OF which S14. 100000 is common and $1,000
600 preferred. the Canadian Pacific holding over
100000 OF the common and over S35O0O0O
of the preferred. Since the opening Of the
Winnipeg extension Of the 500 earnings OF
the company have shown q marked increase
over the favorable returns that have been re-
ported In the last year AS the territory
through which the company's lines run is
toying g period Of Industrial expansion that
promises 10 continue for years to come, and
as the market quotations of the companys
securities are cheap in comparison with other
investment issues of similar standing, it is easy
20 why higher prices are expected by peo-
pie who are interested in the property. II is
understood that the dividend Of 500 common
Will be placed q per cent basis at the next
dividend period Houses with Vanderbilt con-
nections were among the principal buyers OF
Chicago and Northwestern and. according to
Street gossip. the same interests were accumu-
lating New-York Central and Union Pacific.
There is good authority for the statement that
New-York Central and Union Pacific are being
bought by people who are well informed re-
gzrding the Vanderbilt and Onion Pacific prop
critics. and the impression is growing In certain
circles that both the Hew-York Central and
Union Pacific securities viii move toward
higher level
In the afternoon dealings prices not only
er number Of securities further Improvement
was recorded IN the late trading. the upward
movement being helped by the confident
situation and the bueyancy in the London
ket- Rising values attracted a more active COM
mission house demand, particularly for the Erie
issues, American Smelling, ST. Paul. Chicago
Terminal, Consolidated Gas. Pennsylvania,
Reading Southern Pacific Union Pacific and
United States Steel preferred. The dealings in
Erie common were more active than IN any
other stock on the list amounting to over 49,
0yo shares. and buying OF the stock apparently
came from well informed sources. II Is not at
ell unlikely that the Erie road eventually will
figure in q railroad deal OF the greatest magni-
tude The most active issues showed net gains
Of from above ] per cent TO above per cent
States steel preferred ending at prices more
thar per cent ABOVE the closing Of the preced-
ing day. 500 common showed a net gain Of
3% per cent. and the preferred net gain OF 5h
There was no change OF importance IN local and
foreign discount rates.