New-York tribune., 1905-03-07
BONDS.
STOCK MARKET OPERATIONS.

quotations for stocks In yesterdays market
advanced toward q higher level in the greater
number Of issues. with marked improvement il
teveral of the leading active shares notably Ca
madam Pacific and Union Pacific the strength
in the latter being due to the Supreme Court
decision IN the Northern Securities case which
was also reflected in the stock of the Northern
Securities Company in the curb transactions.
Naturally the chief news development of the
day as affecting the investment market was the
ruling of ths highest tribunal In the land In
favor OF the so-called Hill-Morgan interests
scheme for the distribution OF the assets of the
Northern Securities Company. Practically the
last obstacle in the way OF winding up the af-
fairs OF the company has been removed a final
solution Of the case being particularly important
owing to the clear track it furnishes for an ad-
tustnlent Of the railroad situation in the North
west in q manner that promises TO bring about
harmony among all the different roads in that
part OF the country. The victory of the Hill
Morgan element over the Hartman people may
Be construed in various ways as far as the los
sre are concerned, but IL is safe to predict that
the decision Of the court Will end the matter and
that the Northern Securities affair will soon be-
come an item OF ancient history. The holdings
Of tbs Union Pacific Company in the Northern
Securities Company are worth much more to the
Hartman interests than they were when the big
merger was declared a combination in restraint
OF trade, and people who buy Union Pacific Sc
ourfries should bear IN mind that they are secur-
ing something OF great investment possibilities
Union Pacific also has a valuable asset In its
ownership OF more than a controlling interest
n the Southern Pacific Company
A sharp advance in Canadian Pacific was due
snurely 70 an active demand for the stock for
both accounts. including heavy purchases for
London, shorts being anxious to secure the
Stock owing to the growing impression that
the bull account is in charge OF interests fully
able 20 cause considerable trouble among the
bears. while other buyers took the security on
the hrm belief that IL would sell higher on It's
merits 4. per cent investment that has 1on,
ruled under other securities of similar intrinsic
worth. The road Is making money, and its
prospects Tor big business throughout the
current year are exceedingly promising Earn
ings since July have increased more in gross
Than those Of any of the large systems in the
United States and as the DEVELOPMENT Of the
industries Of the Dominion Of Canada are nro
ceeding at most healthful pace the wisdom
OF buying Canadian Pacific shares at the c,Ir-
rent market level has appealed to a large num-
Der OF investors in Canada, the United States
and London. Minneapolis. St Paul and sault
ste. Marie stock was also in demand The
500" company, this constituent comnanv
OF tae Canadian Pacific is called is making
spienold exhibit OF earnings, the increase in
the last week in February, for instance being
over 81 per cent, making gain for the month
Of over 29 per cent, comparison being made
with the eame period last year From July
there has been gain OF over Is per cent.
strong local and Canadian party is operating
in the shares of the 500" company and as
the supply is extremely limited the least de-
rand causes active advance The greater
number Of active issues closed above the final
prices in Saturdays market, the chief excep-
lions being ST. Paul, Louisville and Nashville.
NeW-York Central and Steel preferred Union
Pacific lost good part of its advance before
the close. On the curb Interborough was a
weak feature. The Southern iron shares were
strong features, particularly Sioss- Sheffield conn
mon, on which sem-annua dividend Of 2ls
per cent has just been recommended bv the
cornpany's executive committee