New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-02

The process Of squeezing certain enthusiastic
but not overwise operators who persistentiy
have remained short of the market on the
theory that stocks could not advance under
present conditions continued yesterday, a re-
Election of which was presented in a long list
J Of substantial gains at the close. II was not
mere rumoF that the shorts were being pun
| ished II was a fact known to the greater
number OF Wall Street observers that powerful
speculative interests who have the backing OF
large financial resources were exercising their
talents to bring about higher prices at the ex-
pense of the short account especially in Ca
madam Pacific which at its high price of the
day showed a gain Of 34G points from its low
price of March %, the low record of the year.
Union Pacific was another issue in which the
shorts suffered to a large extent. and il was
said in well informed quarters that further dam
age would be done to the spectators who sold
the stock for a decline when prices in general
recently were scrapng on bottom. The markets
strength depended entirely its speculative
position and not on the silly reports which were
heard early in the day. intimating that the
President would issue statement showing an
entire change in his position regarding the rail-
roads and railroad legislation. And the fact
that the market did not decline when a state
ment was put forth shortly before the close OF
business indicating that the President had not
changed his views to the slightest extent and
that he would stand pat' on all his announced
policies as contained in his messages and
speeches also confirmed the general impression
that It not a market that could be inhu-
enced by outside factors Such developments
may be more influential to-day. but the fact that
President Roosevelt has no intention OF adopting
a new policy on the railroad question ought not
TO hurt values. especially as it is announced
officially that the President does not advocate
and never has advocated the physical valuation
of railroads as understood by Wall Street At
the last session of Congress the President asked
for power 10 deal with the question OF overcap-
italizatiOn of corporations and the chances are
that such power will be accorded next winter
when the new Congress assemblies The country
at large viii back such a request, and Wall
Street by that time doubtless will have become
accustomed 10 the idea. The volume of business
in the five hours Of trading exceeded 100000
shares. with the heaviest operations in Anal
gamated Copper. American Smelling Canadian
Pacific, Atchison. st. Paul. Pennsylvania, Read
ing. Southern Pacific. Union Pacific and the
United States Steel shares.
Wall Streets representative investment houses
report better demand for first class stocks and
bonds, and it is quite generally believed that
this buying movement will run on until prices
go TO materially higher level. The greater num-
Der OF dividend paying stocks and interest bear
ing bonds quoted at figures that make them
extremely attractive as investment purchases.
and now that IL is recognized that the recent
disturbance in Wall Street was not due to any
weakness in conditions underlying the business
or financial situation and did not foreshadow
the development of hard times il Is not unlikely
that many people, who few days ago were
unwilling 10 place their funds IN the invest
ment markets, owing 10 groundless fears over
the industrial outlook. will be anxious to come
into the Street both for investment and specu-
lative account. Convertible bonds which have
declined 10 a basis returning an inviting yield
are becoming moye popular. and purchases are
being made I'm some volume by conservative
operators. who have in mind the fact that the
value OF these securities is bound to enhance
with any improvement that may take place in
the stocks into which they are convertible
Such issues as the Delaware & Hudson con-
vertible As, the Pennsylvania convertible 3Iks
and the Atchison convertible AZ are in demand
at current prices. which are far unde- the best
quotations OF the year. TIE level upon which
these bonds are now selling Is ridicuIously
cheap. in view Of the character Of the security
and their convertible feature, while throughout
the list OF regular mortgage issues there will be
found an array Of bargains seldom presented in
the history OF the investment market
Call money rates were relatively easy yester-