New-York tribune., 1905-02-26
BONDS.
Am Tnh
STOCK MARKET OPERATIONS.


stock market tremendous activity and strength
prevailed in the greater part OF the time, and in
the majority OF securities the demand repre-
sented buying for the account OF commission
house operators and by substantial speculative
interests who apparently believed that the up
ward course of values is nowhere near Its end.
This confidence on the part OF the leading in
terests and the disposition among public traders
to buy at present high prices. of course. Is dis
couraging for the few bears that are to be found
in the Street but the little bear element con-
tinues nevertheless. to hope for better things In
the future, trusting that the day IS not far dis
tant when an overloaded bull account Will top
pie on the market. carrying with 1t the margins
OF many poor. small speculator who now be-
Iieves that the wealth of a Monte Cristo Is
within his reach. The trend OF the market,
despite the expectations OF the bears. appears.
however, 10 be In the direction of higher prices
for further period, and in view OF the powerful
forces that are working for advance man
must be brave indeed who ventures 10 fight the
upward movement. Opening prices were strong.
while closing figures In most shares were not
far from the top, with the greatest improve
ment in Pennsyivania, New-York Central.
Northwest, Omaha Louisville and Nashville
$500" common and Canadian Pacific. In these
issues gains ran from above 1 per cent TO per
cent, while throughout the list advances OF per
cent were common. Trading amounted to the
enormous total of 1,260.352 shares
The publication of a favorable bank statement
helped to increase the bull enthusiasm. the last
half hours trading exhibiting great activity and
buoyancy IN many parts OF the active list. AS
result OF all changes I'm the Clearing House
statement, reserve above legal requirements in
creased $5.441 $50. bringing the total reserve to
| $14646OTJ. as compared with $50 10000 in the
= {v
In spite OF the heavy speculation in the stock
market loans OF the associated banks decreased
nearly S15.OOO,OOO, while there was an increase
in cash holdings of s.. .25S, 800. Cash IN the
Clearing House banks now stands at S309. COZ
300 as compared with S2S9,1SO,3OO at this time
in 1904 while loans amount 10 81, ,121 ,2S1. 400.
| compared with 5000 209.100 in this period last
year. Special operations accounted for the con-
traction In last weeks loan account. while TO
| some extent the same thing may be said OF tha
gain in cash. In the next few weeks the move
rnent OF money doubtless will be against this
| city. and 1t is therefore not safe to count on
Saturdays bank statement as a forecast OF
bank conditions in the spring. There is how
ever no probability of any disturbance IN the
! loan market. as there is a large amount OF
money in the country which will be attracted to
this centre the minute rates advance to figures
that will make the employment OF funds
more profitable here than at other points.
In a few stocks final profit taking sales were
! heavy enough to wipe out the earlier improve
ment, as for instance Union Pacific. which
closed at 1858. against its high price for the day
of 1879. Amalgamated Copper. Delaware and
Hudson and several other shares lost their initial
gains in the late trading. but in the greater
! number Of issues last quotations were near the
! best OF the day.
Stock market values are moving in response to
| nm active speculative demand that promises to
carry quotations above the closing figures in
| yesterdays market, although after the furious
pace set in last weeks trading IL would surprise
! no one If a moderate reaction should develop IN
the current week. 1t quite often happens that
after active bull speculation IN Fridays and
! Saturdays markets the volume of profit taking
on the following Monday is heavy enough TO
bring about declines before the close OF the day,
but It may be Just as well to bear in mind that
in many respects the current market fails to
follow precedent. and 1t may therefore come to
pass that the upward wave will move on for a
| still longer period before a setback develops.
1t is market that IS backed by the strongest
CAPITALISTS in the country while the public sup
port represents class of traders that are better
secured financially than generally is the case in
bull markets that have run for many months.
It is quite likely, however. that when reaction
| develops it will not be small affair and 1t
therefore behooves the operator who buys at
present prices to provide himself with large
| margins There are many remarkably IA
vorable factors in the business and financial sit
! uatlon in this cOuntry-so much money and so
much confidence and many plans under way
affecting railroads and industrial corporations In
| reerect 20 the enhancement OF the actual value
! of the properties-that the whole country APP
/ Darently is turning its attention 10 the stock
! market in the confident hope OF being able to
share In the good things of speculation. 1t is
unfortunate that the public did not come Into
the street when prices were selling from 70 to
i lnNer.