New-York tribune., 1905-02-16
BONDS.
STOCK MARKET OPERATIONS.

The trading the Stock Exchange yesterday
was on a large scale, with total sales exceeding
100000 shares, and the tone OF the market was
strong until near the close. when general re-
cession in prices occurred. Sentiment here was
again helped by the strength of the foreign mar
kets, consols advancing sharply in London and
French government securities in Paris. and Jap
anese and Russian bonds also moving upward
in both capitals. on q continuance Of the rumors
Of coming peace negotiations. On the local
stock Exchange the two japanese issues made
further gains. The foreign exchange rate again
declined a few points, and the call money rate
remained stationary at IA to . per cent
Union Pacific yesterday advanced to 1854. the
highest price II has touched since the Northern
Pacific panic but later lost most of its gain.
dosing at 1913, a net gain of only 4 per cent.
The Southern Pacific issues followed Union Pa
ciic, the common closing 1s Up, while the pre-
ferred, although losing part of its maximum
gain. closed = points above Tuesday. Inc
strength Of Union Pacific was ascribed TO the
probability of an increase in the dividend rate
at an early day and that of the Southern Pacific
stocks TO renewed reports of dividend decla-
ration before long on the common. Perhaps by
a coincidence, Northern Securities the curb.
rose to BOX. a new high record level Con-
sodated Gas was one Of the conspicuously weak
issues OF the day, suffering maximum decline
of IA points, on selling, accompanied by rumors
concerning alleged adverse legislation, and
nel loss Of 215 points The poor showing mad
ly The report of the Pressed Steel Car Company
for 1904 caused price recessons in the stocks Of
1Lis inaustriaI corporation as it appeared that
tho operations for the year resulted in loss Of
S7S7.1l1 and q total deAeit, adding the regular
dividends on the preferred and dividends for
three quarters Ghe November dividend was
passed. Oh the common amounting TO S2,O3I,11l,
reducing the companyis net surplus from 81
-ss.9S5 10 S2.531S74. The declines were not
serious in extent, however, in view Of the known
present prosperity Of the railway equipment
companies and the excellent condition Of the
general business situation.
The leading topic of interest in the financial
district yesterday was naturally the Equitable
Life Assurance controversy. This was not only
because Of the colossal size Of the Equitable and
its worldwide reputation, and the unprece-
dented spectacle of virtually the entire list of
officers of such an institution uniting in a peti-
tlon in behalf Of voting power for the policy
holders and in a protest against the retention in
official place Of the man whose stock holdings
enable him to elect a board of directors whose
vote can cast every one Of the protestants out
Of Office, but il also, and pre-enIinently, due
10 the fact that the Equitable, with its enor-
nous resources and its vast investment REQUIRE
1nents. IS a great factor in the working out of
projects Of betterments and plans Of empire of
many great corporations all of which are vitally
interested in the outcome Of the struggle against
Mr. Hyde. In the last analysis the determina-
tion Of the employment Of every dollar of the
Equitabe's hundreds Of millions Of resources
may be said to rest with Mr.. Hyde. and the
movement to transfer this tremendous power
over this tremendous aggregation Of capital
from a single man to the general body of the
policy holders, represented by board Of direct
ors Of their own selection, will if successful be
followed by similar movements in the case Of
other mighty corporations in the same field, it is
believed IN Wall Street