New-York tribune., 1905-02-05
BONDS.
STOCK MARKET OPERATIONS,

Many of the active issues in yesterdays mar
ket exhibited considerab BILE heaviness In the two
hours of trading but there were no important
declines among the active shares, while In a
few. notably Delaware and Hudson. Metropol-
itan. United States Steel preferred and National
Lead strength shown The advance IN
Delaware Hudson. which carried the price OF
the security to 196. new high record. was not
accompanied by news developments affecting
the stock, but the same old tiresome rumors
about the company's future control were again
heard in Wall Street circles 1t was also re-
ported that the stock would be raised to an
per cent basis The latter idea Is not worth
serious attention. inasmuch the rate for the
current year already has been fixed at the reg
uIar payment OF per cent, and it is not at all
likely that the company, which is now being
conservatively managed as 1t has always been in
the past will ever advance the dividend rate
above per cent. AS for the stories that con-
troll of the property has changed it may be
stated authoritatively that the change in stock
holdings recently and in the last year has not
lessened the holdings of the present control or
placed stock in the hands of people who might
like to secure ownership of the Delaware and
Hudson property. AT its present price Delaware
and Hudson stock returns barely 8 per cent to
current purchases. and from the investment
point Of view it is selling high enough.
Following the publication Of the bank state
ment. which showed heavy falling off in re-
serve and cash holdings. a general selling move
ment developed throughout the list and, as
l. consequence the greater number of Issues
closed at the lowest points OF the day Sales
represented in great part traders operations
Reserve above legal reQuii enents decreased
$I137625 bringing that item TO $40. ,925
compared with sd. .S42.77 in the Same week Il
year ago, and $1S,545.67J in the year before
OF course IL this rate OF decrease should con-
tinue. there would soon be a small enough re-
serve to bring about higher rates for money
but IL is not thought that the decline of the last
week will be followed by such striking changes
In the next few weeks. The loss in cash was
quite near Fridays estimates amounting to
So, ,349 700 In view OF the activity In the stock
market the expansion in loans of S12 443. GOO
was not surprising. In the last three weeks
loans OF the Clearing House banks have in
creased nearly S64, 900 900. while in the same
time cash holdings have increased net about
S15.0O0.00O. The chief weakness in the last
hour of trading was presented by st. Paul,
Northwest and Union Pacific. Sentiment at the
close was not at all bearish. despite the decline.
and predictions Of higher prices for the current
week were heard.
The last week In the stock market was made
up of the operations OF substantial speculative
interests ana commission mouse Jne lat-
ter being heavier than in any week since the
bull movement that marked the course OF the
November market in 1904. The so-caled out
sders are now apparently anxious TO buy
curities at present high prices. and the larger
interests are not disposed to discourage trans
actions OF this kind, inasmuch the big men"
have a large amount of stock for sale, but
evidently at still better quotations than those
now current Doubtless they peddling out
a small amount OF stock on the way up in order
to supply the demands Of the public. while it IS
quite evident that many shrewd capitalists who
always come into the market in panic times
and are TO be found on the selling side in boom
days are quietly letting the public have part Of
their holdings. The big speculative pools. how
ever are not putting out any large amount OF
stock at present prices. and according to the
information that comes from the inside circles.
there is no intention on the part OF the powers
that be Of letting the market sell off materially
at present Probably just as long money
mains at it's current low level the bull market
will continue. Money rates may soor stiffen
tride but not enough TO cause trouble in the
stock market. In view Of the fact that large
hull movements are generally accompanied by
reactions II may be wise. however. for intending
purchasers at the present level TO supply large
margins or better still. wait for speculative
decline