New-York tribune., 1905-03-22
BONDS.
STOCK MARKET OPERATIONS,

While the course of values in yesterdays stock
market showed great irreguarity, owing 10 a
large volume of profit taking sales in the face
Of further buying for the advance. there were
no important declines until the last hour OF trad
,n~ when the greater number OF securities
weakened with losses of L per cent and above
&, the majority Of active issues. In view of the
strength in Mondays market the realizing oper-
ations at various times in the day were not un-
expected. and it was not considered improbable
that further active selling Of this character and
more frequent price reactions would mark the
movement of speculation in the next few weeks.
No man, however, who has watched the quality
Of trading on the Stock Exchange and who
knows the attitude Of the substantial market
interests viii be willing to say that the bull
campaign has run its The men who are
the leaders in the present speculation are we'll
supplied with the snews that make bull mar
kets successful. and until they show DISPOSE
ton TO distribute their stocks it will be waste
Of time to talk about a sustained decline. OF
course there has been a certain amount of dis
tribution for the account of many interests who
have been carrying stocks for long period, but
stocks sold in this manner have not gone into
weak hands, and at the moment the chief ad-
vocates Of lower prices the sold out bulls
who are anxious again TO accumulate line Of
long stock at cheaper values
OF the active securities. the heaviest declines
were suffered by American Smelling. Canadian
Pacific New-York Central, Ontario and West
ern. Pennsylvania, Reading. Union Pacific and
United States Steel preferred. Prior TO the re-
dictionary tendency a number of substantial
gains were made. but the upward movement at
tracted realizing sufficient in volume to carry
prices under the closing of the preceding day in
the greater part Of the list. the chief excep-
Car and Foundry preferred and 800" preferred,
both Of which ended at net gains of above per
cent. Although Sloss-sheffield closed at a net
improvement Of over . per cent. its final quota
ton showed decline OF three points from its
high price made earlier in the day. An advance
in Tennessee Coal and Iron to %. on the dec
laration of the first dividend on the stock since
1900, also was offset in the final dealings by
heavy sales that carried the price fractionally
under the last figure in Mondays market.
After advancing to above $50 Canadian Pacific
sold down with the rest of the list. insiders
making no effort to stay the decline, although
they took all the stock that could not find a
market elsewhere. There was. however a good
general demand on the reaction, operators being
attracted to the issue on the we'll founded belief
that the curity will sell we'll above its current
price its merits. It is interesting to note
Canadian Pacific have received in regular divi-
dends and rights over SO per cent, a record that
few roads ever have been able to claim in a
similar period. Money was easy and foreign
exchange moved toward the gold importing
point
A significant incident showing the growing de-
mand for American investment securities by
foreign buyers developed at Boston yesterday,
when il was round that the subscriptions TO the
American Telephone bonds included large
number OF foreign bidders who received an al
lotmeut Of upward Of $10O00.OO0 Of the issue.
Foreign investors have long been active buyers
of American railroad securities, but they have
fought somewhat shy" of our industrial invest
Inents and the fact that such bonds as those
issued by the telephone company have found
favor abroad is pleasant testimony to the grow
ing credit of this country and of its Industrial
enterprises in Europe. There IS a large amount
OF money in Europe seeking investment, and II
IS quite likely that I'm the course OF the current
year there viii be big movement of funds from
the other side into the attractive stocks and
bonds Of American railroad and industrial cor
porations. And IT is also likely that II there Is
anything approaching disturbance in the local
money market there VIII be large offerings OF
European capital here especially as rates abroad
are. as a rule. under those prevailing at this
centre Even though the reserves of the Clear
ing House banks are at low level there is nc
occasion for alarm. inasmuch as there is M
actual scarcity OF funds in the country, while
the foreign market is at our command It 4.
quite probable that the banks will contract theil
loans this week 10 a sufficient extent 10 offset
whatever decrease may occur in cash. and Il
may therefore come to pass that a moderate
calling Of loans viii take place before Saturday