New-York tribune., 1905-02-02
@ ssv.esnd
BONDS.
SEy interest
STOCK MARKET OPERATIONS.

Fortunately the supply OF money in this
country IS larger than the demand for loan
commodation. otherwise the heavy gold export
movement that is now under way would exert
unfavorabIe influence on Wall Street senti-
ment and Stock Exchange prices. Total engage
ments yesterday Tor shipment by to-day's
steamers amounted to S11, ,130 O00 including 81
100000 for Cuba, while further exports it was
reported, would be made Saturday, yet the stock
market was not at all upset, nor was there any
sign Of uneasiness in banking circles, financers
appreciating the character of the movement and
realizing that the outward flow would tend to
heve the glut Of money at this centre and serve
10 bring about better market for loans the
latter being a factor desired by lenders, owing
70 the present low rates in the money market
There Is little profit in lending money at cur
rent quotations, and the sooner a higher level
develops the better the banks viii like IT. The
sterling exchange market was not appreciably
affected by the large engagements, rates re-
naming strong, and In foreign exchange circles
II was said that the gold export situation would
remain unchanged until there was an advance
in lending rates in New-York and a decline in
the demand for remittance Paris continues TO
strengthen its gold holdings for possible erner-
gency in connection with Russian developments,
and as New-York is the cheapest money market
in the world the burden, if it may be so called.
was d certain amount of irregularity in stock
market movements, with some pressure from
the bear element and realizing sales but IN the
greater part Of the forenoon dealings the course
OF values was in the direction Of higher quota
tons Metropolitan. Missouri Pacific, Reading.
Wabash preferred. Atchison preferred. Delaware
and Hudson. and United States Leather pre-
ferred leading
IN the afternoon there was a reactionary
movement in a number Of issues notably in the
vanderbilt stocks. the selling representing little
beyond profit taking operations St Paul and
Union Pacific were also heavy features while
Reading and Delaware and Hudson were not
especially affected by the selling pressure Del
aware and Hudson enjoyed a maximum gain Of
~ per cent and net gain Of 31s per cent. buy
Ing OF the stock being accompanied by a re-
NlVal OF the perennial rumor that the property
would be taken over by the New York Central
There is no more reason to believe the report
at this time than at any time in the past. in
deed there IS excellent authority for the state
ment that control Of the Delaware and Hudson
company is lodged In the hands of people who
have no intention Of selling out to the New
York Central or am. other company. The stock
Of the Delaware and Hudson is widely distrib-
uted among investors, a fact that makes it
practically impossible for new interests to secure
control The stockholders are satisfied with
the present excellent management and the re-
turn that they are receiving on their invest
ment, and they therefore are not likely to part
with their holdings The Delaware and Hudson
has always been conservatively handled prop
erty and it has a dividend record that IS
equalled by very few companies in the country
AT the close the general market was dull, but
firm tone was reported in the greater number
Of securities. although among the active issues
chief declines being supplied by Amalgamated
Copper. St Paul. Northwest Omaha, Chicago
Terminal. New York Central United States
Steel preferred and Wisconsin Central preferred
The weakness in the Vanderbilt securities was
hot at all surprising IN view of the recent sharp
advances, and the same may be said OF the
Steel shares and Union Pacific. The Gould
stocks generally were strong; also the local
traction shares, Reading and United States
leather preferred There was a slightly frmer
tendency in the call money market