New-York tribune., 1905-02-28
BONDS.
STOCK MARKET OPERATIONS.

Transactions in Yesterdays stock market
reached total Of 1.995. .539 shares on move
ment of values that tended in the direction OF
higher prices in the greater part of the five
hours of trading. a reaction in the last hour
being due TO heavy realizing sales and the COM
pleton Of the commission house buying. Open
ing quotations were slightly under the closing IN
Saturdays dealings. but before the end of the
first fifteen minutes the execution OF large buy
ing orders for public account and for the ac-
count OF the substantial Wall Street interests
carried the majority of issues we'll above the in
itial figures, especial strength being shown by
st. Paul. New-York Central Missouri Pacific,
Union Pacific, Pennsy lvania and Southern Pa
cific, the last named security subsequently be-
coming the leading feature of the trading. There
was no news development accompanying the
upward movement in Southern Pacific the ad-
vance being due to large purchases by insiders
and the shifting OF speculative activity from
other issues to this stock. In view Of the fact
that Union Pacific has recently enjoyed so much
improvement. il is not surprising that Southern
Pacific is now being taken in hand, and it is
considered quite probable that its price will
move TO materially higher level in the course
Of the current bull campaign on the Stock Ex-
change Regarding the bull position, it may be
saiG that all the we'll known leaders show no
disposition to change their attitude on the mar
lIet while it Is quite evident that the public is
heavily committed to the long account, with
large margins back Of their speculative hold
ings. The reaction in the late dealings yester-
day caused no alarm in the bull camp; indeed,
the setback was considered q favorable develop
Inent
In the London market and on the Continental
bourses prices were strong, speculation and in
vestment sentiment being favorabIy affected by
the easier tendency in the money market, the
decision in the North Sea incident and the be-
lief that the prospects for peace IN the Far
East are growing brighter every day. In the
local market foreign houses took advantage of
the early rise TO realize profits. putting out up
ward of fifty thousand shares. The buying Of
New-York Central and Pennsylvania was again
excellent in character. while there was further
active demand for Canadian Pacific, which, de-
spite profit taking in the last half hour, closed
only Il under the last quotation in Saturdays
market Canadian Pacific is selling under
number Of issues that are not intrinsically more
valuable, as. for instance. NewYOrk and Penn
sylvania and it is therefore likely that in the
current movement its price will move to level
more in proportion TO that Of other high grade
securities. Notwithstanding NewYork Central's
advance to a price that yields only trite over
8 per cent, there is apparently no prospect that
the dividend rate will be raised and the same
NAV be said of Pennsylvania, WHICH, Ao"SNeI'
returns more than the Central stock, as it is a
6 ner cent issue against for the Vanderbilt
stock Canadian Pacific is a solid per cent
;ssue returning at its present quotation over
per cent
Money market conditions doubtless VIII gro"
moro In favor of the lender, but there appears
IN ba no reason in the current outlook to make
nrediction that disturbance will develop as a
raa,,lt of the increase in the demand for accom-
modation and the shipments OF currency to the
interior A slight advance IN rates last week
broupht out the funds of trust companies and
otbar ins+itutions and from information received
from neople who are intimately associated with
tba money market these concerns have large
suDpIv OF money available for the loan market;
bePre the relatively low position of the surplus
reserve OF the Clearing House hanks should
cause no alarm in Wall Street circles. There IS
enough money in the country to take care OF the
legitimate demands of trade ana speculation
and as there is no longer a prospect OF further
exports of gold there ought to be no uneaSlness
in commission houses over the course OF money
in the present year. Naturally. Il speculation
in stocks should run into a crazy boom the
money market might develop a temporary
'snueeze' but this would be an incident OF lit
tie concern to the substantial men OF the street
who are not in favor OF runaway market on
the Stock Exchange. 1t is conceded that ex-
traordlnarv conditions underlie tho present spec
uIation in securities 1t is admitted that IN view
oP these conditions prices are entitled to a fur
ther speculative advance, and IT Is believed by
the most conservative people in the Street that
tho high level OF lido VIII De many points aoOFs
that of last year.