New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-09-30
BONDS
THE DAYS OPERATIONS IN STOCKS.

.,. r,arLat was irregular and profe'-
,, h,, stronr the greater part or the DAY
- oo,.orrg Of shorts Traders were disposeu
8, h,,v on the theory that a rally was Que anu
alec on the report that substantial market III
,ras.s wore ready to re-enter the market lheie
os uttIe evidence that the last named were actu
oily. ACQUIRING stocks hut II is not unlikely 'ha'
., recent declines important financial interests
added to their holdings. leaving the ria'"e'
somewhat bare Of stocks. and as consequence
forcing the shorts to pay higher prices i'i Wv
ering PURPOSES The strength that marHeo NV
general list was not noticed IN An'ri'a"
.oooo until after the early dealings. when the
stock recovered a o-point loss ana cioseu NJ
, sr,ou no. Gain The movements Of stocks IKE
Tobacco and Sugar ought not to exert an III
AuenCe upon the rest Of the lis;. hut 'ht Gun
timed decline and excessive manipulation "
these issues in the last few weeks nav" d'S
turbcd the weaker holders Of railroa' secur'leS
and enabled the bear party TO bring ABOUT
reaction Of considerable pr"portion Inc uine
will come. however. when revivins prosperity
and the countrys heavy money holdlneS WI"
he more fully appreciated as the '"s
basis Of values
The strength exhibited in the morning market
did no. hold until the close although final
ION was a strong feature on tho good showing
made by the company in August its net earn
incs increasing $50. i6. despite an increase in
onerating expenses Of $1l1.ol3 The statement
was more favorable than generally expected
and in view If the fact that comparison was
made with period a year ago. when net earn
ires increased over the preceding year S3''S"'
the showing was most signihcant i Pr"Neu
,ba. railway earnings are not now depending
upon grain traffic alone. for the movement VI
cereals to market in August this year was l'sh''
against heavy movement iaSt year w " ~
rent gain coming almost entirely from 'he III
crease in Uesthound business The Paclnc STOCKS
Cleveland Lorain and Wheeling and brookNh
rand Transit We're also strong features Man
haitian was weak and lower on bear operations
and selling by people who bought last week on
the report that the company was ABOUT 10 I've
equipped with electricity
Friends Of the Manhattan Railway make
briliiant predictions as to the company's future
earnings Int the effect of such efforts 10 steady
the stock are without much influence upon W All
Street sentiment Wall street knows 'ha' Nan =.
haitian did not earn its last dividend ana that
with competiti n becoming heavier every Gay
the PROSPECTS, are very gloomy for the inNes,
ment position Of the stock And Logically wan
street is hearish on Manhattan. II Manhattan
changes its motive power 10 electricity IL VIII
be forced to borrow money with It's trahchises
for security. issue more stock or receive INSIDE
helm from the family interests In control w III
that he , tn,U argument on the stock? Perhaps
for a turn but before the change mas beeh COM
Melted II would seem that Manhattan should
sink still lower the speculative scale Brok
crs identified with inside interests in the fouId
stocks have been heavy sellers Of Manhattan
Nobody processes to know whether or not IN
sjders have sold but it can be said without rear
Of contradiction that current investment hold-
ings OF this stock smaller than ever before
In its history. II would he unkind 10 SPEAK
favorablv Of Manhattan as an investment. for
/ after reducing its dividend per cent the com
pany is unable to earn per cent companies
/ that nav unearned dividends are not ably man
aged Manhattan carried 196. lI9.32i passengers
in 1894 in 1891 it carried lS3 i3I IA. de.
creas" OF 30 .6WI from the preceding year ana
, q decrease of - 10 O19 compared with 1884
The company paid ~ per cent in 1871. and mad
/ a deficit Of 81 gS1. The figures for the current
year will show effects Of surfac, road compeu-
/ ton greater than in any other veal