New-York tribune., 1902-11-18
BONDS.
TIE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS
The improvement in prices in Saturdays
market continued yesterday. The opening
rrioes however. displayed some irregularity
and more or less pressure to sell stocks was in
evidence Still there WAS tendency toward
frequent rallies Manhattan easily the
leader. and enjoyed maximum advance OF rs
Ter cent within about the first hour. Among the
rtlrnors that attended this movement WAS the
old one of guarantee by the New-York Cen
trial which. as usual met prompt denial from
all parties in interest. II was also intimated
that the shareholders were soon TO receive valu-
able rights in connection with a proposed issue
Of additional stock. The statement came from
trustworthy source that the powerful pool
(which has been active in this issue for some time
did not sell any stock in the recent slump in
the general market II may be noted. in sub
stantiation of this assertion. that during that
time Manhattan which is regarded one Of
the active speculative issues. lost only a little
more than per cent. in comparison with 20 10
80 per cent in other speculative favoTites. What
ever may have been the real cause Of the great
activity in Manhattan yesterday, friends Of the
stock say that the recent annual report, show
ing an increase Of about 30oteos0 in the num-
ber of passengers carried and substantial gains
in all other important items should not be for
that during the current year the amount Of
traffic win be still further materially Increased
and the operating expenses reduced TO con
siderable extent The total transactions in
Manhattan were l54. 800 shares. and at frequent
times large blocks changed hands. 1t said
that the members of the pool were heavy buy
ers. The closing was at 1884,. the best price for
the day. and a net gain over Saturday of
rs per cent.
The extreme activity and advance in Manhat-
tan exerted favorable influence the rest
Of the market The other traction issues were
specially affected in the early dealings, but lost
most of the gains before the close. Apparently
the excellent report of the Baltimore and Ohio
system for the last fiscal year and the increase
Of one-half Of l per cent in the Norfolk and
Western common dividend largely dis
counted. Neither issue responded any extent
10 these announcements. Flattering the Bal
rmore and Ohio report is, there is good author
ity for the statement that the earnings for the
current year viii be considerably larger still.
In view of the fact that the Norfolk and West
ern did not suffer specially from the strike OF
Luminous coal miners last summer, of the
greatly increased traffic which it will handle
this year. and Of its stronger position by reason
OF its connections with the Pocahontas Coal and
Coke Company. it is thought that the directors
acted conservatively in placing the common
stock a 3 per cent basis.
The market was less active than on the aver
age last week. when the heavy liquidation was
in progress. The total transactions were a trife
more than 100000 shares while 100000 share
days were not unusual last week. The dealings
were confined to smaller number of issues.
The largest amount of business in any single
group WAS in the local traction issues. Man
haitian alone supplied considerably over one
cheerful. but there a disposition 10 move
cautiously. Call money was quoted as high as
q per cent but for a good part Of the day ruled
below that figure. Talk regarding the possbl-
ity of gold exports was continued. but promi-
nent bankers expressed the opinion that the
shipping of gold might be postponed for TWO
weeks or thereabouts, when it is believed that
il may be averted by :he return Of money from
the South and from the movement of bills for
grain and cotton and on other accounts. A trifie
over 81 100000 was deposited at the Sub-Treas-
ury for shipment TO San Francisco and New
Orleans. II is not unlikely that there will be
further deposits for transfer 10 these and other
points in the South and West The market
closed strong.
over Sunday there were further important
announcements with respect TO the increase of
the wages Of railroad employees In view Of
the extreme liberality which is being shown 10y
the railroads 10 their men. a strike Of any mag
nitude this season seems almost incredible. The
early morning dispatches and some of those
printed Sunday told of the continued ire
mendous congestion Of freight. particularly i'm
Pttsburg and Chicago and the districts ad-
jscent thereto. prominent iron and steel man
who has just returned from a careful inspection
of affairs i'm the Pittsburg district saws il is
difhcult for any one who has not been actually
on the ground 20 form correct idea Of the vast
amount OF freight that is stored in Pittsburg ana
its vicinity and Of the surprisingly large orders
that continue 10 be received by the iron and
steel manufacturing companies. He SAYS also
that the earnings OF the railroads whose fscal
year ends June 80 next are assured for that
period. The Pennsylvania lines east OF Pitts
burg are handling 33 l-3 per cent more trsf1s
this year than last. and the lines west OF Pitts
burg % per cent. The recent cut in the prices
OF several products OF the United States Stee
Corporation is resulting in a much larger vol
urne Of business. He states emphatieally tha
there is not single cloud on the horizon will
respect 10 the business OF the iron and steel an,
railroad corporations.