New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-02-20
BONDS.
THE DAYS OPERATIONS IN STOCKS.

, In the absence OF an active buying interest in
The market the trading element and q few out
side rr1aniraulators were able 10 bring about a
lower level Of values. although declines were
not extensive. showing in most issues fractional
net losses. Strength in sterling exchange and
Tunors affecting the Metropolitan Railway were
. aIsed as arguments for the sale Of securities,
While sterling rates advanced again, there was
no profit IN gold exports. owing to 3 further
r1se in Paris exchange on London, but traders
saw in foreign exchange conditions d forecast
: or sold shipments al remote period. and
they accordingly hammered lrices through
cut the list. exertIng their greatest efforts
against Amalgamated. the Gould shares, Union
Pacific. Metropolitan, Manhattan and St Paul.
The Street was filed with disturbing rumors
regarding the Metropolitan company, but off
cal denials in the afternoon induced a more
confident feeling III speculative circles. which
u ~ reflected in rally III prices throughout the
list. In the active list Metropolitan. Manhat-
TN. Missouri PACING Rock Island, Wabash pre-
1erred. Amalgamated Copper. Baltimore and
Ohio. Brooklyn Rapid Transit and st. Paul
showed losses Of per cent and above The
with which The market rallied after the
traders raid and the lack Of independent hcui-
dation discouraging developments for the
bear element in Wall Street, as they clearly in
dictated that manipulation based ''fishy''
stoTies and passing unfavorable happenings
could moi fr1ghtsn holders of stocks who base
The value of their securities on actual underly-
sng conditions affecting investment worth.
New-York Central stock has been under con
siderable pressure in the last week and sales
have been accompanied by various unconfrned
reports regarding the property The Street be-
1ieves that the company will he compelled 10
make larger issue Of additional stocks
Il provide funds for the extensive ter
.nnhai improvements recently decided upon,
ana on the present state of sentiment
on the stock Exchange the suggestion Of
increased capital issues IS easily effective in
producing heaTiness in securities There is little
uifhcuItH IN borrowing New York Central stock
Tor delivery or buying II L" settle short contracts,
u hile rather heavy sales for both speculative
snd investment accounts have recently been
made Plans proposed by the NeU-York Central
for the enlargement Of The system, especially in
the terminal facilities IN NeW-Hork viii of
course require heavy expenditures but they VIII
also increase the earning power Tor the property
70 an extent that VIII equal II not exceed the
expansion liza hities due 10 an increased capital
station NeV-lork central STOCK VII always be
prime investment The eompany's lines tap
most productive section OF the countrz, its
freight traffic is dependent on no one department
Of industry. and its ability 10 pay dividends iu
periods Of seterc business depression cannot bc
questioned, The country VIII probably never
suffer more disastrous industrial setback
than II suffered IN The hard times OF Io3@ and a
teT succeeding years. Ef' I'D mat period, from
1855 10 1899 inclusive. the Ne"-Aork Central
paid dividends averaging 452 per cent. a new
terminal in Nev-Yoril and connection with the
rapid transit lines should bring an increased
suburban traffic 10 the company more than suf-
cient TO pay the interest on capital expended
t1of Inc improvements.