New-York tribune., 1903-04-17
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Transactions in yesterdays market were not
heavy IN volume, but prices were generaly
strong. with net gains IN most issues at the
close At the opening moderate efforts were
made TO depress the traction group, selling OF
Manhattan being based the labor trouble on
che company's lines while pressure against
Metropolitan was due TO the developments at
she Amory libel suit hearing respecting the
oompauy's financial position. The effect Of this
selling did not last beyond the initial dealings.
q good class Of support appeared which was
followed by an advancing tendency in Manhat-
tan, Metropolitan and Brooklyn Rapid Transit,
Manhattan selling up a point, and closing
a. a net fractional gain at 1861 At this price.
strike strike. Manhattan stock is an at
uactive investment. yielding nearly per cent
on per cent dividend basis. Under the terms
Of the lease 10 the Interborough Rapid Transit
Company. Manhattan stock receives 8 per cent,
with per cent extra If earned, until 1906 when
Der cent will be paid. AS the road is earning
more than per cent, the stock is practically a
per cent issue az present Good opinion on
the traction shares encourages the holding OF
Manhattan and Brooklyn Rapid Transit for
higher prices.
Discriminating operators are bullish on the re-
organized railway shares such Baltimore and
Ohio, Southern Railway and Atchison issues;
also on the attractive industrial shares that are
class have been inactive for year or more.
They have failed to attract speculative atten-
ton, but they have been moving gradually into
investors boxes, an evidence OF which is pre-
. sented in the United States Steel Corporations 8
report, which shows an increase In the last
year of 1900 stockholders the company's
transfer books Industrial expansion has added
intrinsic value to the industrial securities In
the case Of the greater number of industrial
preferred stocks the investment position is as
safe as that Of many gilt edged railway bonds:
and the seasoning process which is now gong
on in these Issues will eventually establish them
in the same good repute in which older industrial
shares are now held In the next year. with in
dustrial activity continuing, the common stocks
of the industrial companies ought to enjoy ma
terial price enhancement. Such stocks United
States Steel American Car and Foundry, Corn
Products and Interna tionaI Pump. all OF which
pay per cent dividends. attractive specu-
iations- American Car and Foundry preferred
IS equal in value to d first class bond, and its
present investment return of nearly per cent
makes the stock particularly attractive. Peo-
pies Gas yields at the current level nearly 8
per cent, American Locomotive preferred over
IA per cent, and United States Steel preferred
over s per cent. The hest railroad stocks return
ct current prices from to more than per
cent
The Sub-Treasury had another large debit
balance at the Clearing House yesterday. while
from Friday night operations with the banks
showed a gain for the latter Of over S1,5OOO00
Money market rates are easing. and favorable
bank statement is looked for. In last weeks
statement the lending power Of the local banks
was reduced by S3. 100000. owing TO a decrease
Of that amount in government deposits trans
ferred by a New-York bank to a Washington
institution. which is now practically branch
Of the National City Bank of New-York- In
to-morrow's statement of bank averages a large
gain in cash, loss in loans and an increase in
reserve will be shown if known movements Of
money in the week are reflected Bank state
rnents however, seldom show actual bank con-
ditious, and as e rule they are worthless
ruled al per cent yesterday. In the last hour
marked strength developed throughout the list.
noteworthy gains being shown at the close by
Atchison issues, Baltimore and Ohio. ST Paul,
Northwest Colorado Fuel, Consolidated Gas,
Louisville and Nashville, Minneapolis and ST.
Louis. Minneapolis St. Paul and Sault Ste.
Marie Missouri Pacific New-York Central Nor
folk and Western, St Louis and San Francisco
and Wheeling and Lake Erie first preferred. On
the curb Northern Securities closed at 9624 097,
against 96Q961z the preceding day The
advance in Colorado Fuel was accompanied by
unconfruaed reports that dividends would soon
be resumed on the common stock Various op
orators who recently active the bear
side OF the market were heavy buyers in the
late dealings AuaaIgamated Copper was an
active feature speculation in the shares being
Influenced by dividend considerations. No ad-
,-a,ce was made in the rate.