New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-21
BONDS.
PANK STOCKS
THE DAYS OPERATIONS IN STOCKS.

Stock market trading reflected, in an irregular
movement Of values and small final changes.
heavy profit taking sales and further buying
for long account. The volume OF sales. how
ever. was not large enough TO cause material
declines while IN most issues net advances were
recorded on the days operations. Foreign
houses sold upward Of thirty thousand shares
in the local market. and on the London Stock
Exchange prices OF government issues We're
heavy on war rumors the latter. however. not
being Endorsed by bankers private dispatches
from Japan and Russia In the early dealings
the local traction shares exhibited strength:
also Southern Pacific st. Paul, Illinois Cen
trial. Missouri Pacific Rock Island, Reading
Union Pacific, United States Realty preferred
and Alton preferred. Liquidation in Amalga-
mated Copper was moderately heavy and its
price was down point. selling by traders be-
ing encouraged by the improbability Of any IA
vorable change in the dividend rate. which will
be acted to-day. The market showed ready
power OF absorption. both in stocks and bonds.
dealings in the latter amounting to q large
total although under the record of the pre-
ceding day. Rock Island As and 5s were es-
pecially active. New high records were made
in the cotton and grain markets.
In the last few Gays there have been unusual
ly heavy dealings IN the outside market, nota bly,
IA Northern Securities and Interborough shares
which were particularly active and strong in
yesterdays dealings. There is of course, good
reason for the growing interest in marlborough
stock AS the subway Is now nearly completed
and viii soon begin to demonstrate its ability
a money maker or loser. Wall Street specu-
iators naturally their attention TO its stock
and from its recent course on the curb It is
easy TO see that the speculative community be-
lieVes that the underground viii return a
large income and that its securities viii prove
profitable investments. The advance IN Man
haitian has been coincident with the upward
move IN lnterborough. and well informed and
conservative operators believe that the first
named VIII move to materially higher level
~ the course OF the next year. Earnings Of
the elevated road largely in excess of diyi-
dend requirements and heavy enough TO take
care OF the So. 100000 CRY bonds applied to
the building OF the subway lines. Manhattan
stockholders are entitled until 1906 TO 6 per
cent and l per cent extra. II earned, and there
eTter 10 regular guaranteed I per cent rate
II Is likely thar the stockholders VIII receive
per cent extra for the companys year ending
Northern Securities stock has advanced 8
points in few days, and the suggestion has
been made that insiders are buying il on infor-
mation regarding the Supreme Courts decision
case. II is absurd however. to believe that A
leak has been sprung IN the Supreme Court and
II Is an insult 10 the court to assume that ad-
vance information on this decision has been sent
10 Wall Street. The chances are that the mem
pers OF the court have not even finished their
examination Of the lawyers briefs in the case
and the chances also favor the theory that the
general pubic IS increasing its holdings OF
northern Securities stock, while insiders are IN
loading. II was said yesterday that StaQdard
Oh people were buying. This is old dodge
that generally attracts the public. Wall Streets
report that the forthcoming merger decision will
be IN part favorable to the company is NOT rea-
sonable as the case lawyers think hardly ad-
1nits OF middle course verdict. Either the
company Is legal organization or else il is ex-
listing contrary TO law The Street is disap-
pointed because the Northern Pacific company
has not started the new year with a 134 per cent
quarterly ci1ide2d and the directors action in
declaring only lI2 per cent IS considered to re-
feet that they look for a falling off in business
this year In the circumstances, a 8 Der cent
annual rate is all that the stockholders ought
reasonably to expect.