New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-02
SEX interest
STOCK MARKET OPERATIONS.

Activity in yesterdays stock market was con-
fined to a few issues, notably American Car
and Foundry, Delaware and Hudson. Ontario
and Western, Union Pacific, United States Steel
preferred and the local traction shares. Further
aggressive manipulation IN Metropolitan was a
feature Of the days operations. the stock ad-
vancing . points on a volume OF business that
amounted to over So coo shares. There was no
news development affecting the property, while
there was little IN the days developments that
could encourage an active speculative demand
for securities in general The idea that the
Metropolitan Company. or rather the New-Yorl.
City Railway Company, viii be absorbed by the
1nterborough people continues to ind advocates
IN many quarters despite the fact that the in
terests identified with the Metropolitan Com
pany vigorously deny that any such deal is
der way Il is believed, nevertheless. in well
Informed quarters that eventually the traction
companies Of Manhattan, and possibly the
Brooklyn Rapid Transit Company, will be under
one control. Manhattan stock IN fair de-
mand and operators who well Informed
regarding the traction situation in this city were
bullish on this issue, predicting 4 much higher
price for It in the Of the next six months.
Manhattan has the guarantee Of the INTERIOR
ough Company, but the earnings Of the elevated
system insure dividends at the current rate Of
per cent. while in the minds Of well informed
people there IS no doubt that the property will
be able to earn the per cent which the Inter
borough guarantees in 1906. without calling on
the income Of the underground system. The
burst of activity IN Delaware and Hudson was
not explained by developments affecting the
actual worth of the security. Earnings Of the
property far beyond the dividend require
nents on the stock, while the value of the issue
has largely Increased under the present pro-
gressive and up-to-date management OF the
company.
Selling OF American Car and Foundry COM
mon was due to the failure Of the directors 70
declare a dividend, but the decline the Sc
curity appeared to be well taken while there
was a fair investment demand for the preferred.
In passing the dividend on the common the
directors exhibited the conservatism that has
marked their management of the company in
the last two years, and their attitude on the
dividend question ought TO receive the hearty
Endorsement Of the friends of the concern The
position Of the preferred stock will be strength
ened by the suspension of dividends on the com
mon Money market conditions showed no i'm
portant change, rates for can loans ruling at
the low level that has prevailed in the last few
weeks. According TO the known movement Of
money in the week. the local banks have gained
upward Of $7,000090 the greater part of which
represents receipts of currency from the in
terror. Reports of railroad earnings received
yesterday were generally favorable especially
those Of the Hartman roads. which showed for
the Southern Pacific an increase in net for May
Of S77695 and for Union Pacific incraase in
net of S337, 667. The Southern Pacific showed
a surplus. after charges and bettermea IS, Of
Sill. 257. compared with deficit in the same
month a year ago Of $L1G6019 Expenditures
for betterments amounted to $SSS,723, as against
S16S30G7 in May, 1903. Louisville and Nash
vile for the month of May shows q decrease in
gross earnings of S1G5572 and a decrease in net
earnings Of $3,914. in the late dealings in stocks
there was little interest in the market, except
in the traction shares which showed increased
strength and activity, Metropolitan advancing
to n6A, maximum gain for the day Of
points In the final dealings. however, It re
acted TO 1143S, closing az a net gain Of 3$s per
cent. Final prices were generally slightly under
the best OF the day, but at net gains in most
issueE