New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-06-08
BONDS.
STOCK MARKET OPERATIONS.

rrensec+tons in Yesterdays stock market
were made up in great part of the operations or
the professional element In the early dealings
prices showed great irregularty, but in the
afternoon the tendency generally in the
direction of higher quotations. the improvement
being due in great part to the aggressive buy
ing in the stock of the New-York. Ontario and
Western Railroad. Efforts being made to
place this security at level well above that
now current, but 1t is not believed that price
higher than 30 will be recorded In the present
movement. At its prevailing quotation the
stock is not dear but If it sells above 80 1t will
hardly appeal TO conservative operators owing
to the fact that the prospects of an immediate
material investment yield the security are
not at all promising. 1t is evident that the
people who endeavoring to bring about d
dissolution of the Ontario and Westerns voting
trust are deeply in earnest, and at the moment
It is thought that their work will be crowned
with success and that the management of the
property will revert to the hands Of the stock
holders. where 1t naturally belongs. The COM
pany originally issued $2.OOOOOO Of preferred
stock and Of this amount S1,996.OOO was
changed for first mortgage bonds. the stock
thus exchanged being held alive in a voting
trust which elects eight of the thirteen drec-
tors. this right to continue until dividend
shall have been earned and paid on the common
stock OF the preferred stock which was not
exchanged for first mortgage bonds twenty
shares are controlled by the company. nine
shares have been lost and eleven shares held
by the public. and until the stock thus held is
exchanged the voting trust will not be dissolved
unless the stockholders are able TO convince the
present directors that the best interests OF the
company demand that the trust be terminated
1t is understood that II the trust Is not voIun-
tarily dissolved the matter viii be referred 10
the courts. reflection OF the latter disposition
on the part Of the stockholders being presented
in the retention yesterday by the stockholders
committee Of a prominent arm of lawyers 10
handle the case
large amount Of the Ontario and Western
stock is held abroad. and it is understood that
well known banking house in this city has been
accommodating the security in the last few days
for foreign account The idea that the Canadian
Pacific Railroad Will eventually secure the prop
erty is not credited IN well Informed circles
The Ontario and Western road has It's northern
terminus at Oswego. on Lake Ontario and II the
Canadian Pacific were anxious to buy the prop
erty 1t would be compelled to send it's Ontario
and Western traffic from Canadian points over
lake line from some place in Canada to Oswego
II has been suggested that some Of the larger
anthracite coal companies have been buying the
stock Of the Ontario and Western in order 10
prevent the companys coal business from falling
into the hands Of some Independent concern
The Ontario and Western handles only a small
proportion Of the anthracite coal output esti-
mated at from 100000 10 3OoOOO tons an
nually. The transportation OF practically all
this tonnage is secured to the railroads by con
tracts made with the Scranton Coal Company
and the Elk Hill Coal and Iron Company. 1t
will therefore. be seen that the Ontario and
Western is not a particularly important factor
in the country's anthracite coal trade The
road however has given a good account Of itself
in the last few years and there is no reason
why the stockholders. who are the real owners
OF the property should not be allowed to con
troll it.
Outside Of Ontario and Western the heaviest
dealings were supplied by Atchison. st. Paul
Reading Southern Pacific and United States
Steel preferred. The selling pressure that de-
veloped in Chicago Great Western in the preced-
ing day not renewed in Yesterdays market
although In the early dealings the common stock
showed a fractional reaction. The preferred A
stock, which closed on Monday at 81. showed
net gain of VI. In the bond market heavy
transactions recorded in United States
Steel sinking fund IS and Consolidated Tobacco
4s. In the latter trading was unusually large
while the price of the issue showed decidedly,
upward tendency. These bonds are selling at =
parently they are TOO to inspire investment
attention. careful study of the security
| underlying these issues does not suggest anv
reason for uneasiness regarding their stability
! The general market closed at net gains