New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-01
Eek dividend.
BONDS.
STOCK MARKET OPERATIONS.

Stock market trading was light throughout the
day. transactions being made UP in great part
Of the operations OF the board room element.
While price changes were small they were gen.
orally in the direction Of higher quotations. with
noteworthy strength IN the local traction shares.
in which speculation was moderately active. and
for the account OF representative houses Trac-
ton bonds were also IN good demand. dealings
IN the Nassau Electric As IN the ''B. r T."
convertible As. the Brooklyn Union Elevated
lists and the Third Avenue As supplying a
fair proportion OF the business in the bond de-
partment. Elsewhere in the stock list the
heaviest trading was In Amalgamated Copper.
st. Paul, Consolidated Gas. United States Steel
preferred, Pennsylvania, Southern Pacific, Union
Pacific and Ontario and Western. In the last
named issue the price movement failed 10 re-
fleet decided opinion among spectators regard
ing the possibility of success IN the courts for
the committee of stockholders which IS seeking
to bring about dissolution OF the voting trust.
AS the voting trustees have controlled the prop
erty for many years many Of the stockholders
believe that, irrespective of what the present
management has done for the road. the time
has come when. matter of common justice.
the control of the company should be placed
where it belongs-that is. in the hands of the
owners of the property. Leaving out Of consid-
is fortunate that the road has been controlled
under the voting trust by the men who are now
managing It's affairs. under this mana cement
the property has improved wonderfully in in
trinsic worth and it is gradually reaching
position where the directors will be justified IN
making some return on the stock The present
president OF the company is a man Of great
experience in railroad affairs. while he is also
an able financier. fully equal TO solving for the
best interests Of the stockholders the various
problems which confront such system as the
Ontario and Western.
The report OF the American Car and Foundry
Company which is published in another column.
ought to prove extremely gratifying 10 the
stockholders OF TIE company. in the fiscal
year ended April so the company showed.
despite the falling off In net earnings due to
the retrenchment IN expenses by the railroads
in equipment account. earnings equivalent TO
about per cent on the common stock after all
expenses and per cent on the preferred. After
ell dividends. which amounted TO SS.OoOOOD. in
Guiding per cent the preferred and per
cent on the common. there was surplus OF
$1.496. 500. which. added to the surplus of pre-
ceding years. brought the total 10 S12,22I S16
The working capital OF the company April
80 was $14627. 156. II has always been the
policy of this company 10 keep on hand large
working capital. and it is interesting to record
the fact that this amount has been accumulated
from earnings and not from bond sales or note
issues. There are bonds ahead Of the pre-
ferred stock, and as consequence the invest
ment value OF this issue IS highly thought OF
bv conservative operators. The company has
always acted in a conservative manner regard
ing dividends on the common stock. and the
directors may be expected TO treat the holders
OF the common shares in a manner best caicu-
90 ha TNarr
The railroads of the country in the last six
months have not been heavy buyers Of
cars. but the indications are that more liberal
contracts will soon be placed. indication
OF which IS the announcement regarding the
expenditures which the Hartman system IN
tends to make for new equipment and rails in
the rest OF the calendar year. Railroad men
are much more cheerful over the industrial
outlook than they were few weeks ago, and 1t
is quite evident that they have enough conf
dence In the future TO como into the market
for equipment.
Money market rates continued at low level.
The local banks received upward OF 81, 100000
from the Sub-Treasury on account OF gold re-
GENTS at San Francisco. while they also re-
ceived a considerable amount Of currency from
the interior. Indications point toward q further
gain in cash holdings in to-morrow's bank state
ment and doubtless there will be an increase
In loans incident to preparations for the pay
ment Of the heavy July interest and dividend
disbursements. 1t is estimated that upward Of
S15OOOOO00 is due on stock and bonds to-day.
A large part Of this vast amount of money may
seek reinvestment in the securities market. and
it is therefore possible that there will soon be
an increase in activity on the Stock Exchange
Foreign money market conditions were without
important developments. although the weekly
anlr nF oil a
large falling off in the percentage of reserve to
liabilities Investment market payments doubt
less were responsible for This decline.