New-York tribune., 1905-01-13
BONDS.
STOCK MARKET OPERATIONS.

Transactions in Yesterdays stock market were
light IN volume on a movement OF values that
generally tended in the direction OF lower quota
tions. although declines rule. were con-
fined 10 fractions. There was no indication OF
important selling, operations representing IN
great part the dealings Of the professional ele-
rent in an effort to bring about material re-
action IN prices especially in the leading active
issues as for instance, Union Pacific Amalga-
mated Copper. Southern Pacific. st. Paul, Metro
politsn and Baltimore and Ohio. In the stocks
named some success attended the attacks on
the spectators who working for
lower values, notably in Baltimore and
Ohio and Metropolitan. both Of which SUI
fered maximum decline OF more than
per cent While Metropolitan moved toward a
cheaper level Manhattan presented fair de-
gree Of strength. and the curb InterborOugh
touched new high record price at 1872. There
was no news affecting the local transportation
companies but traders maintained that Metro
politan was good short sale. owing TO the ex-
pected falling off in the company's earnings. as
a result Of the loss in traffic to the subway
There certainly is some reason for the current
bear sentiment Metropolitan. SO far as specu-
lation goes. but permanent Investment prop
osit<9 there is reason for holders Of the
stock 10 become alarmed over the future of the
securitH
DouDtleSS a part or the DAY SclIlng was aus
10 the announcement that the Pennsylvania
Railroad had decided to put out issue OF
bonds 10 the extent of Sj0.0O0.O00 for refunding
purposes, and presumably, 20 raise additional
funds for the company's terminal and other i'm
provements The movement of Pennsylvania
stock may not have reflected selling by in
Vestors. but il indicated, nevertheless. an un-
favorable reception IN the Wall Street COM
inunty of the proposed further increase in the
outstanding capital obligations of the company.
Pennsylvania has issued so much stock in the
last two years, 10 say nothing of it's sales OF
notes and the present plans for increasing its
bonded debt, that spectators are beginning TO
wonder whether not the railroads earnings
will increase in proportion a result of the ex-
penditures that being made on the property.
BASED on dividend yield, Pennsylvania shares are
selling at a level which is not as attractive as
that Of Union Pacific Canadian Pacific, two
stocks which. intrinsic merit apparently are
destined TO sell many points above their current
figures. The great appreciation that has taken
place in the price OF Northern Securities stock
has increased the worth OF Union Pacific and it
IS interesting TO note that in The last twenty
four hours Union Pscifc's holdings of Northern
Securities stock have risen in value TO the extent
Of over S4.000Ooc. When the general market
moves into bull speculation of big dimensions
Union Pacific doubtless will be one Of the
leaders.
Speculative activity checked to some ex-
tent by the current uncertainty over the legisla-
tive possibilities in Congress but there appeared
10 be no uneasiness regarding the attitude OF the
administration on the railroad rate question or
on tariff revision. While Wall Street believes
that nothing will be done that will disturb busi-
ness confidence II apparently has decided to
wait until II knows definitely the probable course
Of legislation before rasumiDs actfN-itv in sfOcL
market speculation. Money remained at an easy
level throughout the day, but sterling exchange
was again strong. and further engagements Of
gold for export were made. Rates in the ster-
ling market are now the point that suggests
large shipments Of gold coin.