New-York tribune., 1905-01-07
sEx dividend.
BONDS.
STOCK MARKET OPERATIONS.

Transactions IN yesterdays STOCK Market
while moderately active presented few features
OF interest, and in the news developments OF the
day there was nothing that had sufficient in
fuence TO attract a widespread speculative de-
rnand for securities There was. nevertheless.
quiet buying tn various issues for investment ac-
count, notably in New-YorS Central, Pennsyl-
vania and Union Pacific. IN which trading
reached fair proportions. The impression that
these shares will sell at a materially higher level
in the course of the current year is gaining
ground in the Street. and the character Of the
buying suggests that substantial interests are
accommodating the stocks in expectation Of being
able 20 dispose Of their holdings at better figures
before many months go by. Union Pacifc's
position IS growing stronger every day through
its own increased earnings and through the
larger traffic receipts of the Southern Pacific.
which are now at a rate that insures dividend
on the stock at no remote period. a large proper
ton OF which will go into the treasury of the
Union Pacific on account of the latter company's
big ownership of Southern Pacific shares. And
then the fact should be borne in mind that the
Union Paciic's interest in the Northern Secur-
ities Company has increased heavily in value
owing to the great appreciation that has taken
place IN the market quotation Of Northern
Securities stock.
Prices were strong in the early part of the day
striking advances il lie active list the chief i'm
provement being reported IN Erie second pre-
ferred, which advanced under the influence of
buying apparently based on the expectation
that dividend viii soon be declared on the
issue. It is likely that efforts will be made to
bring about higher prices for ali classes of Erie
stock IN order TO make the convertible
bonds more attractive, hut a declaration of
dividend the second preferred stock could
hardly be called a conservative action on the
part of the directors Erie's earnings are pick
ing Up and the outlook for large volume of
business fn the current year is promising, but it
should be remembered that the companys last
year was poor aud that surplus earnings could
be spent TO greater advantage the physical
condition Of the property at this time than IN
dividends on the second preferred stock. Prfia-
delphia houses buIlish Pennsylvania
shares. and people who would not touch the
stock when it selling twenty points under
the current quotation now appear anxious to
buy 81. although there has been no particular
change IN the intrinsic value OF the issue Since
1901 the capital stock of the Pennsylvania has
been increased from $151, 100000 to O0OOOOOo
and S50000000 in collateral notes has been
issued. and while there has been an increase IN
the company's volume Of business in that period
the gain has not been in proportion to the ex-
pansion IN the roads capital liabilities; but OF
course, II is the confident belief OF the managers
OF the property that The large expenditures that
now being made will gradually bring its
earning power to 4 point that VIII fully measure
the increase that has taken place IN the capital
;zation.
In the afternoon dealings the early improve
ment was lost and at the close net losses pre-
dominated. Selling in the majority OF cases rep
resented operations OF the professional element
and not liquidation from important sources
The decision Of the Hartman interests TO take
appeal to the Supreme Court from the verdict
Of the Circuit Court IN the Northern Securities
litigation was put forth by traders sufficient
reason for transactions on the short side but
the commission house element showed no dis
position 20 follow their lead. except in the case
OF few easily frightened operators. Union
Pacific. Erie Metropolitan, st. Paul Missouri
Pacific and AmaIgamated sold a point or
more under their best prices OF the morning
eut were slightly armer at the close. Money
rates continued easy, ard further engagements
Of gold for export were made. According to the
known movement OF money in the week, the
local banks have gained upward Of 100000 in
cash holdings since last Saturday.