New-York tribune., 1905-02-09
BONDS.
STOCK MARKET OPERATIONS.

In yesterdays stock market transactions were
heavy in volume on movement of values that
showed great irregularity. although in the great
er number Of issues net gains were recorded at
the close The heaviest dealings were furnished
by AmaIgamated Copper. Atchison, Baltimore
and Ohio. Chesapeake and Ohio, Chicago Great
Western. Colorado Fuel and Iron Erie Manhat-
tan. Metropolitan. Ontario and Western. Penn
sylvania, Reading Tennessee Coal and Iron
Union Pacific and United States Steel shares
Transactions in Reading were again enormous,
but the operations in the stock were not accom-
panied by news Developments affecting the
property. while throughout the list of active is
sues the advance failed TO bring forth important
news items relative to the present or future
condition Of the companies. The buying Of
Reading came from interests who are well in
formed regarding the present position of the
property, and, according 10 information received
from so-called inside sources the advance in the
stock foreshadowed an increase in the dividend
the stock. Of course If the directors of the
Reading company do not intend to advance the
dividend rate, the present price of the stock is
high enough as far as its intrinsic value is con
cer1led, but in markets such as the Street is now
witnessing considerations affecting intrinsic
worth have little effect on speculative senti-
uent.
In the local traction shares further heavy
buying was reported for the account of sub
stantial market interests, and in the case Of
Manhattan investment buying came from peo-
PIE who already are large holders of the stock;
also from capitalists who are confident that
Manhattan al its present price is one of the
most attractive traction stocks on the list Man
haitian is guaranteed by the Interborough Com
pa12y and it is likely that eventually holders Of
the issue viii receive an extra dividend from thu
surplus earnings of the Interborough Company.
or else receive an offer Of an exchange Of their
stock for InterboroUgh shares, which are now
selling above 200 il the curb market, and which
doubtless some day viii sell in the neighborhood
Of 900 The upward movement in Manhattan
and Metropolitan exerted q sympathetic infu-
ence Oh Brooklyn Rapid Transit, although the
gain in the last named was confined TO a small
fraction. According TO the ideas of men who
are well posted in Wall Street circles the Brook
lyn Rapid Transit Company eventually will be
controlled by the Interborough Company while
The same thing may be said regarding the future
OF the Metropolitan Company, or, as it is now
known, the New York City Railway Company
In the general railway list the chief advances
were made by Baltimore and Ohio Great North
ern preferred, Missouri, Kansas and Texas Hi
Tois Central, Ontario and Western, Reading and
Rock Island preferred. Union Pacinc exhibited
a moderate degree OF strength in the early deal
ings. but sold off In the afternoon transactions
The commission house demand was not as active
as IN Tuesdays dealings. but there was. never
theless. a heavy inquiry for the account of sub
stantial market interests, and there was neither
any Indication of a falling of in the demand
from investment sources nor any suggestion Of
an immediate end Of the bull campaign in stocks.
Money rates remained easy. while foreign ex-
change quotations We're strong. Large engage
.1ents Of gold for export were made, but they
had no effect on Wall Street sentiment
The character Of trading in the last hour sug-
gested manipulation. especially in the hard coal
shares, and as a consequence many conservative
traders were not disposed to take an active part
IN the operations. Among careful dealers who
have the best interests Of the market in mind
it is believed that al this period a moderate
sized reaction would serve to strengthen the
speculative situation Sentiment in banking
circles is bullish. but the leading men in the
Street DO not wish TO see q runaway market