New-York tribune., 1905-02-10
BONDS.
STOCK MARKET OPERATIONS.

stock market trading was active In volume
throughout the day q movement of values
that showed great trregularity in the greater
number Of issues. without important price
changes at the close The demand for the ac-
count Of commission houses was not as active
as on the preceding days OF ths week, while the
substantial speculative interests apparently
were less disposed TO make large commitments
on the long side Of the market, doubtless on the
theory that prices had reached a point that
warranted q reaction. There was. however, no
evidence Of public liquidation. and efforts Of the
board room element to bring out stock not
successful Investors were fair buyers. both In
stocks and bonds. such stocks as Illinois Cen
trail Manhattan, Union Pacific and Pennsyl-
vania being taken by houses that confine their
operations On the Stock Exchange TO invest
naent transactions. Manhattan sold at q new
high record price at 1T5. the upward movement
being accompanied by the report that new stock,
with valuable rights to the present holders
would be issued in tire course of few months
There is little chance OF a new stock, Issue at
present, as under the terms OF the lease Of the
property 20 the InterboTough Company there
can be no more Manhattan stock until 10OG.
Manhattan is one OF the most valuable guar
anteed stocks on the list a fact that is becom-
.ng more generally recognized by investors every
day. Earnings Of the company Go not depend
upon the crops, trade conditions or any of the
factors that regulate the actual value Of the
general railroad security, while dividends are
secure no matter how much traffic the under
ground system may divert from the elevated,
owing 70 the guarantee Of the lessee company.
Ontario and Western also made a new high
price. but the buying was net accompanied by
news developments affecting the company, ex-
cept the report Of earnings of the system for
the quarter ending December 81 showing q
large increase in gross returns and surplus as
compared with the corresponding period a year
ago. Wall Street has the idea that the New
Haven company, which now controls the On
tsrio and Western. will treat the minority hold
ers in a most generous manner but 1t hardly
appears probable that the unwarranted dividend
payment Of B Der cent made by the old man.
seement viii be maintained at present. The
Ontario doubtless win some day be a profitable
proposition for stockholders, but the system is
not yet in the physical and financial condition
that suggests the probability of q continuation
Of the B per cent rate. The New-Haven is a
conseTvatively managed railroad, and In DUR
chasing the Ontario and Western the idea was
10 increase the traffic Of the New-Haven through
the carrying OF coal and general merchandise
forwarded by the Ontario and Western for East
srn points, rather than to pay out unearned
dividends 10 minority holders of Ontario and
western stock Eventually the holders ought
70 secure permanent dividends Pennsylvania
Reading. Union Pacific and Western Union Tel
esraph. Toledo, st. Louis and Western pre-
ferred and Baltimore and Ohio. in addition to
the local traction shares and Ontario and westA
ern, furnished the heaviest dealings OF the day.
but' as a rule, their price changes were unin1-
portant At the close the majority of issues
showed small net losses. the chief exceptions
being Manhattan, Metropolitan Ontario and
Western and Great Northern preferred. the last
named advancing IL points on light dealings.
Money was easy. while sterling exchange was
strong. advancing % points