New-York tribune., 1905-01-19
BONDS.
STOCK MARKET OPERATIONS.


Transactions in yesterdays stock market were
heavy in volume on a movement of values that
tended in the direction of higher prices in the
greater part of the five hours OF business While
maximum advances were not maintained in the
last hour, final prices showed long list Of net
gains. with the chief Improvement in Ontario
and Western Reading. American Smelling, Mis-
souri, Kansas AID Texas preferred. Baltimore
and Ohio and Union Pacific Of the active is
sues. Ontario and Western opened at 4194 and
advanced 10 40 on a large volume of business,
the movement being accompanied by the report
that the New-Haven company would make an
offer FOR the minority stock. and. failing TO Sc
cure it. would guarantee at least 21a per cent
on the shares. 1t is hard to say why the New
Haven company should want the minority stock,
as it already owns control of the property, and
if the minority stockholders believe that the
new owners of the road have any philanthrOpic
ideas in their heads regarding the treatment Of
the minority stock, they would better not wager
any money their opinion. inasmuch as the
New Haven took over the Ontario and Western
as a business proposition. with the Idea Of de-
veloping the property lines that will in
crease the earning power of the New-Haven
system. The recent dividend paid by the old
directors Of the Ontario and Western was not
justified by the financial condition Of the COM
pany ana II IS likely luetl lIiS CoiSS4
New Haven directors will continue such a poll
icy.
Reading was again the leading active feature,
dealings in the shares on the basis of full stock
amounting to over 100000. the price making
new high record at SS9s, a maximum advance
from the preceding days closing of AIS per cent.
with a net gain Of 31a per cent. At its present
price Reading misunderstanding that the stock
is on a per cent dividend basis-about 81 per
cent. and. OF course it's current quotation is
therefore not particularly high. 1t is not i'm
probable that the issue win sell above 90 on the
present movement. Union Pacific was in good
demand: also American Smelling. Atchison.
Brooklyn Rapid Transit Erie. Rock Island,
United States Steel preferred and the Missouri
Kansas and Texas issues. The last named
shares were strong on Amsterdam buying and
the falling Off in the earnings of the company
for the second week in January Of over $4,000
failed TO create bear sentiment either the
common or preferred
Railroad earnings received yesterday for the
second week showed as a rule, unfavorable re-
suits, as compared with the same time a year
ago, as for instance Missouri Pacific. which
presented a loss of $4,000. Wabash a loss OF
over 5000 and Canadian Pacific loss Of S25.-
600 These declines, however, were doubtless
due TO temporary rather than permanent. fac
tors affecting traffic receipts. Reading con-
tinued the active feature in the afternoon and
talk of a corner in the stock was heard. In
view of the fact that the Baltimore and Ohio
and the Lake Shore are in virtual control Of
the Reading property. the amount of stock
available for market purposes is somewhat sur
prising- The general market sold of in the
last hour
That the country's export trade Is in excel
lent condition. despite the falling off in the
shipments Of breadstufs IS reflected in the gov
ernments report OF foreign commerce in the
month of December, showing increase in the
exports Of manufactured products in value OF
So, ,52S. .426. although the outward movement of
grain and cotton declined In value $4,000. Us.
comparison being made with the same period In
the preceding year. 1t is likely that in the cur
rent year the showing In the matter Of exports
of cotton and breadstufs VIII be much better
than in 1904 owing to the large corn and cot
ton crops and the decline that has taken place
In the cotton market. OF course. exports of
wheat doubtless viii fall below the normal on
account of the small yield OF winter wheat in
the wear Just closed. but with large shipments
of corn. cotton and manufactures the country
should be able to maintain the balance Of trade
in its favor. The total foreign commerce OF the
United States IN 1904 larger than In any
preceding year In the history Of the country.
amounting in value to S2,4S7. .760,115, OF which
81. .451. .352. .T45 represents exports, making the
excess Of exports over imports S415.445.315.
compared with an excess In 1903 over 1902 OF
S4S9. .25S. .756.
Imports in the month Of December were larger
in value than in any month on record. amount
ing to $69 5e4 5S4. the nearest approach TO these
figures being reported IN March. 1908. when the
total was SOC, ,230 457. Compared with Decem-
Der, 1908 imports in the month under, review
showed an increase IN value Of $1S.T95.905. The
showing IN the last year was noteworthy. both
in exports and imports. and particularly sig
nificant in exports. as despite falling of in
the shipments Of breadstuffs ana cotton TO the
value OF S111. sos $40 the net decline COM
pared with the preceding year, was only $685.
4O0.5O2. indicating an increase in the exports Of
manufactures to the amount of over STS.oOo.Ooo.
Our balance of trade has been offset to great
extent by the payment OF various obligations
due abroad. by the sale OF European held Amer
lean securities and by the differentiation OF I'M
ports. but this fact does not contain any un-