New-York tribune., 1905-01-12
BONDS.
Am Toh g..
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STOCK MARKET OPERATIONS.

There vas a fair demand for securities in yes
ferdsy's trading The Stock Exchange while in
brokers Offices there excellent inquiry
for first class mortgage issues and tendency
on the part OF the substantial market interests
TO add TO their holdings. the purchases of this
element being based on the expectation Of higher
quotations IN the course Of the current year.
Stock Exchange prices moved toward better
figures In the mornings operations. and al
though there was considerable realizing in the
afternoon trading the final level for the greater
number Of securities was above the closing OF
rhe preceding day, especial strength being pre-
scented by the local traction shares, Southern Pa
cihc, Union Pacific and Amalgsmated Copper.
Despite the failure of the Union Pacific direc-
1ors 20 advance the dividend the common
stock there was an active demand for the is
sue and no end of bull talk on the future Of the
security. OF course. if Union Pacific IS TO
snain q 4 per cent stock. its present price sde-
quately measures its investment value, but
there are various good reas sons Cor the prediction
that this issue eventually will move TO a higher
dividend level. especially before many
months so by the company viii be in receipt OF
an increased income from the dividends on
Southern Pacific stock Southern Pacific has
,ow reached a position that insures dividends
on the stock at no remote period and the
1-rion Pacific company owns s90.OO0.0O0 Of
Southern Pacific. out OF total authorized is
sue cf 00Goo 900 il readily may be seen that
1he position Of the Union Pacific is remarkably
strong.
The advance in the local traction shares car
Iiod Manhattan and Interborough shares 10 new
high prices on the current movement Manhattan
selling sbove 40 and Interborough above
1S1 Various rumors accompanied the upward
NOV ement in these issues. but there no
actual news affecting either property; nor was
there any development Of interest affecting the
Metropolitan company. the shares Of which also
We're strong and active. The idea that there is
10 he an exchange of Manhattan stock for Inter
borough is seriously considered in some quarters
Of the Street but in well informed circles Il is
not thought that anything of the kind is con-
templated, at present at least. Whatever fnan-
oiai developments may take place in the future
affecting the Manhattan company, stockholders
may rest assured that the actual value Of their
holdings will not be decreased and that the guar
sntee Of the Interborough company Man
haitian stock will make this issue more valuable
every day Manhattan is one Of the most valu-
able guaranteed stocks in the market, and there
is every reason 10 believe that eventually it will
sell above 2O0. With Metropolitan IT is a diff
fsrent question. Metropolitan. however. in
yesterdays transactions was strong; also Brook
lyn Rapid Transit, buying OF the latter coming
from good sources. Illinois Central was again IN
ings but realizing sales caused reaction before
Ihe emo Of the second hour.
Transactions In the afternoon were not large in
volume, but prices maintained a good part OF
their early improvement There a sharp up
ward movement In Anaconda and American Hide
and Leather preferred, while at the close, In ad-
dition 10 these issues, substantial gains were
shown by Manhattan, Union Pacific Southern
Pacific Metropolitan and international Pump
According well Informed Wall Street OBJ
servers Anaconda and International Pump VIII
sell higher: also Canadian Pacific and the 500"
issues. In the greater number Of securities final
prices were at net gains. the only important ex-
ceptions being Baltimore and Ohio st. Paul and
Chicago Union Traction. which showed frac-
fOnal losses. On the curb Intcrborough shares
Iosc more th1n four POINTS.