New-York tribune., 1905-02-08
BONDS.
STOCK MARKET OPERATIONS.

There was a good speculative and investment
demand for stocks in yesterdays market on an
advancing level of values that carried many
Issues to new high record prices for the year.
Commission houses were active factors in the
dealings. while the moro substantial interests
were buyers throughout the list, the operations
OF the latter being particularly heavy in North
western. Tennessee Coal, United States Leather
preferred, Atchison, Chesapeake and Ohio, Colo
rado Fuel ard Iron, Ontario and Western.
Pennsylvania, Union Pacific. Reading and Nor
folk and Western. There was also q better
demand for the so-called specialties, but. a
rule, the trading IN these issues represented
manipulation rather than a legitimate specula-
tive or investment inquiry.
The active buying in Norfolk and Western
came from people who are well informed regard
ing the condition Of the property and the in
tentions Of the directors of the company re-
garding the next dividend on the common stock
the issue being taken the understanding
that it viii be placed on per cent basis.
Earnings Of this road in the LAST few years have
been heavy. while the expenditures on the
property have been made in a direction that
has added great intrinsic value TO the com
pany's securities, and it is now certain that the
holders of the common will receive a larger re-
turn on their investment, as the company is in
q position that warrants the declaration Of a
+ per cent annual rate Dividends after the
reorganization Of the road were begun on the
common stock in 1901 AZ the rate Of ? per cent
advancing to 25 per cent in 1902 and per cent
in 1908.
With the exception Of Manhattan, the local
fraction shares were heavy q loss of IL being
corded in Metropolitan, 17s in Metropolitan Sc
curities 31s in Interborough on the curb and
q in Brooklyn Rapid Transit. The movement
IN these shares was due IN great part to realiz-
ing sales and bear pressure on the failure of
any Of the rumors that accompanied the ad-
vance IN Mondays market TO develop anything
tangible. According TO the opinion of the best
Informed men in the Street, the price of Inter
borough stock viii so many points above its
current level, quotation Of 800 being predicted
by people who are not accustomed to base their
forecasts on speculative fancy. It readily may
be seen why the Street is bulIish on INTERIOR
ough, and as Manhattan is guaranteed by In
terborough. it may also be seen why so many
people are optimistic on the elevated shares
Most Of the Industrial issues were active and
higher, especial strength being shown by Colo
Tado Fuel and Iron, Consolidated Gas Tennes-
see Coal, American Smelling, American Tobacco
preferred United States Leather preferred and
United States Rubber preferred. United States
Steel preferred sold ex-diyidend, and closed at a
Of the steel companies not connected with the
United States Steel Corporation was accompa-
MED by the old report that a merger is about
20 take place. There was, however, no actual
news regarding this possibility. Among the
railroad stocks that were taken for investment
account were Canadian Pacific and the 800"
shares. Pennsylvania and other high grade
stocks were also in demand from a good class
OF buyers
A decline IN the quotation for sterling ez-
change served TO help bull sentiment on the
Stock Exchange, but the lower rate not
considered by foreign bankers an indication
that the outward movement of gold is at an
end. Indeed the local Assay Office received from
Philadelphia S5,OOO000 in gold bars for the
needs Of gold exporters, and it is likely that
the entire amount win be shipped this week.
Money was unchanged, and there was no sug-
gestion OF higher quotations for loans in the
immediate future. Monetary conditions at this
centre and throughout the country are extreme
iy satisfactory. as far as the borrower is con-
cerned. but the lender would be better pleased
81 higher rates could be brought about. Later
on In the season better rates doubtless will pre-
vail, but there is little chance of a very stiff
market.