New-York tribune., 1907-09-26
ENLISTED. TEX dividend
Closing prices of active bonds dealt in, will
STOCK MARKET OPERATIONS.
changes. follow:


a lower level in the greater part of the five
hours of trading. though losses were not heavy
and were not accompanied by important liqulda-
ton Traders sold the general list because there
was no evidence of buying power, but in most
departments offerings of stock were light. COM
ing. as a rule, from weakly rnarglned holders,
and in some cases from owners who We're com
PEELED 10 convert their securities into cash. The
Interborough Metropolitan issues naturally were
weak features; also. Metropolitan stock. while
New York. New Haven & Hartford suffered
pronounced decline in the local and Boston mar
kets, following the announcement of the official
plans for a further increase in the company
capitalization and the criticism which became
quite general regarding the company's expan-
sion poIicy-that is. expansion OF stock without
q corresponding gain in earnings or mileage. In
1903 New Haven stock sold high 22j its
best price record compared with low point
Yesterday Of III. d loss of than II points
from the last preceding sale. New Haven is
taking its turn with other recently fancy priced
securities. and as the issue price of the new
shares is to Re 125. il is unlikely the old
stock viii he subjected to further pressure
the Stock Exchange The Hill and Hartman
shares. Reading, St Paul and American Smelt-
ing Were freely sold by the room element in
the best part of the day, while Amalgamated
Copper closed at net gain. the advance being
due to covering and support from houses sup
posed to be identified with insiders in the COM
pany. Trading in bonds showed Improvement
a s compared with the operations OF the preced-
ing day. especially in the New York City 41os,
which advanced TO 1914. An active business
was done in the Union Pacific convertible Is
and the United States Steel sinking fund IS
Manhattan Elevated stock for a number of
weeks has been adversely affected by the de-
velopments in the local traction situation, but
1t has not lost one cent in its actual value and
at its current quotation il ought to appeal
investors who interested in solid securities
Manhattan Is a guaranteed stock. but the earn
ings OF the property are more than sufficient TO
meet dividend requirements, and there probably
will be year iii the future when the COM
pany will have to apply TO the guarantor
make good the obligations to the stockholders.
The elevated system is carrying more passen-
gers to-day than ever before in it's history not
Withstanding the competition of the subway,
while its earnings in excess Of operating charges
and appropriations for betterments and improve
ments are running far beyond the amount neces-
sary to pay the I per cent dividend on the out
standing $50 100000 capital stock. The receiver
ship proceedings in the of the New York
City Railway Company will not affect Manhat-
tan stock though efforts may be made by the
professional element on the Stock Exchange to
bring about q selling movement in the issue
which is widely held by investors. The punct-
ured bubble blown by the organizers of the
local traction trust Will be followed most likely
by readjustment OF the transportation situa-
tion in this city TO basis that will benefit the
travelling public and make possible earned divi-
dends on the securities of the surface lines.
The water viii be squeezed out OF the surface
stocks. which win then appeal TO careful invest
ment buyers. on a legitimate capitalization
there ought 10 be no better securities in the
market than the shares Of New York City
transportation companies.
on their operations with the Sub Treasury the
local banks have lost far in the current week
s235S, 600, while there also has been a loss on
the direct movement Of currency with the interior
Domestic exchange out-of-town points on this
centre indicates an active demand for accummo-
dation, and the chances this inquiry will h.,
urgent for a number of weeks to come as the
need for money in connection with the financing
of the years harvest and the ordinary reaIire-
ments Of the fall trade III mercantile circles will
be heavy. There were reports yesterday from
certain sections of the belt of injury to the
crop by frost, but it believed in grain
houses the damage had been extensive. Grain
prices doubtless will be high in the course of
the next few months owing to the shortage In
foreign countries. which win be effective in tax
ing all the available wheat and corn from here
In excess of home requirements, and a
sequence the reduction in the yield compared
with the record breaking harvests of 1906 will be
balanced by better quotationst The export de-
mand for grain is increasing but the supply of
commercial bills in the foreign exchange market
still is light though increased offerings We're re-
uorfed YESTERDAY