New-York tribune., 1902-10-30
sEx dividend
RONDS.
rHE DAYS OPERATIONS IN STOCKS.


After moderate show of strength IN me
earlv dealings the stock market declined clos
,nr a. net losses in the greater number of IS
spes There vas no important liquidation and no
Generalization in prices. selling representing as
q vule the sales for professional account and Tor
. cerrsin class Of speculators commonly known
as the Waldorf Astoria crowd" In the late
afternoon declines were general and IN The ao-
senoe Of commission house support traders MADE
vigorous efforts 70 bring about a sharp break
,r values TIE refusal however, of subsrantlal
market interests and general investment holders
10 part with their securities was enecilNe lH
preventing important losses Activity was con-
fined 10 the more prominent speculative issues,
including Union Pacific. Atohison' II. PAU ana
NorfoIk and Western. There were also heavy
sales of Southern Pacific by several prominent
brokers. The decline was followed by various
minors. although there was no actual news at-
fscting the real worth OF securities. London
bought stocks in the local market 10 the extent
OF $4,000 shares. In the industrial list hqulda-
ton OF round amounts Of Colorado Fuel ana
Iron supplied the heaviest business IN this class
Of securities The so-caned Gould shares were
fairly well bought, especially Texas and Paoihc,
which was taken in large amounts by brokers
who generally act for the Gould interests
call money ruled at a comparatively easy level
an easier tendency. Some Of the larger hanks
are putting out money al 81 per cent for six
months. and the same rate is quoted for prime
commercial paper. While the money market Is
moving toward e lower level the foreign eH-
change market continues 10 harden. Rates Tor
demand sterling are now az a point near the
gold exporting level. At the moment the supply
of bills is not large. but the demand for remit
tanoe is unusually heavy for this time Of the
year. II is not believed. however, that gold
win be shipped abroad Immediately. while il IS
thought that in case Of gold shipments the out
ward movement viii be limited 10 small total
Exports OF general merchandise from this coun-
try are increasing and in the course Of 2 few
weeks the shipments Of grain from this side
ought TO be large enough 10 offset the apparent
" heavy balance now owing by this country
abroad The local supply Of money has been SO
heavily increased through the purchase of gov
eminent bonds by The Federal Treasury that
exports Of gold from New York would not be-
disturbing factor in the monetary situation.
There paid % the New-York banks yester-
DAY over S20oe000 received on the Pacific
Coast from Australia. Exports Of gold from
the country named and receipts of the metal
from Alaska and domestic mines VIII doubtless
be heavy Throughout tho year and supply am
important sour~, nj revenue for general busi-
ness and speculation In this country.
The effect of the recent coal strike on the
earnings of the coal producing ana carrying
companies is reflected I'm the statement Of the
Reading company for September. Gross earn
ings Of the Coal and iron Company of The
Reading system decreased in September s.
l4sS97 compared with the same month
year ago. Owing 10 a substantial decrease in
operating expenses net earnings were lower 10y
only $4,000 For the three months OF the
hscal year the loss in net receipts amounts 10
N2432,900 while including May and June net
earnings show a loss of Sd.i11,l4o. Earnings
IN October viii doubtless bring up the total net
loss in the entire period OF The strike 10 al
least S6,1sD.No. Mining OF coal in the next
Few months WILL Of course result IN heavy earn
ings for all the coal companies bur il is eX-
tremely improbable thst the losses Of the last
I'VE months viii he made up in the course Of
the next year. With the exception Of the hard
coal roads. railroads throughout the country
show heavy gains over the corresponding period
in 1890. A noteworthy incident OF railroad
prosperity rs presented 10y the statement OF the
81 Paul company, which shows for September
an increase IA gross earnings OF S292We0 and a
gain in net earnings Of SlT4346
The decision IN the NeW-JeTsey court against
the United States Steel Corporation in the mat
ter OF its preferred stock retirement plan had
no extensive effect on the steel stocks Ac-
cordng 10 the Steel Corporation, the case viii
be carried TO higher court.