New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-10-03
BONDS
THE DAYS OPERATIONS IL STOCKS.

THE DAYS OPERATIONS II STOCKS.
The course OF values i'm yesterdays market eN-
hibited great irregularity with the final ten
dency i'm the direction OF lower prices IN the
railroad shares. There were no important losses
hut last quotations were al net declines in the
greater number Of issues Transactions were
not as heavy as on the preceding day, ana an
evident purpose on the part of certain interests
10 discourage active hun operations was mani
tested. both i'm the character of trading and IN
the opinions expressed in banking parlors Sen
timent in most circles. however, was bullish
over the market outlook owing TO the generally
sound position of conditions underlying values.
The market may develop "a period 0f dulness, but
n is generally thought that renewed bull ac-
tivity viii he a feature of Wall Street before
many weeks go by. can money rates we're
easier with the hulk of the business AT per
rent which was the highest figure quoted. For
eign exchange was strong al an advance or =
cent for both long and short sterling. largely
due to the advance in the Bank Of England dis
count rate from 3 TO per cent The weekly
statement OF the Bank % England showed de-
cline in the proportion Of reserve 10 liability
from 53.S7 per cent To a 63 per cent. The bank
iost IN gold i'm the week Il Itraooo
The industrial shares were the strongest feat
ures in yes.erdav's market, marked strength he
ins shown by American Car and Foundry issues
American Snuf Colorado Fuel and Iron. Corn
Products and Pressed Steel Car shares Buying
~ Pressed Steel Car and American Car and
Foundry stocks WAS accompanied by reports Of
q consolidation ~ the two companies. EVentu-
ally these concerns viii doubtless reach an
agreement regarding consolidation hut ~ the
moment the reason for the advancing tendency
OF the securities may he found in eXpanCing
earnings n rs understood that the Pressed
Steel Car Company rs earning al the rate Of :"
ger cent ON its common stock. hut there VIII
probably he no increase I'm the 4 per cent diNi-
dend until the issue If S5@n~eb bonds has
been paid on Al the last meeting Of the Amer
lean Car and Foundry Company the recon-
mendatiou was made that the dividend the
common stock should be advanced 10 ; per
cent This fan. and present buying Of the shares
Is evidently based ON the assumption that this
recommendation win soon no put into effect
American Car and Foundry preferred advanced
IA 10 H2A and Pressed Steel Car preferred q.
20 Hili. These Two stocks pay = per cent diVi-
dends and as the character 81 the companies
business assures dividend payments even i'm of
years. current market values are rnsnifestlv far
under the investment value of the securities
A sound : per cent preferred industrial share
which. unlike railroad preferred shares has no
heavy mortgage debt ahead ~ H. is certainly
attractive a. price thar Yields about : per
sues has been oyerdone as proved by Mondays
slump m values The good industrials have
been neglected. hut y now begins 10 look as II
investors and careful Spectators We're waking
up 20 tho FACT that current quotations of the
greater number ~ Industrial securities are too
low. In the railroad hist 81 Paul. Rock Island
and Louisville aud Nashville were firm features
and Norfolk and Western was a distinctly
strong feature Elsewhere. however. net losses
were generally recorded Total dealings amount
cd 10 i1Tu19 shares against gSa 500 on Nednes-
day and .203 .25o Tuesday
Evidence Of tho remarkable condition ., ,r.ao
- United States is reflected in the earnings
- he Pennsylvania Railroad for Angus, a com
plete statement OF which S printed in another
column The Pennsylvania Railroad draws on
about every branch OF the countrys industries
for its traffic and It's earnings are. Therefore sn
cellent trade barometers. Gross earnings an
August on the lines east Of Pittsburc were
Ss'2eo''Gl, an increase 81 Ss92. 400 owe. August
a year ago, when earnings were heavier than
in any preceding August on record The com,
panys policy Of spending money on the pro,,ert,
from earnings is reflected in an Increase in
operating expenses OF $3.50. 900 net earnings
therefore. increasing only S59eOO From, Lam
AIRY i gross earnings on all lines have Increased
Sl2l00010 and net earnings have increased
S39l5.s0o. The increased use Of soft coal .s -
result 81 the hard coal strike naturally had a
Favorable effect on Pennsylvania earnings nm,
the greater part Of the gain represented the ex
pansion in general business The influence ~,
the anthracite strike on the hard coal road aar--
ings has so Tar heen effective in changing a s,,r
plus into a deficit Reading for instance sbov,s
from July 10 August 81 a deficit after ax.a
charges Of Sl02T.S62, against a surplus IN the
same time last year OF 1898 S3l s'or Arg,,s,
gross earnings OF an companies OF the RasS,rr
system declined S2,7J9G44 and net earptD,s
SS6a.5O5 Lehigh Valley decreased in gross a.
August Ss2s.6n, and Lehigh Valley Coal Com
pany decreased 81 .55G.573
THE DAYS OPERATIONS IN RoNns