New-York tribune., 1902-12-03
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market values were strong in the morn
ang but sold off in the afternoon. the decline
being due to realizing sales and to selling pres
sure induced by frmer money market III
the early dealings prices were faVoranIy aiIect-
ed by the expectation Of a conservative message
from the President to Congress, and although
the Presidents recommendations fulfilled all ex-
pectations values began to sag soon after their
publication It was a sound paper, written in
the interests of the American people and Amer
tcan industries Wall Street found in the Presi-
dents treatment of the trust problem ideas
which If carried out would protect rather than
4nture industrial combinations in this country;
also in his treatment Of the tariff question the
Street found no suggestion that could possibly
be twisted into a bear argument on stocks
Morning transactions were accompanied by an
advance of 24 points in St. Paul, points in
New-York Central 21s points in Louisville and
Nashville, and conspicuous strength in Chesa-
peake and Ohio, Norfolk and Western and Illi
nois Central. Following the receipt of the Presi-
dents message, many traders sold on the theory
that prices had fully discounted the conserva-
tive tone Of the document. AS a consequence
of the last hour declines the greater number of
issues showed net losses at the close, the heav
TEST being sustained by Brooklyn Rapid Tran
sit Canadian Pacific Hooking Valley shares,
Manhattan, Metropolitan, Reading and Balti-
more and Ohio Call money advanced to II per
cent in the afternoon and it thought that
the banks were working TO check speculative
activity in stocks.
The growth of the country's industries al
ways finds reflection in the earnings of the
Pennsylvania Railroad. and the traffic receipts
Of this company may therefore be considered
faithful barometer of trade. This road probably
taps more industrial centres than any other
railroad in the country Its freight represents
the products OF the mines, of the farms and of
! the manufactures. In the ten months ended
October 81 the PennsylVania's gross earnings
amounted 10 the enormous total of $50. .S3S.2S4.
an increase over the same time in the preceding
year Of S941S700 Net earnings for the
period were Do 307. an increase of 50 695 500
Fer October gross earnings increased the
corresponding time in 1900 S1,016.600, but
good part of the gain lost in operating ex-
penses, owing to the company's policy Of putting
earnings into the property and to the increased
cost of materials. etc. In view of the certainty
of higher freight rates it readily be seen
that, with a volume Of business no larger than at
present, earnings of the Pennsylvania in 1903
will be phenomenal And the same may be said
OF the greater number of railroads in the United
States.
In the foregoing paragraph figures Of the
Pennsylvania earnings do not include the lines
Gross earnings of the entire system from jan
uary i to October 81 show increase of S15,
329 600 and net earnings increase of S4.05O.-
100 The Reading statement for October shows
in heavy decreases the effect OF the coal strike,
but the earnings of this company in the rest or
the fiscal year should offset much of the loss,
although II is not likely that holders OF the
second preferred or common stock will receive
ANYTHING on their holdings for long time TO
come. Reading common viii doubtless eventu-
aIIr he dividend payer Under present condi-
tione. however, its price is entirely too high.
The best stocks are being accumulated by sub
stantial interests and. as a rule, the conserVa-
tive people in the Street predict higher prices
for securities in the course of the next few
months Recent movements show that weak
accounts have been eliminated Commission
houses are in a stronger position than recorded
!a many months. but il should be noted, now
ever that in the late decline in values no ev1-
dence OF actual weakness was presented by
brokerage firms. No failures attended the hdul-
dation and break in values. Although the Sub
Treasury continues to absorb money from the
local banks the monetary situation at this
centre is sound and no further disturbance is
looked for. Commission houses are generally
we'll supplied with time funds
The Manhattan Railway Company placed its
stock on 8 per cent basis yesterday. and the
American Sugar Refining Company declared its
usual dividends. Manhattan stock. which was
..old on the theory that all the good news was
mt suffered a net loss of five points.