New-York tribune., 1903-04-16
BONDS.
THE DAYS OPERATIONS IN STOCKS.

s-ool -,arkat rrices moved with considerable
.rregularity throughout the day. final figures
showing unirnportant changes. small net gains
preoonainating. In the afternoon an attack on
Manhattan caused sympathetic weakness
throughout the list. but losses were not large.
and reflected little beyond the operations Of
board room traders. Selling in Manhattan was
based on the possibility of q strike on the COM
pgny.s lines and despite the fact that strike
will not interfere with dividends the stock,
there were few tiraid people who threw their
holdings of this security on the market. thereby
contributing 20 the profits Of traders who sold
the stock short. A strike the Manhattan
would reduce the company's earnings for a brief
period but it would not affect the investment
value OF the oompanys shares, as they are
guaranteed by the Interborough Rapid Transit
Company which holds q lease Of the Manhattan
for 9o9 years Short sales of stocks on strike
announcements are generally unprofta bic. Met
aopolitan, after advancing points in the earlier
dealings lost most Of the gain n the last half
hour while Brooklyn Rapid Transit sold down
point Efforts to bid up prices in the day gen
orally met e fair supply Of long stock, and the
apparent willingness Of holders TO sell. together
with an absence of active interest in the market
on the part OF the larger operators. encouraged
a fee Offering Of stocks by traders in the late
transactions Total dealings were we'll under
the preceding days record and less than half of
-ronday's Despite the lighter dealings business
vas Well distributed. 155 shares being traded in
against 165 shares in Mondays market.
Gross railway earnings are growing at rate
that offsets the increase IN the cost Of labor and
supplies and the expenditure from gross income
for improvements. This is reflected in better
net earnings and a distinct tendency toward ex-
pansion on this account on railroads in all parts
o< the country as for instance. IN the gain by
If
and in the gain by the Missouri Pacific for FeO-
ruary OF S373.755, gross earnings of the two
roads increasing S733 206 and S56S,955. re-
specttvely There were certain indications last
fall that led some observers to predict a grad
uaI falling away in net returns. and for a time
monthly earnings encouraged views Of this char
acte- as comparisons with the preceding year
exhibited an increase in operating expenses that
IN many cases was larger than the gain in
gross receipts. This situation, however. has now
changed and net earnings show unnlistakable
signs of rejecting no small part Of the improve
rr,ent in gross Railroads throughout the United
States are in better physical condition than ever
before to handle at minimum cost an enor-
NOUS traffic business. Expenditures on prop
erty IN the last few years have increased earn
ing power and have placed the companies in a
position to move heavier loads at cheaper cost
In their operations with the Sub-TreasuTy the
local banks have gained over Sl@VV,vn since
Friday night. while with the interior receipts
have largely exceeded shipments. Money mar
ket rates show an easier tendency than noted at
this time last week while the outlook favors i'm
proverneut In this respect for several weeks to
come Money at this centre ought soon TO be in
large enough supply 10 encourage active opera
tfons for higher prices in the securities mar
het, and that q movement Of this character will
eventually develop cannot be doubted. if any
confidence IS TO be placed in the power of condi-
tions governing the real worth Of stocks and
bonds TO influence sentiment and market values
In the railroad list there are many attractive
issues yielding at present prices from Az 10 51z
rer cent while in the industrial department an
investment return Of from to IL per cent is
common The industrial shares have not kept
pace in their market movements with their
growth IN intrinsic value, and in the greater
number Of cases market prices fail by many
r,oin1s TO reflect the investment value Of the
iSSra