New-York tribune., 1903-01-30
BONDS.
THE DAYS OPERATIONS IN STOCKS.

---eai--y In stocks was again dull and un-
.,-e-ee+ine- dealings representing in great part
1he operarions Of the board room element IN
the early transactions there was eFloenoe VI
good huviry in a few issues, but the movement
-, 7+S course before the end of the first hour
.nec,,la4ion thereafter being made UP OF unlnh-
,,o-+sn+ trades among unimportant operators
7-srI,, strength was followed by practical stag
-, IN rrioes Fluctuations were confined
% insirnihcant fractions, while final quotations
Shaved no striking changes from wednesday
.rlosing figures. except in the case OF Geiei a
Electric. which enjoyed a gain OF "a PoiAls
Missouri Pacific, Amalgamated CoPPel'
Pan, PENNSYLVANIA, Rock Island, Union Paclhc'
81 I,ouis and San Francisco ana brle "eIe
leading features ancng the so-calleo a0'i'
,seues while all the anthracite coal sIoAe0'
southern Railway, Atchson and United 0'aoe0
steel received q moderate amount OF specuia-
.+on+ion An early rise in ST. Paul was
followed by a decline due to selling Following
-, ,,1;,ation of the December report Of earn
So. sbovrine a falling off both in gross ana net
.-o-,. F7u1l -'tips' were put out on Brurs"lch
and stock which advanced over a point MIS-
sonri Pacific and Wabash issues were also
.nozen OF as coming bull features. Last quo'd-
,ions acre at small net gains in most issues
-rberA have been no developments affecting
she Erie property, SO far as Its relellons WIN
o.,,er roads are concerned, but rurnors thaI Ihe
comnanv is to be absorbed by one OF the west
ern roads continue TO be heard IN wan 0Oee''
The Erie may eventually become the eastern
- &c -t,e Great Northern Rock Island or
..,;ec,, rut at the moment there is little rea-
=, for the nurchase of Erie stocks on future
f,,;1i+;ee of this character. There is, how
e,,er good reason for current bull sentiment on
-,ese shares in the improving hnanclal anu
,,b1-s;caI condition of the property Earnings
are increasing so rapidly that the loss SUI
f-e5 in The months Of the anthracite coal strike
have been recovered, the road showing lot Ihe
six months ended December 81 an increase IN
gross income of 1903 and gain IN net OF
sa9a oan This excellent exhibit was due to the
heavy earnings in December. In that month
e--ose revenue increased S762,1o and net IN
creased S6lS.320 over the same period year
ago The Ontario and Western, another ooal
- .-o,,-e for December an increase in gross
.ar,irps Of S136.S11 and a gain in net of
co. 531 After charges there was a surplus OF
COG 400 In the first half of the fiscal year net
earnings decreased $500, and surplus a1ter
charges. decreased S3I655S Reading s earn
,,,ce (all cornpanies), while presenting 1aNoraple
,5erres for December. give a loss IN net Tor the
eix months from July l Of S2,43o"9o ana
deficit. after charges, Of S1oo'55f corhpdfeu
-. v,,rnlus oe So, 494 106 in the same time
N the preceding year 444c -0@N - 49,
s,rf,za &c reflected in the Reading Coal and Iron
,-orpanv's earnings for six months, amounting
=, cross 10 2 decrease Of SS,SSS,339. Owing,
however. 10 reduction in expenses Of Sf'4o1'-
500 r7et earnings decreased only Sl42oo4o
Foreign exchange market conditions are al
-rac+inp attention at present. owing to the
,sfa-ive ease in sterling rates and the improba-
11fI;ty Of gold exports for long time TO come
The view expressed in this column several
weeks ago that a larger reduction in this coun-
.7-y's foreign debt had taken place last IAN was
.ben generally believed, is accepted in well in
formed quarters, and il is now believed that
sirce the fall the greater part of the remaining
5ndehtedness has been liquidated- Demand Tor
,en7ittances is growing lighter. Sterling rates
have been heavy for the last week, despite the
growing ease in the money market The ease IN
the foreign exchange market and the decline IN
tho rrice Of wheat, which means heavier exports
Of the cereal are among the favorable develop
,,,en-s Of the current situation that ought to
exert an important influence on securities mar
1se+ trading There is especial demand for
eold abroad The Bank Of England's holdings
are Increasing while financial conditions in
Paris and Berlin forest adow inquiry for
she rrecious metal. There is much that is en-
,oo,,,a aefne in the local and foreign monetary
siruafiOn