New-York tribune., 1903-02-06
BONDS.
t-EE DAYS OPERATIONS IN STOCKS

.
xn active volume Of business Buylhe lor 'Ne
-. ~ ,,ro17inent market interests was
-, q feature of the days speculation, "hlle
..o,,,-,,isxion houses reported better inquiry
a 49,, on. Of town traders. who doupuess "eie
attracted by the persistent strength ol NAi
S,s the broadening tendency OF sPecU
--z,sactious were better distributed tnah IL
-.r+rx renorted although the usually leaolns
.,,.x,e rssues such Reading. Erle, u IoU
southern Pacific and the United states 90
~bz-es supplied the greater part OF Ihe bO'"'
dealings The decision Of the suit bfoushl u
80 the United States Steel Corporations pre-
- -4,,1- conversion plan in favor Of the
--.-..,,, xvas given as bull point on the Steei
80 b,t the chief reason for the advance III
-. ;ss,es was the buying by people VINO are
-o,,-vinced that both the common and pTeIeli ied
ara foo low and that purchases 1haoe a. ~
-,,-r.n+ level viii result in handsome Proh'S'
rr--;+ed States Steel common. Whlch pays PC
rs,+ dividends is selling under STOCKS Oh hiuIA
.sse intrinsic value Last hour uaolils III W
-, x-as enormous while for the day over
12s mo shares changed hands, many Proli--i
,r.-ators figuring in the dealings Reaolns anu
r.. ,,,ere also features Final prices were near
=. 49,. oF the dav despite realizing sales anu
-.a,o--onx ,,4 an unfavorable bank statement
+r,o-,ovr. Although the banks have iost neaN
a., m Sub Treasury operations thel gan -
.ne in,erior should prevent an lmporIal' i'9' -
.-,z.,,rz Earnings received yesterday increased
current b1lYl enthusiasm, big gains peirs sh'''i'
~ all the prominent lines reporting.
r-a;e1,+ facilities will be largely increaSeo a.
z,i,+vt,,rg when the Wabash line into the CITY
=. so..o,,a+ed Railway facilities are being en-
go ~ all the railway centres OF the coun-
- -. lines ere being built and projected
..;,,- lines are increasing their mileage, anu
,.5ons of the country that have been WITHOUT
a. benefit Of abroad connections are no" Ell
sewing advantages that new railway construc-
*5or brings to A community With all the III
crease in mileage and the enormous AooIdoh ~
.ouipuent in the last few years the fallIOdus
e-e unable to handle all the tIarnc ollef0o-
s-ar mower and motive power Of every ralroao
,n the country are being taxed TO thelr UTMOST
~ carry the comtry's products 10 Market
80 +tere * rrobal,ly not a transportation
xor,nanz- in the United States that is not sew
~-aI weeks behind in its shipments. he move
-.,+ of freight will be heavy throughout the
.- earnings will be large, and further heavy
a,,d;+,,res will be made on construction and
,i-,-,e,,+ account The movement Of iron,
r-eel and all building materials Is active ana
-iIroad managers report that their freight sta
.5e+ics indicate no idleness in any Of the staple
Hnes of trade.
Although operating expenses are heaVS' net
--turns in the current year ought 10 make d
,,,ucl7 better showing than they did In ISo-
owing 10 the large expansion in gross income
md more rernuneratiye traffic rates. Improve
s,,ent in this respect is noted in some OF tile
5peoennber statements, notably in Louisville and
Nashville Norfolk and Western and ILLINOIS,
Central Louisville and Nashville increased IN
not S1s1 oe9; Norfolk and Western, SSI,4uo'
.nd Illinois Central, -S149,600. Southern Rail
,zz15 continues to return heavy gains over the
corr. >1nding periods in 1902 gross for the
last week in January, for instance, increasing
se9 40. making from July l gain Of S2.34o-
bee The Southern Railway is a powerful fac
4or in the current indur l growth in the
South. and il promises 10 become more power
1ul SIS the years go by, while in return the in
dustries of the South will make the Southern
Railways securities prime investment issues.
Southern Railways 3 per cent preferred stock,
selling under &C. is Of the most attractive
propositions among the railroad shares that are
not selling beyond their actual worth Earn
sres cf the NeW-York Central for January show
e gain of Ss3s 600 over January, 1902.