New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-03
Sex dividend
BONDS.
THE DAYS OPERATIONS IN STOCKS

Trading in stocks in yesterdays market
made up in great part of the operation Of the
professional element with the movement Of
values generally in the direction of higher prices
There were, however. well defined evidences Of
efforts 10 weaken values and after the midday
market reactions apparently were not difficult
40 bring about As a rule. fluctuations were
confined within narrow limits the largest
changes being made in the active list by Sugar
Refining, Reading. American Smelling, Anal
Eamated and Colorado Fuel and Iron. which en-
5oyed marked Improvement. Louisville and
Nashville and Pennsylvania were inclined to
sen off sales OF the latter doubtless being in
duced by the company's statement Of earnings
for October. which showed material reduction
sn net as compared with the corresponding time
sast year United States Steel preferred was
In better demand than recently recorded hut the
common attracted little attention. 1t is gem
orally believed in the Street that the dividend
on the common stock will be passed at the next
dividend period, and that it viii not he resumed
until the company has added many millions of
dollars TO its surplus fund. The present price
IF the security certainly is selling at a level
that suggests that the stock Will be taken from
the dividend column, while at its current level
the preferred encourages the idea that its divi-
dend will be reduced. The copper shares and
Sugar Refining stock were active, strong feat
ures their advance not being accompanied by
news developments affecting either the copper
or sugar trade More bull literature cop
Per. however, was received from Boston. The
demand for bonds. both on the floor and over
The counter, was good, and buying of stocks
was reported for the account Of people who
often take securities at this period Of the year
in the expectation of an active investment de-
Inand in January. Call money ruled at per
cent and sterling exchange was heavy.
ry7,-- for h.,
month Of October showed interesting and signif-
icant changes. as compared with the correspond
ing time a year ago. especially IN the case of
the Lehigh Valley Union Pacific and Pennsyl-
Nania systems The gross earnings of the Le-
high Valley returned an increase of $780,
as compared with the same time in 1862 while
net earnings increased S7O4 O95 making for the
fiscal year to date an increase in net Of S4.604-
!'6I. and an increase IN the surplus of S6059-
SOB, the report a year ago showing a deficit of
S34142TO IN the case Of the Pennsylvania
earnings were not so encoura ging as on the
lines east Of Pittsburg there was falling off in
net income Of 100000 from October last year.
Gross earnings. however. increased $l7S. 600.
on the lines west of Pittsburg net earnings
showed gain of 81 400. For the ten months of
The company's year net earnings on the lines
east Of Pittsburg show an increase Of so 900.
while on the lines west Of PittSburg net earn
sings show q falling off Of S22IOO0. as compared
with the corresponding time a year ago. De-
Fpite the large increase in Pennsylvania out
standing stock in the last year. current earnings
are at rate large enough TO pay the regular
per cent dividend. In some quarters it is
believed that earnings in the next year viii
show a material decline. owing to the expected
reaction in the country's trade. and as a conse-
quence the professional element in Wall Street
IS bearlsh on Pennsylvania stock. At its pres
ent price this security returns per cent
on the investment, and according TO the way in
which the stock has been absorbed by careful
II II
community had every confidence in the ability
or the company TO maintain dividends at the
present rate As compared with Nav. 1902
Ihere has been an increase of over ten thousand
IA the number Of stockholders. Union Pacifc's
gross earnings increased in October S192. 716
and net earnings increased S401 354