New-York tribune., 1903-01-13
BONDS.
THE DAYS OPERATIONS IN STOCKS,

T. d
stock market values were heavy in the greater
,.-+ NJ the day with net losses in most issues
a. the close. Continued selling of Erie ana
r,a,-e shares served to check commission
to,,sa b,,xiog. while it induced bear pressure
md realizing sales throughout the list Ihere
.s-a M news developments affecting Readlns
nv Erie issues sales apparently representing
,,rof7t taking in the case of Erie ana hquloa-
tion in Reading by minority stockhoioeiS
the moment there is little incentive 10 puS
Reading for speculative purposes, as lfe coii-
trol of the road is now held ny fehhs9lN oiii'
- z-onaerbilt interests who will be in no
haste IN increase the value OF the heaolhS
stoct nv placing it on a dividend basis IN
-. of +he heavy outpouring Of stocks in the
arsl ,,srket prices held extremely well, de-
,ise seldom running beyond ] point While IN
,, r-ea,er number of issues final figures showed
o,1zy fractional losses Pennsylvania lost over
, ,oin+ and New-York Central reacted nearly
n ,,,.s from, the highest of the morning MIS-
so,ri Pacific was under pressure, losing is
,ofnts Louisville and Nashville declined steaoi-
liz from the opening, showing maximum ioss
II H. -,oints Comparative strength was SHOWN
nv Union Pacific. Southern Pacihc' baltIhoiH
and Ohio and Atchison- Rock lslano' IN spl'e
NJ occasional support. lost j point ILLINOIS
r-entral or,ened up ] per cent, but from that
5rur,e declined points There were exceptional
aisp1ays of strength in Iowa Central Kansas
C.itv Southern issues. Chicago Union Iracuon'
,,,bter f-oods Manufacturing and United States
Realty issues The United States Steel STOCKS
we're generally firm Amaigamated Copper was
5rooninr from The start. with indications of
reaIizafions conducted quietly as possible
Sugar Refining was early marked up 1 per cent,
but subsequently it sold off 11s per cent Call
rnorey ruled at per cent. Sterling exchange
st this centre was strong while exchange in
Paris and London was weaker
Railroad earnings for the first week in Janu-
srv received yesterday showed heavy gains over
the corresponding period in 1902, the Gould
roads Norfolk and Western. Louisville and
Nashville and Canadian Pacific enjoying espe-
ciaIly heavy increases. Missouri Paclhc, Tor
tstance. made 3 gain of S65ooo which compares
NTH a week last year when earnings We're
heavier than in any corresponding week in the
history of the company. Missouri Pacifcs out
,ool- for earnings is particularly promising this
year as freight receipts viii lee swollen by heavy
corn shipments. while passenger traffic VIII be
Increased by summer travel to the st Louis
Fcxnosition Missouri Pacific has 40 per cent OF
it's mileage in Kansas and Missouri. and IN
these r1vo States the corn crop of l4t- gives 1o-
oos SIG more bushels of corn than in 1901 and
81 s15137 more bushels of oats The big corn
cron viii help the livestock trade. which VIII
he an important factor in Missouri Paclhc
earnings. The company has expended a large
a-nount of money in recent years on its prop
ertv and as a consequence its physical condl-
zion now enables it to handle larger tram loadS
without additional cost
Trading in stocks in the last few days mas eA-
hibted irreguIarity. incident to profit ufhlhg
sales induced by the big advance OF the last le"
vasks Declines made on sales of this charac-
scr have not been heavy. and the Street does not
7olr for an important check to rising values TOT
,.,v weeks TO come. There doubtless VIII pe
DAYS however when small margins VIII De
,,,ned out if additional margin is not forthcom-
,. on demand The cheap and medium priced
,vs,es including the sound preferred industrlal
s,octzs ought 30 prove safe and prohtapie
..c,,ri,ies TO hold as they are selling uhoer
,,,a,- intrinsic worth while they are not In the
,,ss of weak speculative interests In the IN
austr5sI list there is a good absorption OF Ihe
steel stocks and the car and locomotive puiiu-
,ng shares Dividend returns on the preferred
i,dustrials of merit make these issues aIuac'i'e
: c,,rren+ rrices American Locomotive pre-
..r-as rays per cent and sells under -
4-ni,ed States Steel preferred pays per cent
- coils around go American Car and Foundry
rreferred pays per cent selling at ABOUT D.
- International Paper preferred pays per
-. selling under a.. The preferred indus
trials are becoming seasoned investments Far
x-oul5 not he dear for the stocks named