New-York tribune., 1903-04-02
BONDS.
sEr dividend
THE DAYS OPERATIONS IN STOCKS.

The buoyancy that developed in Tuesdays s
market did not continue IN yesterdays transac-l
tons, trading returning to a dull basis, whlie
values. after an early show OF strength, eA-
hfbited distinct tendency TO sag. Although the
condition Of the money market did not impress
conservative interests dangerous. the falure
@. rates TO weaken was responsible for a re-
newal OF bear sentiment among professional
operators. There were. however few important
declines weakness being the most marked IN
Colorado Fuel and Iron and the Wabash shares
the latter being pressed for sale on the an
-1o,nceraent Of the dissolution of the injunction
restraining the wabash employees from striking
This action of the court does not necessarily I'M
ply the development Of e strike on the WABASH
esoecialiy as II is understood that in the last
two weeks conferences between the otlcers OF
the company and the dissatisfied employees nave
resulted in al understanding of the situation
that has r1ininized the chances Of a labor dis
turbance. Wabash issues have lost favor with
sDeculators in the last few days, but the con-
trolling interests IN the property have un-
bounded confidence in the future investment
value OF the common and preferred. Call money
went as high Is per cent, ruling at . per cent
IT the midday dealings Anlalgamated Copper
Atcntson. Baltimore and Ohio, ST Paul. LOUIS
Vile Manhattan, Metropolitan. Pennsylvania
and Southern Pacific declined 2 point or more
ever much Of the loss before the close. No de-
cision was handed down in Mr.. heene's legal
hattie against the Southern Pacific nanag cement
t14 The uncertainty OF the situation regarding
the ultimate disposal Of the pools holdings was
again in evidence market factor Penn
sylvania was the most active stock on the list,
closing unchanged from Tuesday Heavy SELL
ing OF the Pennsylvania rights" by large
Stock Exchange house was reported On the
decline few stocks were pressed for sale. oher-
iugs coming. as a rule. from floor traders and
outside operators whose accounts showed
profits
The few decreases in railroad earnings re-
ported this week have been due TO special influ-
ences not affecting the railroad situation as a
whole For instance. the reduction in the gross
earnings Of the Union Pacific system in Feb
ruary may be traced to the interruption Of bust
ness on the line caused by the prcTracted strike
OF the company's machinists- This labor tTou-
HE was responsible for the roads inability 10
keen its motive power department IN good run
ming order while it also was factor in in
'creasing expenses In the case Of the st. Louis
southwesterrlrs earnings e decrease in gross for
the third week in March reflects the check to
traffic in certain parts Of the South caused by
the Mississippi River food Conditions that
bring about large railway receipts are growing
stronger along the lines Of most Of the country 5
railroads and in no section Of the United States
&c there any factor that is working for a per
r'snent change in the current tendency OF eX-
pansion in the transportation business In Feb
mar, roads reporting showed Z total gain in
gross earnings Of St, 6,340,041 over the heavy re-
cord Of the same month q year ago. while net
earnings presented a gain Of S1,624S44. The
enormous expenditures that railroads are
making from earnings for the permanent good
Of the property and the increased cost OF labor
coal and materials reflected in d gain IN
expenses of forty-nine roads for the first elgh-
months Of the fiscal year of S23.239,22o. against
an increase in gross earnings Of S22.26I, ,Oe-.
The demand for pig iron is still in excess OF
the s1lpply Consumption is heavy in all parts Of
the country. and the steel and iron companies
are looking forward 10 an active trade through
out the year and a record breaking production
According to current estimates the United
States Steel Corporation earned Let IN March
over s100go100 and for the first three months
OF the year upward of S29000o00 as compared
with S25 100000 in the same time last year
Activity in the iron and steel trade means bust
ness expansion an general industries. and in
creased value for the industrial securities. The
greater number Of Industrial shares listed the
stock Exchange are attractive purchases at the
,.resent level especially United States Steel is
sues. American Car and Foundry shares. Corn
Products. Peoples Gas American steel Foun-
dries International Pump and international
PAPER preferred United States Steel common
af It's present price Yields over ID per cent
American Car and Foundry preferred yields
nearly per cent. and the common about 10
Der cent Corn Products common yields over il
r,er cent Peoples Gas a bout per cent interna-
tionaI Pump about 10 per cent and lnterna-
,ionaJ -oaper preferred over 8 per cent. The iH-
,s,,striaI shares we're generally strong yesterday
closjng at net gains in most issues These
stocks are well held and active public de-
,,,.nd would cause a material appreciation in
their market values.