New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-02
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market trading showed an increase in
the volume Of dealings compared with the
preceding day both in the bond department and
in shares while prices were generally strong
with net gains in the majority of issues at the
close. In a number Of stocks advances Of from
good sized fractions TO l per cent and above
We're recorded, the chief gains being made by
Louisville and Nashville. Southern Railway pre-
ferred. Baltimore and Ohio Wabash preferred.
Union Pacific. Pennsylvania St Paul and Mis-
souri, Pacific among the so-called active securi-
ties. In the industrial list weakness in Repub-
lie Iron and Steel was, of course. due 10 the
passing Of the dividend. but the decline was not
large. and a rule sales represented profess
sional operations, the action Of the directors
having been discounted in the market last week
The Wabash securities were in good demand
especially the debenture bonds. which enjoyed
IN advance of 2Ss points, while the preferred
stock closed a gain Of rs points There are
various good reasons for the purchase of the
Wabash issues AT present prices, and in the
opinion of people who are we'll fitted to estimate
the probable future value Of the securities il is
believed that they will eventually sell many
points above the current level. The Wabash
system forms a most important link in the
Gould chain Of railroads, and the time is not
far distant when Wabash trains will enter an
Atlantic Coast terminal. And it is not at all i'm
probable that the day is not far off when the
Gould Tires will extend from the Atlantic TO the
Pacific, as their tracks already cover good
part Of the distance. The general list Of stocks
contains many attractive purchases at the cur
Ient level. and even If values should go lower in
the course Of the next year, investors in good
securities will not be deprived of their dividends.
The speculative buying OF the Wabash issues
was doubtless encouraged by the renewal of re-
ports that the differences between the company
and the Pennsylvania had been adjusted So
far as could. be learned there was good basis
for this report; neither there any confirma-
tion OF the ru;nor that the Pennsylvania COM
pany was about TO issue new stock. The Penn
ry,vania has about all the stock il can con-
venieEtiy handle at present and any further
. issue would doubtless lead to a severe break in
the market value of the outstanding issues.
This report Of rev stock had no effect the
shares the price closing at net gain. Buying
of Louisville and Nashville was not accompanied
by news developments affecting the company,
but talk Of an increase in the dividend rate at
the next dividend period again heard. As
pointed in this column this morning the
people who recently came into control Of the
property may decide 70 reimburse themselves in
part FOR their expenditure by raising the rate
20 "A 6 per cent basis, against per cent paid
at present Activity in Southern Railway pre-
ferred in the last two days has created cOnsd-
cradle comment and il is reported good au-
thority that there have been heavy purchases of
the issue by interests who recently made a large
amount Of money i'm the cotton market. Earn
ings of the company for the month of October
show increase in gross Of 1894 1914 COM
pared with the same time a year ago, and net
earnings an increase of S72.305. making for the
first four months Of the fiscal year an increase
in gross OF Sl.077.571 and an increase in net of
1853 154. The controlled and owned lines of the
company also make most favorable exhibits.
Mobile and Ohio for instance, showing in
crease in gross of S76.697 and an increase in net
of Sal Ol9. Most roads reporting for the month
show substantial gains, the chief exception
among the reports received yesterday being sup
piled by the Erie, which returned a loss in net
earnings, brought about by the heavy expend-
lures incident repairs. etc. made necessary
by the severe floods in the month.
Money market rates showed no particular
change. as compared with the preceding day,
call funds ruling at per cent, while time loans
were quiet at 5izG6 Per cent. Sterling exchange
was weak al the close and further negotiations
for gold for shipment TO this country re-
ported I'm London There were free offerings of
bankers bills against short time American bonds
placed in Europe. which caused a decline of ID
points in demand sterling from the opening
The most interesting feature Of the day in the
exchange market was the announcement that a
large amount Of gold had been engaged in Japan
for shipment TO the United States. With the
practical engagement in London of more gold
for this side. the engagement Of gold in Japan
and the transfer from New-York to San Francisco
of 100000, the money situation supplied
enough variety TO cause food for much interest
ing discussion in banking circles. The gold i'm
port engagement in Japan WAS arranged on a
regular exchange basis. and it was said that
further shipments would be made.