New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-14
THE WEEK IN WALL STREET.

The movement az values IN the stock mar
lcet last week presented few important changes
rs compared with the preceding week. final
prices showing. az q rule. only fractional oil
serences. Trading was made up In great part
OF the operations Of professional dealers, com
mission house transactions amounting TO insg-
niacant totals. while the more important specu-
latve interests were not active factors in the
speculation.
II was generally expected that the govern
rnent crop report would induce an active BUY
ing movement Of securities, but following the
publication 81 the official figures showing con-
ditions 81 September ! the market suffered A
fractional reaction. owing no doubt 10 the
absence Il active investment support. Accord
ing % the estimate made by the government
IN. corn crop this year viii be heavier than in
any year on record with the exception Of the
bumper year Of 1902 The condition OF wheat
e. shown by the official report. ought 10 en-
courage active buying % securities Of the rail-
roads that run through the grain belt as the
estimated WELD is Tar above the average eX-
r,ected by the most sanguine experts in the
grain trade The possibility Of injury 70 the
snsturing crops IN the current month is TOO
remote 10 cause uneasiness among people who
ere interested IN the stock market.
In well informed circles il is generally believed
that the outcome OF this wears crops viii re-
and as q consequence the point is made that
sol6ers ~ the securities OF the Granger COM
1,anies viii be able 10 dispose Of their stocks
al prices far above the current level II they are
willing 20 maintain position on the long SIDE
OF the market Tor the next six months The
earnings OF the various Western railroads now
coming 20 hand show large increase over the
corresponding period a year ago, especially in
she case Of the Missouri Pacific the St Paul
100
that the annuslreport u the Atchison sys-
/ssm. which was published on Saturday, showed
y large gain IN gross earnings and a surplus
equivalent 10 over > per cent on the common
stock The Atchison road has doubled its earn
isrgs in the last five years. ana at the same time
81 has expended an enormous amount Of money
on its property improving SITS roadbed and equip
rnent. and practically rebuilding its total mile
age from Chicago TO San Francisco. The bear
element on the Stock Exchange has been &C
tivey engaged in efforts TO depress the market
value OF the Atchson securities, but declines
these issues have been absorbed by interests
sdentihed with the property and by investors
who are well Informed regarding the South
western railway situation.
The most interesting features OF last week IN
the railway and financial world were the annual
reports Of various railway companies. The
Chicago. Milwaukee and ST Paul, for instance
reported a large gain in earnings for the fiscal
year, compared with the preceding year.
showing a surplus equal 10 nearly 10 per cent on
both its common and preferred stocks. The
Norfolk and Western, which also presented its
annual report made q most nattering exhibit.
Cross earnings Of this system amounted TO more
5han S2lO0OO00 an increase OF about So 900
over the preceding year. Net earnings increased
over 81 100000. The increase in operating ex-
penses was due 10 the heavy expenditures for
the maintenance OF the property and the higher
cost OF labor and materials. The progress Of
the Norfolk and Western Company in the last
few years has been extremely gratifying to the
holders OF the company's securities and at the
present market quotations Of these issues in
vestors VIII make no mistake in accommodating
round amounts II the common and preferred
Another report OF interest that has Just been re-
ceived is that OF the Wabash company for the
fiscal year ended June 30. Gross earnings Of
this system showed an increase Of more than
S2ooo0O0. while net earnings presented gain
Of Sll9OO0. as compared with the preceding
fiscal period. large amount OF the gain in
gross earnings absorbed in operating ex-
lenses. owing TO the policy Of the company OF
placing large amounts OF money from earnings
irto betterments and improvements The pros
Tects are favorable for a payment on the de-
henture 3 bonds Of THIS company. but Of course
large enough 10 warrant dividends on the pre-
serTed and common stocks. Al their present
prices. however. the Wabash shares are con-
Hidered extremely cheap fer people who are able
20 buy the issues and hold them FOR the divi-
oends that win eventually be disbursed The
company viii receive in the course % the rext
Jew years large increase in its revenue from
SIS Eastern connections. This property now has
az entrance into Pittsburg. and St viii not he
s.. -
with the Atlantic Coast through its recent &C
QUESTION of the Western MARYLAND and West
Virginia Central companies. The entire Gould
system 81 roads viii soon extend from ogden
1 tab 20 Baltimore. Nd, while eventually il viii
have its own line 10 the Pacific Coast. Missouri
Pacihc stock. which is ests blished on 2
permanent per cent basis IS selling al a le,-e,
which ought 10 attract investors who believe in
buying securities that VIII yield from 8 IA Il,
per cent. At its present price the stock actually
Seturns over 3 per cent
The course of the United States Steel shares
IN the last week not al all encouraging n
fhe holders of these issues hut the leading in
terests identified with the property were active
buyers of both the common ana rreferra5 ~,
The decline and they expressed The opinion tba,
the dividend on the common stock vould NOS
be passed and that purchases made at The c,,r-
rent Level would result I'm handsome pro0rs lata-
on In The season. These optimistic rredfctfone
regarding United States Steel common failed
hoVcves. 20 create an active public demand for
The stock. AT its present price United States
Steel common returns TO investors abou+ Is no..
cent. but there Few people outside Of the orti
rnistic directors who believe that dividends AZ
the rate - per cent can he maintained inden-
nSely. There are no indications at present in the
iron and steel trade that earnings OF the Steel
- ma a.