New-York tribune., 1903-03-12
EoNoS.
HE DAYS OPERATIONS IN STOCKS

stocks advanced in the greater part Of the day
sErder the fnAuence of covering of shorts ana
%,o5l gupport in q number of issues, notably
Soathern and Union Pacific. The fact that the
Ee&Aer part Of the Southern Pacific capital
stock Is held by the Union Pacific company and
tie Keene speculative pool makes short sales or
this Issue dangerous for outsiders. especially as
tina price is noR at level many points under the
figure at which pool holdings were acquired.
This pool expires by limitation on April 1. when
the members become free to sell or hold their
certificates according to their own Judgment
Ag the cost of the pools holdings, including
e1penses averages bout 20. il is not likely that
important liquidation will follow the dissolution
% the pool unless the Union Pacific interests de-
eide to exert enough pressure the stock to
depress 1t to q lower level in order to increase
their ownership at cheaper prices. The Harri-
man interests are powerful financially, and it
appears utter folly for SPECTATORS to oppose
them, even spectators of such prominence as
Mr. Keene. Southern Pacific stock will be
prime investment some day. owing to the vigor-
ouG efforts Of the manageme to increase the
roads earning power by efrecting great physical
improvements
Missouri Pacinc's annual report reflects the
progress Of railway prosperity in the Southwest
and the wise investment OF earnings I'm the
interest Of property improvements. Despite the
com crop AhOTIaSe or 1871 anO the consequent
falling of In grain tonnage in 1902. Missouri
Pacfhc's gross earnings showed for 1902 an in
crease Of 1884. .594 1901. Expenses in
creased 81, ,421. .676. leaving a net loss of $685.
QS... The company earned per cent
its stock. while in the current year as much as
II per cent should be shown. Mr.. Goulds policy
of spending money the property has placed
the road in a remarkably fine condition of physi-
cal efficiency. and when he has completed con-
templated improvements Missouri Pacific will
not he exceeded in condition or roadbed. equip
nlent and earning power by any of the big trunk
lines of the East The system has been in
many places practically rebuilt by the expendi-
ture on the property from surplus income above
the s per cent required to pay the dividend on
ahe stock. the amount thus expended last year
reaching $2.613,621- The new bonds that have
been authorized for the development of the
Iron Mountain system ought to find readF
market. as they will prove sound investment is
cues The Could system of railroads is being in
telligently handled in the interests of its stock
holders Good buying of the Gould shares de-
velops on all declines. and present holders main
tain that much higher prices will be made than
the best figures far recorded.
Sentiment in yesterdays market continued
besrish on the immediate outlook, advancing
values representing as rule a speculative re-
bound from Tuesdays decline. rather than dc-
tive operations for higher quotations. In the
last hour prices showed their greatest strength,
noteworthy advances being made by Amalga-
mated Copper, Anaconda, Baltimore and Ohio.
Canadian Pacific st. Paul. Northwest. Metro
politau. Missouri Pacific, Pennsylvania. ROCK
Island. Southern Pacific and Union Pacific
In certain quarters ideas regarding the Pan
ANA Canal payment are decidedly mixed, ano
fear ID entertained by uninformed people that
the ratification OF the pending treaty will be
disturbing factor in the local money market In
the nrtt place payment will doubtless not be
made until a return icw Of money to this centre
has developer. il is extremely improbable
that action by the Congress Of the United states
OF Colombia on the treaty will be taken before
the local normal period of easy money returns
Payment is due after action by the United
States Senate and by the Congress of Colombia
When the time comes 10 make the payment to
the canal company the operation will undoubt-
eddy be financed in manner similar to that EN-
rloyed IN the payment of $20Oo0.Gbo to Spain
after the epanish- American War, which. it may
be recalled was handled without causing the
least disturbance in tine local market. Accord
ing to general belief the foreign exchange mar
ket will provide the medium through which pay
rnent will be made. The whole amount may be
borrowed abroad and subsequently liquidated by
exports of domestic products and the amount
paid out directly py 'he ieoerai treasury VIII
serve to increase the supply OF credit facilities
at this centre.
Heavy sterling loans have been made. and the
banking community is not disposed to worry
over the situation, especially as Tith time and
call money at q per cent the loan business is ex-
treneIy profitable. There is an abundant sup
DIV of funds abroad that will come here when
ever New-York bids for it. The visit of Secre-
farv shaw to the Sub-TreasuTy yesterday was
reenonsib;e for report that the federal Treas
,ry would asstct the local money market, Dut
the Secretary announced that nothing IN this
line vas warranted by the situation. Call
y,orev rDled az 5LL per cent. This rate does not
suggest dangerous conditions Sternhg eA-
change was hrner.
TIE DAYS OPERATIONS IN BONDS