New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-25
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS In SIOCAS.
Stock market trading was dun throughout the
Gay on a movement OF values that generally
tended In the direction Of higher prices. Com
mission houses were not actively Identified with
the days speculation. while transactions for the
board room element amounted. in the greater
rurnber Of issues. to unimportant totals. Sen
fiuoent however was generally buhish especial
" IN the afternoon. after the publication OF the
estimate Of the weeks movement OF money
which indicated a gain Of over S4'oOo'OOO in the
reserve held by the banks. Receipts from the
anterior were Offset by shipments from this
centre but these shipments, in turn, were onset
by receipts OF gold from Europe, amounting to
nearly 100000: also by receipts Of sold on
Assay ONCE checks and on San Francisco Mint
checks and telegraphic transfers Although the
market for American securities in London was
weak opening prices the local exchange were
at advances as compared with the preceding
days close. while throughout the day values
moved slowly upward. notwithstanding heavy
GALES for foreign account. The heaviest dealings
were IN Amalgamated Copper, American Sugar
Refining. Brooklyn Rapid Transit Pennsylvania,
Union Pacific. United States Steel preferred,
Tennessee Coal and the United States Realty
shares The upward movement in the last
named stocks was not accompanied by news de-
xelopments affecting the property. but the street
appeared more fsVorably disposed toward those
issues owing to the expectation that building
operations in the coming year VIII show
marked revival. In a number OF the usually IN
active securities sharp advances were recorded.
notably in Nashville. Chattanooga and St Louis
the Nickel Plate issues and Westinghouse 1t
Is understood that many Pittsburg holders OF
westinghouse stock have been compelled In the
last few months to sell their holdings in order
70 raise money 10 protect speculative operations
in the Steel securities and other issues that are
now selling many points under the original
purchase price. and IL is said that the people
who are now engaged in advancing the price OF
WESTINGHOUSE expect to see 1t advance to 200
The buying Of Tennessee Coal and Iron in the
last few days has been for the account of opera
tors who apparently believe that the coupany's
prospects warrant the expectation Of a dividend
at no remote period II is said that earnings are
now at the rate Of more than per cent on the
sock.
In increasing It's dividend rate to 8 per cent
the Lake Shore Company will turn over con-
siderable Of money TO the income account OF
the New-York Central the latter railroad
practically owns all Of the Lake Shore stock
II Is safe 10 assume that this increase IN the
alew-York Central's income. together with the
expectation Of an active traffic business in the
coming year. will encourage investment interest
On the New-York Central securities, which are
now selling at a price that returns over per
cent on the investment. In 1897 this stock, sell
ing ct a price OF about 90. earned upward Of 43I
Per cent while in 1903 earnings were at the
rate OF sos per cent on price nineteen points
above par. For the first half of the present ifs
cal year the company shows an increase in gross
earnings OF S2,335 01S, but, owing to a large
expansion IN operating expenses. net earnings
present e small decrease as compared with the
same tine year ago. having, however. sur
plus available for dividends OF nearly S5.Oo0OOO,
and a surplus after the payment Of dividends Of
S166 100. e decrease Of S94,307 from 1902. A
large amount OF money is being expended on this
property FOR permanent improvements. but this
policy serves TO Increase the actual value Of
New-York Central stock investment With
the exception OF this company, all the Van
derbnt properties show for the last six months
improvement IN net earnings. also in surplus.
Railroad earnings throughout the country con-
tinue 10 show up we'll and there is no indication
that results IL 1904 viii present important de-
creases from the record figures Of the current
year Regarding the railroad situation in this
country Il is interesting TO that in the last
twelve months nearly six thousand miles of new
track have been laid. an increase OF thirty-nine
miles over the preceding year. The largest in
crease in the Southwest, as, for instance, in
"a Oklahoma. where 653 miles OF new railway con-
Etruction were completed. Louisiana stands sec
ond, with the record Of zle miles. with Texas
fhird with 81 miles. In view OF the extensive
labor troubles IN the year, the record of new
railway mileage is sstonishingIy large.
Call money was IN good supply throughout the
day at comparatively low rates. while there
was no Indication in the market OF q material
advance over che end OF the year. large
AMOUNT OF money win be disbursed in January
Tor dividend ard interest account, and prepara-
tions arc COW being made by the banks to meet
these heavy payments without causing disturb
snce IN the local money market. A year ago call
money advanced IN the last week IN December
20 10 per cent bat bank holdings at that time
were much smaller than they are ct present
while the general financial situation was not IN
such a seand condition as II is to-day. The ab!l-
ity OF this country 20 import gold from Europe
this Gan has, OF course, been a most important
factor I'm preserving comparative ease IN money
rates From November 10 The end Of the year
in 1902 less than 100000 gold was brought
into this coDntry. while IN the Same time this
yesr over S@2yo0on0o in gold has been secured
abroad fer Sew-Yorlz account The Bank of
England made no change in fits minimum rate
Of discount at the weekly meeting yesterday al
though the proportion OF fits reserve TO Iiabui-
ties declined from 1910 per cent TO $3.50 per
cent the loss being due 10 a large decline in
bullion The effect OF war between Russia and
Japan on the money market Is being discussed