New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-29
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stocks were strong and moderately active in
the greater part Of yesterday. the only I'M
portant exceptions 10 the advancing tenoehcs
being recorded In certain industrial Issues sen
-irent was generally bullish, despite turther
reports Of financial troubles in outside cities ana
she development ~ a heavy demand for money
@o- interior account Currency to the amount
Of s2s75oo0 was shipped to the South and
VEST making over s. ooooe sent out from here
~ che hrst three DAYS Of the week This move
ynent OF course, represents in part delayed
s,-e-ior demand for funds at this centre, and i
rueht not 70 cause any alarm in wall Street
circles as the general supply OF money IN New
York e unusually large for this period OF the
ves- while IN case OF an important drain on
hank resources the Secretary Of the Treasury
nay be depended on TO increase government oe-
rosits IN the local national banks. A large pro
7,o-tion of the money sent out yesterday went.
however 10 St Louis. where apparently a silly
night caused run various banking institu-
.,ons which. as consequence. were forced to
e,an on Nev-York for assistance. Call money
advanced 20 8 per cent. ruling at per cert,
while sterling exchange was weak, demand
rates falling 20 points
Sailing Of the American Car and Foundry
shares continued but the chief sellers were pro-
>essional traders and people who were frightened
over the reports that the railroad equipment
cor1panies would be forced to suspend dividends
because Of a reduction IN orders. As far as the
American Car and Foundry Company is con-
cerned. it may be worth repeating that the COM
anon stock OF this company win receive dviden ds
when earnings warrant payment at present
The company's management has been most con-
servative in the natter Of dividends ana il
may be relied on consider the interests Of the
preferred stock holders at all times. The COM
panys policy is TO maintain large working
capitai from earnings and this account viii. OF
course always come ahead Of dividends on the
common stock. The company is established on
a sound basis and IL has permanent assets
equal 10 about the amount Of its preferred stock,
these assets not including orders or current
earnings. The general volume Of business Of
\ the company is large. large enough 10 earn the
u fun per cent preferred dividend in the first
four months Of the company's year. The fact
that the earnings Of the company may not be
90 heavy next year as in the record breaking
last two years ought not TO worry holders Of
she preferred stock. This issue is largely held
10y investors. and officers Of the company advise
all holders OF the shares TO maintain a tight
grip on their possessions. Prices for most stocks
closed under the best figures OF the day and in
many cases much Of the early iInprov cement
was lost. Total dealings we're well under those
OF Tuesday
Holders OF securities Of the big railway sys-
tems OF this country ought to find IL current
railroad earnings and in the condition OF the
various properties reason for confidence in their
investments. So much talk is now going the
rounds regarding the coming trade reaction and
fts effect on railroad earnings that many peo-
pie have become imbue5 with the i5ea that a
period Of dividend suspension is approaching.
There IS absolutely 10 good argument favorinE
such a theory. The railroads are in q strong
financial and physical condition. and, fire.
qaently pointed out in this column. they arc IN
q position 10 economic 10 an extent that viii
offset as an influence on net earnings q falling
on IN gross income. So Ear there has been no
indication Of an important reduction in traffic
receipts. For the month OF September roads
reporting gross and net returns show. as q rule,
gains over the heavy totals in the same time
year ago. while the results Tor the first three
weeks in October have been better IN most cases
than ever before recorded. For the three weeks
81 October twenty-seven roads show a total
gain Of S4S3,2S4. comparison being made with
the same time last year. while nine roads show
Al lose Of S6ll47 OF the reports for September.
received yesterday that Of the Atchison was the
most noteworthy. WaI Street has been worry
ing throughout the summer about the condition
OF traffic on tins property. yet every month il
has shown record breaking results. Gross earn
srgS in Sertember Increased S729 "a, over the
same month n lfs-' ana net earnings SojS,S4l.
making gain since July Of S2-2yio16 IL gross
and -. 1884 in net The Wabash system also
presented noteworthy gain in September both
81 gross and net, the former increa sing SSS "a
been IN good demand in the last few DAYS and
much better prices are predicted for the de-
benture 2 bonds and the preferred stock Re
FarGing Atchison. il is interesting TO note that
despite the opposition OF the professional ele-
Tnent, the common stock has advanced about II
points from its low price of August.