New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-01-10
BONDS.
The DAYS OPERATIONS IN STOCKS.

IHE DAYS OPERATIONS IN STOCKS.
Stock market values made further progress
toward higher level IN yesterdays market.
Dealings were heavy and were distributed.
amounting to over 100000 shares. with the
more important operations in Sugar Refining.
Chicago Great Western, Atchison. Baltimore and
Ohio Brooklyn Rapid Transit. ST. Paul. Erie.
Manhattan. Missouri Pacific. Reading, Pennsyl-
vxnfa, Southern Pacific, Southern Railway,
Union Pacific. United States Steel and Wabash
shares Commission houses were buyers
throughout the day. Substantial market in
terests were actively engaged in encouraging
higher quotations, taking, however. advantage
Of rising prices to secure profits some of their
holdings The advance naturally brought out a
food Of selling orders, although the new demand
YVES heavy enough to prevent material reaction
until the last hour. when prices declined
throughout the list. The downward movement.
which was led by Reading, carried number Of
Issues below Thursdays closing. but in the
majority Of stocks final prices were at net
gaine Much OF the selling Of Reading came
from minority stockholders. Strength in the for
eien exchange market accompanied by re-
ports that gold exports would be made next
week. Gold shipments at this time VIII not up
set the financial situation. and they ought not
TO create uneasiness in speculative circles. Re
ssrding the foreign exchange market. it is in
teresting to record the fact that exports of corn
this week have been . $50 $50 bushels against
1858 bushels in this week in 1902. and wheat
exports 5.09s.957 bushels. against 3,J61.710
bushels a year ago.
Money market conditions continue to move in
favor OF easier rates for loans. yesterdays esti-
mate OF the weekly movement of currency show
ing increase in local bank holdings Of
S11,oooooo. To what extent this gain will figure
in fa-dayss Clearing HouSe ct will do
pend entirely on the change that has taken
place IN the loan item and the usual vagares
Of the average system In this week a year
ago loans decreased over S5Oo0Oo0 while cash
increased S5,637. 500. Call money ruled at AZ
per cent in yesterdays market. and time money
was freely offered at to 90 per cent for all
periods.
Buying OF the Wabash shares was encouraged
by the Pittsburg dispatches announcing that
agreement had been reached between the
Wabash interests and the Pennsylvania Rail
road regarding the entrance of the Pittsburg,
Carnegie and Western Railroad into Pittsburg
This road Is extension of the Wheeling and
Lake Erie (Which is controlled by the Gouds),
and IN connection with twenty mile link with
the last named company and the Wabash it will
give the Gould system independent line into
Pittsburg. Pennsylvania has for q long time
opposed the Gould invasion of the East. but it
has now apparently decided to offer no further
obstacles to the development of the Gould sys-
TEN, which Will soon extend from ocean TO
ocean Wabash is most important part of this
big system. and through its Eastern tide
water connections (the Western Maryland and
West Virginia Central and Pittsburgh 1t will
gain an important addition TO its traffic receipts.
Wabash preferred will be in the dividend col
at remote period, and its price will
doubtless advance in anticipation of that de-
vslopnnent. The Wheeling and Lake Erie is
sues Will also doubtless enjoy price enhance
nent. while all the Gould stocks should be ac-
tive features Of this years market. The Mis-
souri Pacific VIII handle the biggest grain
trefic In its history in 1903 the corn yield of
1902 showing IN Missouri Pacific's territory bet
ter results than in almost any other part of the
corn belt
Passing OF control of the Reading system 10
The Pennsylvania and New-York Central is
another step in the community of interest policy.
OF which the two last named companies are
such striking opponents. The Pennsylvania and
New-York Central control the railroad
situation IN the East. To investors and railway
men the significance of the deal will readily be
appreciated. for II means that the interests Of
railroad harmony have been further promoted
and that increased stability in railroad rates
WIN be effected II also is important indi-
eating the entrance on a large scale of the Van
derbilts IN the anthracite coal trade. There is
q tendency throughout the railroad world ION
nrt closer relationship among the various sys-
TENS and If the Northern Securities case is de-
cioed in favor Of the defendants similar
hinations viii doubtless be arranged in different
parts Of the country Healthfu competition is
not to be stifed, but a cut rate business, which
Is % injurious to the transportation industry.
win steadily diminish. Rates in the current
year promise 10 move more in proportion TO the
increase Ia operating expenses. The price of
commodities and the of living in general
we're higher In 1902 than i'm any preceding year
on record, and about the only item in which
there was not an increase the tariff sched-
uie OF freight traffic With higher transporta
ton rates in 1903 net earnings should break all
mast records The need of better rates is re-
sected tr the decreases in net earnings in the
face Of heavy gains in gross receipts. as, for
instance in the of f1fty-eight prominent
-oa6s reporting from July i, which show in
-rease in gross earnings of SIS, 654 357 but a
aos. 1n net earnings Of s.. os7.032 Railroads are
amending more their properties, they are Civ
ing bigger wages and paying more for materials