New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-19
BONDS.
THE DAYS OPERATIONS IN STOCKS.


Trading in yesterdays stock market was light
n volume on a movement Of values that closed
the day at net gains in the greater number of
ISSUES. Transactions were confined a rule 10
the operations OF the professional element with
the heaviest dealings in Amalgamated Copper,
.Atchison. Brooklyn Rapid Transit Erie. Penn
Eylvania. Rock Island and the United States
Steel shares. Buying Of the last named securi-
fies was Influenced by the action OF the members
of the steel conferences which were held in this
city on Thursday in maintaining prices on GER
tain lines of finished goods; also by the belief
sn speculative circles that the dividend on the
preferred stock VIII not be reduced at the next
dividend period. This belief. however. is sub
sect 70 change with the constantly changing
opinions of Wall Street traders. Efforts were
made in the early afternoon 10 bring about de-
cline IN the general market through an attack
on Rock Island, but outside of the weakness in
this issue there were no important losses in the
market There was a good demand for Penn
sylvsnia, also Union Pacific, while evidence of
renewed speculative interest in number Of the
low priced issues was recorded in the final trad
ing. The decision TO maintain the price Of steel
hillets also had a favorable effect in the last
hour. and urgent covering movement was
reported in United States Steel preferred which
closed at 2 net gain Of over two points. Accord
tng to trade reports the business in the pig iron
market in the last week has been broader and
better distributed than in any week n the last
Eix months. The demand from consumers has
hccn heavier in ali varieties Of iron, while buy
sne on contracts for 1904 has shown q marked
Increase
The fact that the Atchison company has sold
100000 of its general mortgage bonds en-
couTages the belief in many circles that the
railroad equipment companies viii be directly
benefited from the proceeds Of this sale. These
bonds have been sold for the purpose Of raising
money for Improvements, extensions and new
equipment. and it is generally understood that
large part Of this money viii be used for the
acquisition Of rolling stock. The increase
IN business on the Atchison lines in the last
few years justiies the increase IN the COM
pany's fixed charges. which viii result from the
sale Of the additional general mortgage bonds.
The increase in charges viii amount TO only
100000 year. making the total requirements
on the bonded debt S967277O a year. an in
crease Of about 43 per cent as compared with
the interest charges seven years ago, when the
present reorganiZed AtchisOn system came into
existence. While this increase in the company's
bonded debt is heavy, it should be borne in
mind that it has been accompanied by an
enormous expansion in the oompany's gross and
i4et earnings. II is interesting to note that the
increase IN interest charges since 1896 has
been offset by q gain IN net earnings which
amounts TO about Sc for every 81 of increase
in fixed charges. In 1897 gross earnings Of the
-Atchison system amounted to S30621, $50 as
compared with SCI 3J0397 in the company
last fiscal year, while net earnings seven years
ago amounted 10 only S6.OG1,3O4. against S23.-
o32SI4 ia 1903. Certain spectators who were
not well Informed regarding the position of
the Atchison company sold Atchison stock in
yesterdays market, but they were unable how
ever. to bring about loss in its price People
who buy this security at its present quotation
need have no fear Of its future.
According 70 the known movement Of money
in the week. the local banks have gained nearly
100000 in cash holdings the increase being
Que 70 large receipts ofcuTrency from the interior
receipts OF gold from Europe ana receipts on
telegraphic transfers from San Francisco. Owing
10 the vagaTies Of the average system. which
Is employed in compiling the weekly bank state
Inent. It is useless to make any prediction re-
Farding the probable showing in to-day's state
rnent Of the associated banks although many
people believe that the reserve above legal re-
quirenlents Will show an increase as coupare]
with the figures Of week ago.
Call money rates exhibited q distinctly easier
tendency ruling at ~ per cent. while rates for
sterling exchange were again higher. demand
rates advancing II Ss.S5IO. The upward move
ment in foreign exchange in the last few davs
makes further engagements Of gold fer inport
cut Of the question It Present. The local money
market Is row iE a position that does not re-
oaire further Importation Of The yellow metal
but i Should be carefully noted. however. that
the International money market situation low
makes il possible for ire United States 10 draw
sold from abroad practically 81 viii
THE DAYS OPERATIONS IN BONDS.