New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-08-01
"Ex dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS

There was a further contraction in the volume
Of business in yesterdays stock market and a
noteworthy absence OF outside interest in specu-
lation. Prices moved within narrow limits with
net gains predominating in the active list. Eff
forts were made at times notably in the early
dealings. to depress values. but declines thus
brought bout were unlmportant and without
significance as rejecting developments affecting
railroad and industrial properties Bear pres
srre was again exerted AtchisOn, and efforts
induce liquidation reported. without,
however. especial response from the stock. de-
spite the fact that the company's earnings
showed heavy falling off in net for the month
~ June. There has been a considerable amount
OF forced liquidation in Atchison. Sales have
been UaGe for the account of people who have
been compelled raise funds to protect their
interests in unstable issues and it is known
that operator who has in the past figured
prominently in Atchison speculation has suf
fered severe losses in the last nine months de-
cline. Atchison property. however. has not de
preciated in value because Of the fall in the
price Of It's securities. June earnings showed
increase in gross returns. Notwithstanding
the loss of traffic caused by the foods, but net
earnings decreased &641. :94, the losses from the
foods by damage TO the property being charged
20 operating expenses.
Statements of net earnings for June show ir-
tory Union Pacific makes noteworthy exhibit,
gross increasing 500. 732 and net increasing
$l22 I:,J. ST. Paul. the other hand, shows a
decrease in net of S101, 44G. against gain Of
S117203 in gross Anthracite roads lt!nue to
return big gains in earnings. as, for instance.
Delaware. Lackawanna and Western, which, for
the quarter ended June 30 shows increase
in gross earnings, as compared with the same
quarter last year of $1.2SJ $50 and a surplus
IF
= deficit Of Sl39,97S year ago. ard a surplus
in 1901 of $iS2. 1913. The coal roads have
than recovered the losses suffered from the big
strike OF 1902 Coal is in good demand @high
prices. and the coal trade ought TO enjoy several
years of great prosperity Net earnings of roads
far reporting for June show an increase Of
upward OF 81 100000, against a gain in gross OF
S5.2oG,2I7. Improvement confined to 10 one
part Of the country, although the best results
were made by the trunk line and Middle West
ern roads. Traffic men predict another car
famine this fall: indeed, a scarcity of to
handle current traffic is already beg ming TO be
felt. and when the crops begin to move freight
congestion may be worse than il has ever been
IN the past. Although the railroads have added
many cars 10 their rolling stock IN the last year
they are still heavy buyers Of equipment
while they expect 10 be i'm the market for cars
and locomotives for months to come. Properly
season Of prosperity that is placing them
such a strong basis that they will he bile TO go
through years of depression without hardsh p
The fact that this is the great test railroad build
ing country in The world, together with the lib
eral policy OF railroads TO put vast sums into
rolling stock is a strong guarantee for the Sc
curities Of companies. such as the American Car
and Foundry Company.
According the known movement OF money
In the week. the local banks have gained over
SS.0J0000 in cash holdings since last Saturday
The volume of currency moving toward this
centre is unusually heavy. even for this time
of the year and in addition large receipts of
Klondike gold are coming into this market.
Unless there has been heavy expansion in
loans in the week which appears improbable,
reserve above legal requirements in to-day's
bank statement ought to show appreciate
increase. The Rock Island S250,oO00O0 refund
ing mortgage scheme had especial influence
the market. Stocks closed without ANNA
ton. but sentiment cheerful and better
prices predicted for next week.