New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-02-18
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Activity in yesterdays stock market was con-
fined 20 few shares. while price huc'ua'l"is
we're generally limited TO fractions tAceP''oi'o
were found in the industrial list, which suppiieu
.he heaviest dealings OF the day tradns IN a ld'
xar,a-e5 Conner. American Smelling, Anaconda,
Tennessee Coal and Iron. American LOCOMOTIVE
prd United States Steel amounting 10 upward
Of ore-barf Of the transactions in all issues
rsu,-ine Of Tennessee Coal and Iron was en-
,rnurare5 by the cornpany's statement Of results
sor the last year. showing a large increase IN
net earnings and surplus as compared WIN
the preceding wear. Surplus after interest SINK
sac fund payments and depreciation Vas
s. SO a5e an increase Of $92S,I44 over 'F'''
.bi,e with the addition Of profits from sales 81
certain properties and from the purchase "l
,ecIrities Of proprietary companies. and the
deduction of dividends the preferred stock
,fere was net credit to profit and loss account
IF 81. 80 40 The company spent in the year
81 81 al on additions and new construction,
leaving balance of S413.5hfs- The present
progress Of the Tennessee Coal and Iron Com
,,spv should soon he effective in restoring the
common stock 10 the dividend column. Final
prices showed more net losses than gains
Speculation in the industrial shares shows an
expanding tendency, and the prospects favor an
active market for these issues whenever q gen
era1 UPWARD wave develops in the last Re"
DAYS the COPPER and steel stocks have been in
good demand while i'm yesterdays trading
American Locomotive developed increased AM
nation. There arc many good reasons for inc
purchase of the industrial securities. The in
-rinsic value ~ tho sound ipdustrials has been
Increasing without corresponding gain IN their
market value. and - consequence attractive
Investments r7sy ie bought al figures that yield
from = TO Ia leI cent. Industrial shares of com
N tinatioos formed several years ago are becom-
Ey in- seasoned Their merits beginning To ap-
7,aar 70 SPECTATORS and investors. Most Of
these issues represent industries OF many years
staudinc IS the interpretations Of the last few
Years arc combinations of concerns that have
had long and honorable careers in the world Of
business The United States Steel stocks, for
instance do not stand for new or untried in
dustry nor DO fho shares of the car and loco
r1o:iv building companies United States Steel
shares promise to sell many points above cur
1eni quotations. hut. of course, in the present
market there is not enough buying pressure to
have a material effect on prices.
There was no explanation of the movement
ga the copper issues in Yesterdays trading, but
nearly every active broker on the floor had
orders in these securities. Copper trade condi-
lions are improving. and the advance in Anal
safnated and Anaconda shares is said TO be
Que to buying by interests who are well ia
formed regarding the position of the domestic
? net gain of nearly points, but Analgamated
lost the greater part Of its ea1l- Improvement
Before the close. The general tendency In the
afternoon was toward lower prices on d dW1nd-
ling volume Of business. In the railroad list
Afcl7json issues were sold on The announcement
Of small bond issue for The benefit OF the
Eastern Oklahoma Railway. the movement at
7rscting some attention owing 10 the growing
tendency Of increase in railroad capitalization
throughout the country \ careful analysis OF
this tendency leaves no reasonab BILE ground for
adverse criticism. the expansion in capital
IS warranted by the increase in business, pres
eut and prospective. The new AtchisOn bonds
ere secured by first mortgage on the Eastern
Olyls homa RAILWAY, The building of which is
y, srIy completed. Brooklyn Rapid Transit was
IA fair demand. and reports that new interests
had acquired large blocks Of the stock We're
circulated Call and time money
changed. hut sterling exchange again